Regency Affiliates Inc. Subsidiary Records 86% Increase In Orders for a New Record
STUART, Fla., April 19 /PRNewswire/ -- From High Point, N.C. -- Regency Affiliates, Inc. (OTC Bulletin Board: RAFF) announced that Rustic Crafts International, its wholly owned subsidiary, and the leading manufacturer of decorative fireplaces and electric logs, has experienced its largest sales increase in its history at the April 2000 market in High Point, North Carolina, one of the largest trade shows in the world. Regency further announced that its 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. Glas-Aire is expected to report record earnings shortly. According to Samantha Safara, Marketing Manager for Rustic Crafts, "Sales have risen significantly due to the consumers' demand for vent-free products and the convenience of decorative fireplaces. This fact is supported by an 86% increase in orders compared to last year's market and record sales for the year ended December 31, 1999. Rustic Crafts strives to meet this consumer demand by designing and producing high quality products. Our decorative fireplaces are beautiful pieces of fine furniture that will enhance any room setting and are available in several finishes and sizes. At the April 2000 market in High Point, four new designs made their debut. These new styles add elegance and versatility to the award winning line. Lynn Singer, our award- winning designer, says that she creates each design to be unique so the customer has a wide variety of styles from which to choose." Rustic Crafts, which was founded in 1946, is dedicated to manufacturing high quality products and providing the best customer service possible. This combination has proven to be the basis for the Company's success. Certain statements and information included in this press 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 discussion 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.
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