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 March 31, 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 (November 12, 1998): 5,278,644 shares

Transitional Small Business Disclosure Format (check one):  Yes       No    X
                                                               ------   -------
831783.1


<PAGE>



                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.




Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Balance Sheets
March 31, 1999 and December 31, 1998
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
                                                                                      March 31,
                                                                                        1999            December 31,
                                                                                     (unaudited)          1998

Assets 
Current assets    
<S>                                                                                   <C>                 <C>      
  Cash and equivalents                                                                $ 747,814           $ 759,216
  Bad debt recovery receivable                                                           47,517                   -
  Prepaid expenses                                                                       10,506               2,625
  Income tax receivable                                                                       -               3,436
                                                                               -----------------  -----------------

                                                                                        805,837             765,277
                                                                               -----------------  -----------------
Other assets                                                                              6,155               6,802
                                                                               -----------------  -----------------
            Total assets                                                             $  811,992           $ 772,079
                                                                               =================  =================
                                                                               

Liabilities and Stockholders' Equity
Current liabilities
  Accounts payable and other liabilities                                             $   29,852           $  18,075
  Income tax payable                                                                      3,114                   -
  Deferred income tax                                                                     3,576               3,576
                                                                               -----------------  -----------------
            Total current liabilities                                                    36,542              21,651

Non-current liabilities
  Deferred income taxes                                                                   7,591                8,391
                                                                               ----------------   ------------------
            Total liabilities                                                            44,133               30,042
                                                                               ----------------   ------------------
Stockholders' equity 
  Common stock                                                                           52,786              52,786
  Capital in excess of par value                                                      1,661,430           1,661,430
  Unearned compensation                                                                (107,047)           (114,937)
  Retained deficit                                                                     (839,310)           (857,242)
                                                                               -----------------  ------------------
            Total stockholders' equity                                                  767,859             742,037
                                                                               -----------------  ------------------
            Total liabilities and stockholders' equity                               $  811,992           $ 772,079
                                                                               ================   ==================

</TABLE>

 The accompanying notes are an integral part of these condensed financial
 statements.




                                       1

<PAGE>



Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Statements of Operations
For the Quarters Ended March 31, 1999 and 1998
(Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                          1999              1998

Net Sales                                                                            $        -           $       -
                                                                               -----------------  -----------------

Operating costs and expenses
<S>                                                                                  <C>                  <C>   
  Administrative expenses                                                                24,253             10,262
  Legal expenses                                                                          4,000             11,830

Other income and expenses
  Bad debt recoveries income                                                             47,517                  -
  Interest expense                                                                            -             (5,498)
  Interest income                                                                         7,668              9,262
                                                                               ----------------   -----------------
       Income (loss) before income taxes                                                 26,932            (18,328)
                                                                               ----------------   ----------------- 

Provision for income 
  Current                                                                                9,800               2,500
  Deferred                                                                                (800)                  -
                                                                               ----------------   -----------------
                                                                                         9,000               2,500
                                                                               ----------------   -----------------
            Net income (loss)                                                            17,932            (20,828)
                                                                               ----------------   -----------------
            Basic income (loss) per share                                           $      .01         $      (.01)
                                                                               ================   =================
                                                                               
Weighted average common shares outstanding                                            5,278,644           4,192,780
                                                                               ================   =================

</TABLE>

    The accompanying notes are an integral part of these condensed financial
    statements.




                                       2
<PAGE>



Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Statements of Cash Flows
For the Quarters Ended March 31, 1999 and 1998
(Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                     1999               1998

Cash flows from operating activities
<S>                                                                                    <C>               <C>       
    Net income (loss)                                                                  $ 17,932          $ (20,828)
                                                                               -----------------  -----------------
    Adjustments to reconcile net income (loss) to net cash
      used in operating activities
        Compensation expense settled in shares of Ranger stock                            7,890                  -
        Deferred income tax                                                                (800)                 -
        Changes in assets and liabilities
          Bad debt recoveries receivable                                                (47,517)                 -
          Prepaid expenses and other assets                                              (7,234)           (11,493)
          Income tax receivable                                                           3,436                  -
          Accounts payable, accrued liabilities and interest payable                     11,777             10,762
          Income tax payable                                                              3,114                  -
                                                                               -----------------  -----------------
              Total adjustments                                                         (29,334)              (731)
                                                                               -----------------  -----------------

              Net cash used in operating activities                                     (11,402)           (21,559)
                                                                               -----------------  -----------------

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

Cash and cash equivalents at end of period                                            $ 747,814          $ 763,241
                                                                               =================   ================
                                                                               

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


</TABLE>

    The accompanying notes are an integral part of these condensed financial
    statements.

                                                                


                                       3


<PAGE>



Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Notes to Condensed Financial Statements
March 31, 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 Plan of Operation
     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.



                                       4

<PAGE>



Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Notes to Condensed Financial Statements
March 31, 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 March 31, 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 March 31, 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 March 31, 1999 and December 31, 1998, respectively.
     At the current tax rates, the taxable income equivalent of the credit
     carryforwards is approximately $9.4 million.

     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 March 31, 1999 and December 31, 1998, the Company had deferred tax
     liabilities of $11,167 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 SFAS 109, due to the
     uncertainty of the Company's ability to generate taxable income to utilize
     the carryforwards.


                                       5


<PAGE>




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

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.


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.


                                       6
<PAGE>




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

     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 quarter ended March 31, 1999, the
     Company recognized compensation expense of $7,890, 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 Reorganziation 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.




                                       7

<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 bad debt
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 bad debt 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 $748,000
as of March 31, 1999, and the  Registrant's  projected cash operating  costs and
expenses,  net of  interest  income and bad debt  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 March 31, 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. 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.






831783.1
                                        8

<PAGE>



                          PART II - OTHER INFORMATION



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



(a)  Exhibit  27.  Financial Data Schedule for First Quarter of 1999.



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




831783.1
                                        9

<PAGE>



                                   SIGNATURES



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



                                      Ranger Industries, Inc., the Registrant





Date:  May 6, 1999                   By: /s/ Morton E. Handel
                                         -------------------------------------
                                      Morton E. Handel
                                      President, Chief Executive Officer and
                                                Acting Chief Financial Officer






831783.1