Regency Affiliates, Inc. Announces Third Quarter Results
STUART, Fla., Nov. 20 /PRNewswire/ -- Regency Affiliates, Inc. (OTC Bulletin Board: RAFF) ("Regency"), announced that net income for the third quarter in 2000 was $585,000 compared to $490,000 in the third quarter of 1999, a 19% increase. Earnings per share for the three months ended September 30, 2000 and 1999 were $.04. Earnings per share were $.11 for both the nine months ended September 30, 2000, and September 30, 1999. Net income increased to $1,418,000 in 2000 from $1,411,000 in 1999. Glas-Aire Industries Group (Nasdaq: GLAR) ("Glas-Aire"), a majority owned subsidiary, reported record sales for the eight-month period ended September 30. Sales to new customers and for new product lines have been strong during the entire year and sales to existing customers exceed those of a year ago. Fourth quarter orders continue to be strong and Glas-Aire expects that fourth quarter sales will be at record levels. Glas-Aire also expects future sales to increase as more customers become aware of the ISO/9001/QS9000 certifications received this past summer. Rustic Crafts, International, Inc., a wholly owned subsidiary, has been successful in increasing export sales. Although domestic orders from the October High Point North Carolina Trade Show were somewhat disappointing, generally reflecting the condition of the domestic furniture market, export orders were very encouraging and significantly higher than last year. Rustic Crafts, began focusing on foreign markets in early 2000 in anticipation of a possible slowdown in the domestic market. Rustic Crafts is currently negotiating with a major distributor in Egypt and has made a commitment to attend a major European trade show with the objective of marketing a new product which is expected to be very competitive in the European market. In the domestic market, Rustic Crafts has made a substantial commitment to make hearths and surrounds for gas fireplaces which comprise 95% of the domestic fireplace market. Rustic Crafts will have a large booth at the H.B.A. show in Salt Lake City in March 2001 to showcase a new line of products designed specifically for the gas fireplace market. Chairman, William R. Ponsoldt, Sr. stated, "We are encouraged by the positive sales trends of our operating subsidiaries and believe we are taking strides to improve the bottom line. We will continue to focus on improving sales, improving operating efficiencies and finding acquisitions that provide synergies with existing businesses and operating cash flow." 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 form 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 Contact: Mr. William R. Ponsoldt, Sr., President Regency Affiliates, Inc. 729 South Federal Hwy., #307 Stuart, FL 34994 Tel. (561) 220-7662 Fax. (561) 220-2974
SOURCE Regency Affiliates, Inc.
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