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                                                                    EXHIBIT 99.2


                              [BALDWIN LETTERHEAD]

                              BALDWIN NEWS RELEASE

CONTACTS: Perry Schwartz                                Wes Truesdell
          Baldwin Piano                                 The Dilenschneider Group
          (513) 576-4518                                (212) 922-0900

                   BALDWIN PIANO REPORTS FIRST-QUARTER RESULTS

                    STRONG SALES GAINS IN CORE MUSIC BUSINESS

                STRUCTURAL CHANGES IN MANUFACTURING AND EXIT FROM
                LOW MARGIN BUSINESSES IMPACT RESULTS, AS EXPECTED

     LOVELAND, OH, April 24, 1997 -- Baldwin Piano and Organ Company
(NASDAQ:BPAO) today announced first-quarter net income of $246,000, or 7 cents
per share, compared with $684,000, or 20 cents per share, a year ago. As
expected, Baldwin's decision to exit several low-margin businesses temporarily
increased unit overhead costs and reduced first-quarter operating margins.

     First-quarter sales for the company's core acoustic and digital music
businesses rose a strong 11 percent and 62 percent, respectively, while overall
sales increased only slightly to $27,309,000, versus last year's $27,147,000.
Higher sales for the company's core music businesses were entirely offset by a
$1.8 million sales decline in contract music and contract furniture, two
lower-margin businesses Baldwin decided to exit in the first quarter of 1996.

     "We are encouraged by the continuing positive trend in sales of our core
music products and the continued profitability of our financing business," said
Karen L. Hendricks, president, chairman and chief executive officer. "The
increase in our digital music business was spectacular and the growth in
acoustic piano sales was one of the strongest ever. Given the continued strength
in music sales and the elimination of several


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lower-margin businesses, gross profits will catch up as the cost of goods sold
begins to reflect the significant cost reductions we are achieving in
re-engineering piano manufacturing.

     "Earlier this week, we announced that our new synchronous manufacturing
process allowed us to eliminate nearly 80 manufacturing jobs at four Baldwin
factories. This will net us $1 million in savings in 1997 and considerably more
in future years. We also expect to see additional manufacturing savings before
year end." Ms. Hendricks added "The positive impact of improved manufacturing
efficiency and other strategic initiatives we've undertaken should begin to
materialize in the second half of 1997."

     First-quarter results also reflect the required adoption of SFAS 125, which
governs the accounting treatment of revenue from the sales of new contracts in
Baldwin's financing subsidiary, Keyboard Acceptance Corporation.

     Baldwin Piano & Organ Company has manufactured and marketed keyboard
musical products for 135 years and has been providing consumer financing for its
investments for nearly a century. The market leader in acoustic pianos in the
United States, Baldwin 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 income statements attached)


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

   
<TABLE>
<CAPTION>
                                                           THREE MONTHS ENDED
                                                                MARCH 31
                                                         ----------------------
                                                           1997          1996
                                                         --------      --------
<S>                                                      <C>           <C>     
Net sales                                                $ 27,309      $ 27,147
Cost of goods sold                                         22,533        21,872
                                                         --------      --------
     Gross profit                                           4,776         5,275
Income on installment receivables                           2,127         1,768
Other operating income                                        734           859
Selling, general and administrative expenses               (6,457)       (6,326)
Interest expense                                             (796)         (525)
                                                         --------      --------
     Earnings before income taxes                             384         1,051
Income taxes                                                  138           367
                                                         --------      --------
     Net earnings                                        $    246      $    684
                                                         ========      ========
Net earnings per share                                   $    .07      $    .20
                                                         ========      ========
Average number of shares outstanding                        3,425         3,415
                                                         ========      ========
</TABLE>