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:
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.