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                                                                    EXHIBIT 99.6

[BALDWIN PIANO & ORGAN COMPANY LETTERHEAD]

                                                  NEWS RELEASE


FOR IMMEDIATE RELEASE


Contacts:   Perry Schwartz - CFO            Ken DiPaola or Joel Pomerantz
            Baldwin Piano                   The Dilenschneider Group, Inc.
            (513) 576-4518                  (212) 922-0900



               BALDWIN PIANO REPORTS VERY STRONG YEAR-END RESULTS

            1997 EARNINGS FROM OPERATIONS UP 75%; MUSIC SALES UP 14%;
                        CONTRACT ELECTRONICS SALES UP 16%

         LOVELAND, OH, February 23, 1998 -- Baldwin Piano and Organ Company
(NASDAQ:BPAO) today announced results for the fourth quarter and year ended
December 31, 1997.

         In the fourth quarter, total sales grew 12 percent to $39.5 million, up
from $35.3 million in the fourth quarter of 1996. Net earnings rose more than
three-fold to $1.5 million, or 44 cents per share, compared with $430,000, or 13
cents per share, a year earlier. Fourth-quarter accounting adjustments related
to Baldwin's second-quarter phase out of consignment sales reduced reported net
earnings by $200,000, or 6 cents per share.

         For the full year, basic net earnings rose to $4.4 million, or $1.30
per share, on sales of $143.1 million, which includes the one-time impact of
Baldwin's phase out of consignment sales. Before such one-time adjustments, 1997
earnings from operations increased 75 percent to $3.6 million, or $1.05 per
share, on sales of $128.5 million. A year ago, Baldwin reported net earnings of
$2.1 million, or 60 cents per share, on sales of $115.1 million.

                                     (more)


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                                       -2-

         Commenting on Baldwin's strong performance, Karen L. Hendricks,
chairman and chief executive officer said, "Solid demand for pianos in 1997
fueled Baldwin's core music sales, driving an 8 percent improvement in total
digital and acoustic unit sales. On the Contracts Electronics side of our
business, the strongest new customer development in five years produced
double-digit sales growth. KAC, our retail keyboard finance unit, also had
another solid year. Reported earnings also benefited from substantial inventory
reductions and the related LIFO benefits, as well as the adoption of FAS 125,
which accelerated earnings recognition on KAC's portfolio of installment
receivables.

         "In 1997, we laid the essential groundwork needed to improve profits in
1998 and beyond. This year's operating gains reflect, in part, some of the
initial benefits from our strategic plan implemented early in the year. Many of
these actions will continue to benefit short-term and long-term operating
performance, and we will continue to initiate new actions to further fine tune
our plan across all three core businesses -- Music, KAC and Contract
Electronics.

         "During the year, we achieved sales improvements in each of our core
businesses; negotiated new and more favorable financing arrangements with our
present lender and a new lender; divested non-core businesses; substantially
reduced inventories; improved production turnaround, manufacturing processes,
asset utilization, quality control and engineering support in our music plants;
outsourced transportation of keyboard instruments, dramatically improving
order-to-delivery cycle times to our dealers; created a contract electronics
bonus program to focus management on asset utilization as we grow this business;
added key management personnel in music and contract electronics; and
restructured financing arrangements with our dealers, which improved our balance
sheet and enhanced our ability to service, support and supply our dealer
network."

                                     -more-


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                                       -3-

Ms. Hendricks added, "In 1997 Lehman Brothers, the international investment
banking firm, was retained by Baldwin to advise management and the board on,
among other matters, the company's strategic direction and potential
opportunities to enhance shareholder value. Lehman has undertaken a financial
review of Baldwin and its operations and briefed the board on several occasions.
During 1997, Lehman advised management and the board on the development and
implementation of Baldwin's strategic plan and will, at the board's request,
continue to monitor the company's progress and advise Baldwin on the merits of
various strategic opportunities and alternatives."

         Baldwin Piano & Organ Company has marketed keyboard musical products
for 136 years and has been providing consumer financing for the keyboard
industry for nearly a century. Baldwin, maker of America's best selling pianos,
also manufactures electronic and electro-mechanical components for Original
Equipment Manufacturers.


"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, fluctuations in operating results and other risks detailed from time
to time in the company's filings with the Securities and Exchange Commission.

(Condensed Earnings Statement and Balance Sheet Attached)


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                                       -4-


                 BALDWIN PIANO & ORGAN COMPANY AND SUBSIDIARIES
                        CONSOLIDATED SUMMARY OF EARNINGS
                  (IN THOUSANDS, EXCEPT NET EARNINGS PER SHARE)


<TABLE>
<CAPTION>
                                           THREE MONTHS ENDED                   TWELVE MONTHS ENDED
                                              DECEMBER 31,                         DECEMBER  31.
                                         -------------------------         ----------------------------
                                            1997            1996              1997               1996    
                                         ---------       ---------         ---------          ---------  
                                                                                                         
<S>                                      <C>             <C>               <C>                <C>        
Net sales                                $  39,472       $  35,276         $ 143,101          $ 115,070  
Cost of goods sold                          31,728          28,861           115,052             92,495  
                                         ---------       ---------         ---------          ---------  
  Gross profit                               7,744           6,415            28,049             22,575  
Interest income on                                                                                       
   installment receivables (1)               2,312           1,784             8,627              7,107  
Other operating income, net                    497             828             2,304              3,476  
Selling, general and administrative         (7,998)         (7,538)          (29,451)           (27,186) 
Interest expense                              (617)           (859)           (2,865)            (2,868) 
                                         ---------       ---------         ---------          ---------  
  Earnings before income taxes               1,938             630             6,664              3,104  
Income taxes                                   436             200             2,215              1,048  
                                         ---------       ---------         ---------          ---------  
  Net earnings                           $   1,502       $     430         $   4,449(a)       $   2,056  
                                         =========       =========         =========          =========  
Basic earnings per share                 $    0.44       $    0.13         $    1.30(a)       $    0.60  
                                         =========       =========         =========          =========  
Diluted earnings per share               $    0.42       $    0.12         $    1.28          $    0.59  
                                         =========       =========         =========          =========  
Average number of                                                                                        
    shares outstanding                       3,444           3,425             3,435              3,421  
                                         =========       =========         =========          =========  
Diluted shares outstanding                   3,540           3,449             3,483              3,462  
                                         =========       =========         =========          =========  
                                                                           
<FN>
(a)  Earnings from operations in 1997 were $3,585 ($1.05 per share). One time items increased earnings
     by $864 ($0.25 per share).
</FN>
</TABLE>

                       CONSOLIDATED SUMMARY BALANCE SHEETS
                                 (IN THOUSANDS)
<TABLE>
<CAPTION>
                                                                              DECEMBER   31,
                                                                          ----------------------
                                                                            1997          1996
                                                                          --------      --------
<S>                                                                       <C>           <C>     
Assets
  Receivables, net                                                        $ 23,201      $ 13,933
  Inventories                                                               36,649        54,453
Other current assets                                                         7,563         8,803
                                                                          --------      --------
  Total current assets                                                      67,413        77,189

Installment receivables, less current portion                               16,502        11,435
Property, plant and equipment, net                                          18,262        16,479
Other assets                                                                12,183         6,961
                                                                          --------      --------
  Total assets                                                            $114,360      $112,064
                                                                          ========      ========
Liabilities and Shareholders' Equity
  Current portion of long-term debt                                       $    900      $ 30,901
Other liabilities                                                           18,608        14,826
                                                                          --------      --------
  Total current liabilities                                                 19,508        45,727
Long-term debt, less current portion                                        27,650         3,350
Other liabilities                                                            6,379         6,712
Shareholders' equity                                                        60,823        56,275
                                                                          --------      --------
  Total liabilities and shareholders' equity                              $114,360      $112,064
                                                                          ========      ========

<FN>
(1)    Baldwin's adoption of FAS 125, Accounting for Transfers and Servicing of Financial Assets
       and Extinguishment of Liabilities, by its Keyboard Acceptance unit (KAC) resulted in
       additional pre-tax revenue of $442,280 and $1,417,280 respectively, for the fourth quarter
       and fiscal 1997. FAS 125 was not applicable to fiscal 1996 and earlier periods.
</FN>
</TABLE>