SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark one)
/X/        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
           SECURITIES EXCHANGE ACT OF 1934
           For the quarterly period ended June 30, 1999

                                       OR

/  /       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
           SECURITIES ACT OF 1934
           For the transition period from               to
                                          -------------    ----------------

              Commission File Number:                  1-5673

 ..................................RANGER INDUSTRIES, INC.......................
              (Exact name of small business issuer as specified in its charter)

           Connecticut                                06-0768904
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)

                              One Regency Drive
 .......................Bloomfield,  Connecticut 06002...........................
                  (Address of principal executive offices)

 ...............................(860) 726-1208...................................
              (Issuer's telephone number, including area code)

Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days.   Yes       X        No
            -----------        ----------

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date (August 9, 1999):  5,278,644 shares

Transitional Small Business Disclosure Format (check one):  Yes    No    X
                                                                     ----------

864471.3


<PAGE>
                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Balance sheets
June 30, 1999 and December 31, 1998
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
                                                            June 30,
                                                              1999                 December 31,
                                                           (Unaudited)                 1998
<S>                                                   <C>                       <C>
Assets
Current Assets
     Cash and equivalents                                  $       766,224          $       759,216
     Prepaid expenses                                                8,035                    2,625
     Income tax receivable                                              --                    3,436
                                                       -------------------      -------------------

                                                                   774,259                  765,277
                                                       -------------------      -------------------

Other assets                                                         5,501                    6,802
                                                       -------------------      -------------------

           Total Assets                                    $       779,760          $       772,079
                                                       ===================      ===================


Liabilities and Stockholders' Equity
Current liabilities
     Accounts payable and other liabilities               $          7,059          $        18,075
     Income tax payable                                             11,114                       --
     Deferred income taxes                                           3,576                    3,576
                                                       -------------------      -------------------
           Total current liabilities                                21,749                   21,651

Non-current liabilities
     Deferred income taxes                                           7,091                    8,391
                                                       -------------------      -------------------

           Total liabilities                                        28,840                   30,042
                                                       -------------------      -------------------

Stockholders' equity
     Common stock                                                   52,786                   52,786
     Capital in excess of par value                              1,661,430                1,661,430
     Unearned compensation                                         (99,069)                (114,937)
     Retained deficit                                             (864,227)                (857,242)
                                                       -------------------      -------------------
           Total stockholders' equity                              750,920                  742,037
                                                       -------------------      -------------------

           Total liabilities and stockholders' equity      $       779,760          $       772,079
                                                       ===================      ===================
</TABLE>


                   The accompanying notes are an integral part
                      of the condensed financial statements

                                       1

864471.3


<PAGE>

Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Statements of Operations
For the Three Months Ended June 30, 1999 and 1998
(Unaudited)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
                                                              1999                     1998
<S>                                                    <C>                      <C>

Net sales                                               $               --       $               --
                                                       -------------------      -------------------

Operating costs and expenses
     Administrative expenses                                        24,978                   12,163
     Legal expenses                                                     --                   10,554

Other income and expenses
     Interest income                                                 7,561                    9,126
                                                       -------------------      -------------------
           Loss before income taxes                                (17,417)                 (13,591)
                                                       -------------------      -------------------

Provision for income taxes
     Current                                                         8,000                    2,100
     Deferred                                                         (500)                      --
                                                       -------------------      -------------------
                                                                     7,500                    2,100
                                                       -------------------      -------------------

           Net loss                                                (24,917)                 (15,691)
                                                       -------------------      -------------------

           Basic loss per share                            $         (.01)       $             (.01)
                                                       ===================      ===================

Weighted average common shares outstanding                       5,278,644                4,788,644
                                                       ===================      ===================
</TABLE>


                   The accompanying notes are an integral part
                      of the condensed financial statements


864471.3
                                       2

<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Statements of Cash Flows
For the Six Months Ended June 30, 1999 and 1998
(Unaudited)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
                                                                   1999                     1998
<S>                                                         <C>                      <C>

Net sales                                                    $               --       $               --
                                                            -------------------      -------------------

Operating costs and expenses
     Administrative expenses                                             49,231                   22,425
     Legal and settlement expenses                                        4,000                   22,384

Other income and expenses
     Bankruptcy claim recovery                                           47,517                       --
     Interest expense                                                        --                   (5,498)
     Interest income                                                     15,229                   18,388
                                                            -------------------      -------------------
           Income (loss) before income taxes                              9,515                  (31,919)
                                                            -------------------      -------------------

Provision for income taxes
     Current                                                             17,800                    4,600
     Deferred                                                            (1,300)                      --
                                                            -------------------      -------------------
                                                                         16,500                    4,600
                                                            -------------------      -------------------

           Net loss                                                      (6,985)                 (36,519)
                                                            -------------------      -------------------

           Basic loss per share                                 $          (.01)      $             (.01)
                                                            ===================      ===================

Weighted average common shares outstanding                            5,278,644                4,492,358
                                                            ===================      ===================
</TABLE>


                   The accompanying notes are an integral part
                      of the condensed financial statements



864471.3
                                        3
<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Statements of Operations
For the Six Months Ended June 30, 1999 and 1998
(Unaudited)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
                                                                                         1999                     1998
<S>                                                                                 <C>                        <C>


Cash flows from operating activities
Net loss                                                                            $          (6,985)         $       (36,519)
                                                                                  -------------------      -------------------
     Adjustments to reconcile net income (loss) to net cash provided by (used
        in) operating activities
            Compensation expense settled in shares of Ranger stock                             15,868                       --
            Interest expense settled in shares of Ranger stock                                     --                    5,498
            Deferred income taxes                                                              (1,300)                      --
            Changes in assets and liabilities
                Receivables                                                                        --                      608
                Prepaid expenses and other assets                                              (4,109)                  (7,744)
                Income tax receivable                                                           3,436                       --
                Accounts payable, accrued liabilities and interest payable                    (11,016)                   6,330
                Income tax payable                                                             11,114                       --
                                                                                  -------------------      -------------------
                       Total adjustments                                                       13,993                    4,692
                                                                                  -------------------      -------------------

                       Net cash provided by (used in) operating activities                      7,008                  (31,827)
                                                                                  -------------------      -------------------

Cash and cash equivalents at beginning of period                                              759,216                  784,800
                                                                                  -------------------      -------------------

Cash and cash equivalents at end of period                                        $           766,224      $           752,973
                                                                                  ===================      ===================

Noncash transactions
     Common stock issued in exchange for the cancellation of amount owed to       $               --        $          483,616
        PGI
                                                                                  ===================      ===================
</TABLE>

                   The accompanying notes are an integral part
                      of the condensed financial statements



864471.3
                                        4

<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Notes to Condensed Financial Statements
June 30, 1999 and December 31, 1998
--------------------------------------------------------------------------------


1.         Organization



           In July  1988,  Ranger  Industries,  Inc.  (the  "Registrant"  or the
           "Company",  and  then  known  as  Coleco  Industries,  Inc.)  filed a
           voluntary petition in United States Bankruptcy Court under Chapter 11
           of the Federal  Bankruptcy  Code.  Effective  February 28, 1990,  the
           bankruptcy  court  approved a plan of  reorganization  (the  "Plan"),
           pursuant to which all then outstanding debt and equity  securities of
           the   Registrant   were  canceled,   and  4,000,000   shares  of  the
           Registrant's  new $0.01 par value common  stock (the "Common  Stock")
           were distributed to the unsecured creditors. On the Effective Date of
           the  Plan,  the  Registrant  retained  $950,000  in cash for  working
           capital  purposes  and was  expected  to  engage in the  business  of
           acquiring income producing properties or businesses.



           The Plan provided for the creation of a Reorganization Trust in order
           to  liquidate  the  Registrant's  remaining  assets  (other  than the
           $950,000  in  cash  retained  by  the   Registrant)   and  effectuate
           distributions   thereof   to   the   Registrant's   creditors.    The
           Reorganization  Trust completed the distribution of its assets in May
           1996 and was  terminated by order of the  bankruptcy  court on August
           27, 1996. Also, see Note 8.



           The Plan also provided for the creation of a Product  Liability Trust
           in order to settle certain personal injury claims  (including  claims
           arising  thereafter)  against the Registrant.  The Product  Liability
           Trust continues to process and liquidate  certain  product  liability
           claims.  Pursuant  to  the  terms  of  the  Product  Liability  Trust
           Agreement,  residual funds, if any, will revert to the Registrant, as
           grantor of the trust,  upon the earlier of (a) February 28, 2020,  or
           (b) approval by the  bankruptcy  court of earlier  termination of the
           Product Liability Trust.



2.         Management's Representation



           The accompanying  condensed  financial  statements  should be read in
           conjunction  with the Notes to Financial  Statements and Management's
           Discussion  and  Analysis  of  Financial  Condition  and  results  of
           operations included in the Company's 1998 Annual Report filed on Form
           10-KSB and in this form 10-QSB report.



           In the opinion of management,  all  adjustments  necessary for a fair
           presentation of the results for the interim periods have been made.



3.         Bankruptcy Claim Recovery


           In April 1999, the Company  received  $47,517 as a distribution  on a
           bankruptcy claim filed by the Company's predecessor in 1983.




864471.3
                                        5

<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Notes to Condensed Financial Statements
June 30, 1999 and December 31, 1998
-------------------------------------------------------------------------------

4.         Income Taxes


           Effective January 1, 1993, the Company adopted Statement of Financial
           Accounting  Standards No. 109,  "Accounting  for Income Taxes" ("SFAS
           109"). SFAS 109 requires  recognition of deferred tax liabilities and
           assets for the expected  future tax  consequences of events that have
           been  included in the  financial  statements  or income tax  returns.
           Under this method, deferred tax liabilities and assets are determined
           based on the difference between the financial statement and tax bases
           of assets and  liabilities  using enacted tax rates in effect for the
           year in which the differences  are expected to reverse.  In addition,
           deferred  tax assets are subject to a valuation  allowance  to reduce
           them to net realizable value.



           As  discussed in Note 1, the assets and  liabilities  of the Company,
           except for  $950,000  retained  for working  capital  purposes,  were
           transferred  to the  Reorganization  and  Product  Liability  Trusts,
           respectively,  effective  February 28, 1990, in  accordance  with the
           Plan.  Although the matter is not free from doubt,  these Trusts have
           been treated as grantor trusts.  Accordingly,  taxable income or loss
           associated  with the  disposition  of assets  and the  settlement  of
           liabilities  by the Trusts are  reflected  on the federal  income tax
           return  of  Ranger  Industries,   Inc.,   although  such  assets  and
           liabilities are not presented in these financial statements (also see
           Note 5).



           Tax  expense or benefit is  attributable  to state  taxes and Federal
           alternative minimum tax.



           At June 30, 1999 and  December 31, 1998,  it was  estimated  that the
           Company had adjusted tax net operating loss  carryforwards and future
           deductions of approximately $177.6 million after giving effect to the
           Plan and the transactions  contemplated thereby, which may be used to
           offset future taxable  income,  subject to several  limitations,  and
           which begin to expire in the year 2002. These amounts include the tax
           consequences  of the  activity  of  the  Reorganization  and  Product
           Liability Trusts, as well as the activity of Ranger Industries,  Inc.
           At June 30, 1999 and December 31, 1998,  the Company had  Alternative
           Minimum Tax (AMT) loss carryforwards of approximately $153.9 million,
           which  will begin to expire in the year 2002.  The  Company  also had
           approximately   $3.2   million   and  $7.7   million  in  tax  credit
           carryforwards  at June 30, 1999 and December 31, 1998,  respectively.
           At the current tax rates, the taxable income equivalent of the credit
           carryforwards  was  approximately  $9.4  million  and $22.7  million,
           respectively.



           Under  current tax laws,  the  Internal  Revenue  Code  provides  for
           certain  limitations  following an "ownership  change".  Accordingly,
           under  the   confirmed   Plan  of   Reorganization,   the   continued
           availability  of the Company's net operating loss  carryforwards  and
           other tax attributes may be subject to substantial  limitations (also
           see Note 5).



           At June 30, 1999 and December 31, 1998,  the Company had deferred tax
           liabilities  of $10,667 and $11,967,  respectively,  as a result of a
           compensation expense temporary difference,  associated with the stock
           issued to Mr.  Handel (see Note 7).  Additionally,  any  deferred tax
           asset recorded to recognize the tax net operating loss  carryforwards
           would be subject to a full valuation  allowance  under the provisions
           of



864471.3
                                        6

<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Notes to Condensed Financial Statements
June 30, 1999 and December 31, 1998
--------------------------------------------------------------------------------


           SFAS 109, due to the uncertainty of the Company's ability to generate
           taxable income to utilize the carryforwards.


5.         Treasury Regulation


           On January 6, 1992,  the Department of the Treasury  promulgated  new
           Treasury Regulations.  These regulations interpret Section 269 of the
           Internal  Revenue Code which permits the Internal  Revenue Service to
           deny  corporations  the  ability  to use  tax  benefits,  such as net
           operating  losses  ("NOLs")  where  control  of the  corporation  was
           acquired for the principal  purpose of avoiding tax. The  regulations
           provide that if a  corporation  in a bankruptcy  reorganization  that
           qualifies for an exemption  from the general rule limiting the use of
           net  operating  loss  carryforwards  does not carry on a  significant
           amount of an active trade or business  during and  subsequent to such
           bankruptcy reorganization, the Internal Revenue Service will presume,
           absent  a  showing  of  strong  evidence  to the  contrary,  that the
           principal purpose of the reorganization was to evade or avoid Federal
           income tax and that Section 269 should  apply.  The  regulations  are
           only  effective,  by their  terms,  with respect to  acquisitions  of
           control  of  corporations   occurring  after  August  14,  1990  and,
           accordingly, they do not apply to Ranger Industries, Inc.



           Despite the inapplicability of these regulations to Ranger, the issue
           of essentially inactive reorganized  companies with NOLs that survive
           bankruptcy  intact  has now  been  firmly  raised  in the eyes of the
           Internal   Revenue  Service.   Accordingly,   due  to  the  Company's
           disposition  of  its  historic  toy  businesses  to  Hasbro  and  the
           Company's  switch to a new business of acquiring  investments,  it is
           possible  that the  Internal  Revenue  Service  may  assert  that the
           Company has not carried on a significant trade or business during and
           subsequent  to its  reorganization.  If such an assertion is made and
           ultimately sustained, then the Company would be unable to utilize its
           estimated  $177.6 million of net operating loss  carryforwards.  This
           could have a materially  adverse  effect on the Company's  ability to
           attract  outside   investors   willing  to  invest  in  the  Company.
           Notwithstanding these regulations, there can be no assurance that the
           Company  will be able to attract  sufficient  outside  investment  to
           allow it to continue to operate,  once its current working capital is
           depleted.  The financial  statements  do not include any  adjustments
           that might result from the resolution of these uncertainties.



6.         PGI Indebtedness



           On March 9, 1998,  the Company  issued 778,644 shares of its $.01 par
           value  common stock in exchange  for the  cancellation  of the amount
           owed  to  PGI  as  of  February  10,  1998.  The  exchange  value  of
           $.6211/share was determined using the weighted average of the closing
           prices of the  Company's  common stock for the 30-day period prior to
           February 20, 1998, the date of the agreement.






864471.3
                                       7

<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Notes to Condensed Financial Statements
June 30, 1999 and December 31, 1998
--------------------------------------------------------------------------------

7.         Stock Compensation


           On August 4, 1998,  the Company  entered into a five-year  Employment
           Agreement (the  "Agreement")  with Mr. Morton E. Handel,  whereby Mr.
           Handel  will  serve as the  Company's  Chief  Executive  Officer  and
           President. As base compensation, in lieu of cash, Mr. Handel received
           500,000  shares  of the  Company's  stock,  one-fifth  of  which  was
           immediately  vested  and  non-forfeitable  as  of  the  date  of  the
           Agreement.  Mr.  Handel will vest in an  additional 20 percent of the
           shares  each  year  over the  succeeding  four  anniversaries  of the
           Agreement.

           The  estimated  market  value of the stock award was $160,000 or $.32
           per share. The Company will incur  compensation  expense based on the
           vesting  terms  included in the  Agreement.  For the six months ended
           June  30,  1999,  the  Company  recognized  compensation  expense  of
           $15,868,  plus related  taxes,  in connection  with this stock award,
           which  is  included  in  administrative  expenses  in  the  condensed
           financial statements.


 8.        Distribution from Ranger Industries, Inc.'s Reorganization Trust


           As  described  in Note 1,  the  Reorganization  Trust  made  what was
           expected to be its final  distribution  to creditors on May 29, 1996.
           In  August  1998,   however,   the  Company  received  an  additional
           distribution of $45,601 from the former trustee of the Reorganization
           Trust.  This  amount  has  been  reflected  as an  adjustment  to the
           original capitalization of the Company and, accordingly,  is included
           in capital in excess of par value at December 31, 1998.





864471.3
                                        8

<PAGE>


                     PART I - FINANCIAL INFORMATION (cont'd)



Item 2.  Plan of Operation.



               The following discussion should be read in conjunction with the
Financial Statements, including the Notes thereto.



               As a result of the receipt of approximately $802,000 of
bankruptcy claim recovery in the last quarter of 1997, approximately $45,600
from the Reorganization Trust (see Note 1, Organization, in the Condensed
Financial Statements included in this Report) in the third quarter of 1998 and
approximately $47,500 of bankruptcy claim recovery in the second quarter of
1999, the Registrant has sufficient liquidity to meet its current operating
expenses for the foreseeable future. The Registrant's cash on hand was
approximately $766,000 as of June 30, 1999, and the Registrant's projected cash
operating costs and expenses, net of interest income and bankruptcy claim
recovery, for the fiscal year ending December 31, 1999 are approximately
$40,000. The Registrant does not expect to have to raise additional funds in the
next twelve months.



               The Registrant's financial resources at the present time, other
than its cash on hand, are (i) a remainder interest in the Product Liability
Trust and (ii) the possible utility of net operating loss carryforwards ("NOLs")
of approximately $178 million as of June 30, 1999. See Note 4, Income Taxes, in
the Condensed Financial Statements included in this Report. The NOLs have
sheltered the Registrant's modest interest income and the income of the Product
Liability Trust from Federal income taxation and, until 1999, from state income
taxation. The income of the Product Liability Trust, if any, continues to be
taxable to the Registrant. As more fully discussed in the Notes to the Financial
Statements, the continuing availability of the NOLs is uncertain.



               Year 2000 Issues. The Registrant does not use a computer to
maintain its financial records at this time. The Registrant therefore (i)
considers itself ready to deal with the transition to the year 2000; (ii)
expects to bear no significant costs associated with addressing the Year 2000
problem; and (iii) believes that its Year 2000 issues present it with no
material risks. The Registrant cannot be certain that BankBoston, the bank where
most of the Registrant's cash is kept in the form of accounts, will be free from
Year 2000 difficulties. The Registrant believes, however, that those accounts
are safe from any material risk associated with the Year 2000 problem. Because
the Registrant has no operations and does not use a computer to maintain its
financial records, the Registrant has not considered it necessary to make
contingency plans for dealing with the Year 2000 problem and it has not done so.




864471.3
                                        9

<PAGE>



                           PART II - OTHER INFORMATION



Item 6.  Exhibits and Reports on Form 8-K.



(a)  Exhibit  27.     Financial Data Schedule.



(b)  Reports on Form 8-K:  None.


864471.3
                                       10

<PAGE>


                                   SIGNATURES



           In  accordance  with  the  requirements  of  the  Exchange  Act,  the
Registrant has caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.



                                       Ranger Industries, Inc., the Registrant





Date:  August 12, 1999                 By: /s/ MORTON E. HANDEL
                                           -------------------------------------
                                           Morton E. Handel
                                           President, Chief Executive Officer
                                              and Acting Chief Financial Officer




864471.3