BALDWIN
BALDWIN PIANO & ORGAN COMPANY
422 Wards Corner Road
Loveland, Ohio 45140-8390

(513) 576-4500


FOR IMMEDIATE RELEASE
---------------------

LOVELAND, OHIO, February 22, 1996 - Baldwin Piano & Organ Company
net earnings for the fourth quarter increased 27% to $1.6 million
($.48 per share) from $1.3 million ($.38 per share) in 1994, before
an after-tax charge of $3.0 million in 1994.  Net sales were down
6% for the quarter compared to last year, $35.7 million from $38.1
million.  Despite lower sales, Baldwin achieved fourth quarter
earnings growth, primarily as a result of reductions in selling,
general and administrative expenses.

The majority of the sales decline in the fourth quarter of 1995 is
a result of the consolidation of Baldwin and Wurlitzer dealer
networks.  Beginning September 1, 1995, Baldwin began shipping all
Wurlitzer products under its consignment program.  Under this
program, sales are reported when the Company receives payment from
a dealer rather than, as Wurlitzer did, when the instruments were
shipped to a dealer.  The result is a reduction in the sales
reported in the fourth quarter compared to the same quarter last
year.

Net earnings for the full year 1995 increased 18% to $4.0 million
($1.16 per share) from $3.3 million ($.98 per share) in 1994,
before the 1994 after-tax charge mentioned above.  Net sales for
1995 of $122.6 million remained even with 1994.  The increase in
net earnings for 1995 is a result of reductions in selling, general
and administrative expenses, partially offset by higher production
costs in the keyboard instrument business and an increased
percentage of sales coming from furniture and music contracting
businesses which carry a lower margin.

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                              THREE MONTHS ENDED       TWELVE MONTHS ENDED
(in thousands, except            DECEMBER 31,             DECEMBER 31,
 net earnings per share)        1995      1994           1995      1994
                                ----      ----           ----      ----
Net sales                     $35,667   $38,129        $122,634  $122,347
Cost of goods sold             28,323    32,274          97,123    97,029
                              -------   -------        --------  --------
     Gross profit               7,344     5,855          25,511    25,318
Income on the sale of
  installment receivables       1,382     1,160           5,134     4,987
Interest income on
  installment receivables         234       177             693       564
Other operating income          1,077     1,077           3,299     3,341
Selling, general and
  administrative expenses      (6,789)  (10,370)        (26,229)  (31,550)
Interest expense                 (597)     (659)         (2,087)   (2,101)
                              -------   -------        --------  --------
     Earnings (loss)
       before income taxes      2,651    (2,760)          6,321       559
Income taxes                    1,008    (1,055)          2,361       214
                              -------   -------        --------  --------
     Net earnings (loss)      $ 1,643   $(1,705        $  3,960  $    345
                              =======   =======        ========  ========
Net earnings 
  (loss) per share               $.48     $(.50)          $1.16      $.10
                                 ====     =====           =====      ====
Average number of
  shares outstanding            3,415     3,415           3,415     3,415
                                =====     =====           =====     =====
Baldwin Piano & Organ Company has manufactured and marketed keyboard musical
products over 130 years.  The market leader of acoustic pianos in the United
States, Baldwin also manufactures electronic and electro-mechanical
components for Original Equipment Manufacturers.

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CONTACT:  Charles Juengling  (513) 576-4522