STUART, Fla., April 14 /PRNewswire/ -- Regency Affiliates Inc. ("Regency") (OTC Bulletin Board: RAFF) announced that basic earnings per common share had increased 29% from $.14 to $.18 for the year ended December 31, 1999 compared to 1998. Net income for the common shareholders increased from $1,727,000 for the year ended December 31, 1998 to $2,224,000 in 1999. In the fourth quarter, Regency earned $.07 per common share ($882,000) compared to $.05 ($566,000) for the fourth quarter of 1998, an increase of 40% in basic per share earnings. The fourth quarter results include the operating results of Regency's majority owned Nasdaq listed subsidiary, Glas-Aire Industries Group Ltd. for the full quarter. Commenting on the results, Chairman William R. Ponsoldt stated that these results are a positive reflection of our strategy to acquire well managed, properly valued companies with proprietary products or services which can be enhanced to create value for our shareholders. Mr. Ponsoldt further noted that the Company exceeded its goal of a 20% pre-tax return on beginning common shareholders' equity. Looking forward to 2000, Mr. Ponsoldt commented that Regency continues to move toward closings on the acquisition Letters Of Intent previously announced. He reiterated that any common equity used for acquisitions will not be dilutive to earnings. Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussions of factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in the Company's SEC Filings. For further information please visit the following websites: www.regencyaffiliates.com , www.rusticcrafts.com , www.glasaire.com .
SOURCE Regency Affiliates, Inc.