<HTML>List, The latest news. Bill Bremmer RPT Madison, Wisconsin Baldwin Piano Reports First Quarter Results   MASON, Ohio, May 21 /PRNewswire/ -- Baldwin Piano & Organ Company (Nasdaq: <A HREF="aol://4785:BPAO"> BPAO</A>) today announced results for the first quarter ended March 31, 2001.   First quarter sales were down 22 percent to $15.6 million, from $19.9 million for the same period a year ago.  Lower sales were caused by higher than normal seasonal dealer inventories resulting from the overall economic slowdown during the fourth quarter 2000 and continuing throughout the first quarter. The Company incurred a net loss from continuing operations during the quarter of $4.8 million, or a net loss of $1.38 per share, compared to a net loss from continuing operations of $2.1 million, or a net loss of  $0.60 per share in the first quarter of 2000.   Excluding one-time charges taken during the first quarter 2001, the Company net loss was $2.3 million, or a net loss of $0.66 per share for the first quarter. One-time charges taken during the quarter previously disclosed in press releases and 8-K filings included a pre-tax charge of $2.5 million, or $0.47 per share to shutdown the Company's Greenwood, Mississippi facility and a pre- tax charge of $1.3 million, or $0.25 per share related to certain management contract severance payouts triggered by the sale of the Company's Contract Electronics division.  These one-time charges are included in Other Operations (Expenses) Income, Net on the attached Consolidated Summary of Operations. Earnings from discontinued operations in 2000 of $0.34 per share included the gain on the sales of the Company's Retail Finance subsidiaries of $0.21 per share, and income during the 2000 first quarter for Retail Finance and Contract Electronics of $0.04 per share and $0.09 per share respectively. Operating results of Contract Electronics were breakeven prior to the sale of the division on January 25, 2001. Since the beginning of the year, Baldwin's business has experienced significant change with the sale of its Contract-Electronics division in January; the announced closure of its Greenwood, Mississippi facility in June; the sale of the Company's retail stores; and the appointments of Robert J. Jones as Chief Executive Officer and Kenneth W. Pavia, Sr. as Chairman of the Board. Newly appointed Chief Executive Officer, Robert J. Jones, said,  "Despite limited time at Baldwin, our new management team is aggressively implementing its strategic plan to return the Company to profitability.  While the first quarter results reflect the problems we have previously outlined, in addition to other legacy issues, we believe Baldwin, with the help of its dealer/partners and its committed workforce, will return to the prominent position as the leading piano manufacturer in the United States. "Management is currently reviewing all aspects of the Company's current and past operations practices, including past employee contracts, inventory, manufacturing synergies between plants, operational procedures as well as other areas in our organization," Jones added.  "We have also begun implementing manufacturing alternatives that should lead to higher profit margins and increased quality of our product.  While the Company's current liquidity remains a concern, we continue to work with our lending partner and seek alternative sources of financing.  I am confident, that given the opportunity to implement our plan, management will demonstrate improved financial and operational performance within the near future." Baldwin Piano & Organ Company, the maker of America's best selling pianos, has marketed keyboard musical products for over 140 years. "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release  contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, reliance on key strategic alliances, fluctuation in operating results and other risks detailed from time-to-time in the Company's filings with the Securities and Exchange Commission. BALDWIN PIANO & ORGAN COMPANY AND SUBSIDIARIES    CONSOLIDATED SUMMARY OF OPERATIONS    (In Thousands, except earnings per share)    (Unaudited)    Three Months Ended    March 31,    2001              2000   Net sales                                    $15,637           $19,861    Cost of goods sold                            14,177            17,767    Gross profit                                 1,460             2,094    Other operating (expense) income, net         (2,541)              167    Selling, general and administrative           (4,763)           (4,919)    Interest expense                              (1,102)             (700)    Earnings (loss) before income taxes         (6,946)           (3,358)    Income taxes                                  (2,153)           (1,264)    Net earnings (loss) from continuing    operations                                   (4,793)           (2,094)    Discontinued operations:    Income from operations, net of tax               0               461    Net loss on sales, net of tax                    0               725    Net earnings (loss)                          $(4,793)            $(908)   Earning (loss) per share    Basic    Earnings (loss) from    continuing operations                    $(1.38)           $(0.60)    Earnings from discontinued operations       0.00              0.34    Net earnings (loss)                       $(1.38)           $(0.26)    Diluted    Earnings (loss) from    continuing operations                    $(1.38)           $(0.60)    Earnings from discontinued operations       0.00              0.34    Net earnings (loss)                       $(1.38)           $(0.26)   Average number of shares outstanding           3,463             3,463   Diluted number of shares outstanding           3,463             3,463   CONSOLIDATED SUMMARY BALANCE SHEETS    (In Thousands)   March 31,   March 31,  December 31,    2001         2000        2000    (unaudited) (unaudited)    Assets    Receivables, net                    $11,217      $7,559      $9,375    Installment receivables retained      3,549       4,124       4,027    Inventories                          39,524      34,199      43,567    Other current assets                 15,673      12,859      15,839    Net assets of discontinued operations     0      15,407       8,700    Total current assets               69,963      74,148      81,508    Property, plant and equipment, net   15,993      18,486      17,525    Other assets                         11,587      14,244       8,704    Total assets                      $97,543    $106,878    $107,737   Liabilities and Shareholders'    Equity    Current portion of long-term debt    $4,101      $9,670      $4,416    Other liabilities                    23,041      26,939      21,644    Total current liabilities          27,142      36,609      26,060    Long-term debt, less current    portion                             30,207      15,447      36,383    Other liabilities                     1,928       2,051       1,975    Shareholders' equity                 38,266      52,771      43,319    Total liabilities and    shareholders' equity             $97,543    $106,878    $107,737   MAKE YOUR OPINION COUNT -  Click Here    http://tbutton.prnewswire.com/prn/11690X57969901   SOURCE  Baldwin Piano    CO:  Baldwin Piano & Organ Company ST:  Ohio IN:  MUS REA ENT SU:  ERN 05/21/2001 16:53 EDT http://www.prnewswire.com </HTML>