UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB
(Mark one)
[X]     QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
        ACT OF 1934
        For the quarterly period ended March 31, 2000

                                       OR

[ ]     TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE
        ACT
        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             (IRS Employer Identification No.)
incorporation or organization)

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

 ................................ (860) 726-1208 ................................
                           (Issuer's telephone number)

Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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 (March 31, 2000):  5,278,644 shares

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

951991.2


<PAGE>



                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Balance Sheets
March 31, 2000 and December 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                       March 31,
                                                                          2000         December 31,
                                                                      (Unaudited)          1999
<S>                                                                    <C>              <C>
Assets
Current assets
  Cash and equivalents                                                 $   697,671      $   742,972
  Prepaid expenses                                                          10,791           13,321
  Prepaid taxes                                                              4,471                -
                                                                       -----------      -----------

                                                                           712,933          756,293
                                                                       -----------      -----------

Other assets                                                                 3,530            4,177
                                                                       -----------      -----------

      Total assets                                                     $   716,463      $   760,470
                                                                       ===========      ===========


Liabilities and Shareholders' Equity
Current liabilities
  Accounts payable and other liabilities                               $    20,232      $    11,005
  Income tax payable                                                             -           26,900
  Deferred income taxes                                                      2,992            2,992
                                                                       -----------      -----------
      Total current liabilities                                             23,224           40,897

Non-current liabilities
  Deferred income taxes                                                      3,413            4,213
                                                                       -----------      -----------

      Total liabilities                                                     26,637           45,110
                                                                       -----------      -----------

Shareholders' equity
  Common stock - $.01 par value, 20,000,000 shares
    authorized, 5,278,644 shares issued and outstanding                     52,786           52,786
  Capital in excess of par value                                         1,661,430        1,661,430
  Unearned compensation                                                    (75,047)         (82,937)
  Retained deficit                                                        (949,343)        (915,919)
                                                                       -----------      -----------
      Total shareholders' equity                                           689,826          715,360
                                                                       -----------      -----------

      Total liabilities and shareholders' equity                       $   716,463      $   760,470
                                                                       ===========      ===========



        The accompanying notes are an integral part of these condensed financial statements.
                                                 -1-
</TABLE>

951991.2
<PAGE>

Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Statements of Operations
For the Three Months Ended March 31, 2000 and 1999
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                          2000               1999
<S>                                                                  <C>                <C>
Net sales                                                            $         -        $         -
                                                                     -----------        -----------

Operating costs and expenses
  Administrative expenses                                                 27,507             24,253
  Legal expenses                                                             606              4,000

Other income and expenses
  Bankruptcy claim recovery                                                    -             47,517
  Interest income                                                          9,008              7,668
                                                                     -----------        -----------
      Income (loss) before income taxes                                  (19,105)            26,932
                                                                     -----------        -----------

Provision for income taxes
  Current                                                                 15,119              9,800
  Deferred                                                                  (800)              (800)
                                                                     -----------        -----------
                                                                          14,319              9,000
                                                                     -----------        -----------

      Net income (loss)                                                  (33,424)            17,932
                                                                     -----------        -----------

      Basic income (loss) per share                                  $     (0.01)       $      0.01
                                                                     ===========        ===========

Weighted average common stock outstanding                              5,278,644          5,278,644
                                                                     -----------        -----------



        The accompanying notes are an integral part of these condensed financial statements.
                                                 -2-
</TABLE>

951991.2
<PAGE>

Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Statements of Cash Flows
For the Three Months Ended March 31, 2000 and 1999
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                              2000           1999

<S>                                                                      <C>             <C>
Cash flows from operating activities
   Net income (loss)                                                     $ (33,424)      $  17,932
                                                                         ---------       ---------
  Adjustments to reconcile net income (loss) to net cash
   used in operating activities
    Compensation expense settled in shares of Ranger stock                   7,890           7,890
    Deferred income taxes                                                     (800)           (800)
    Changes in assets and liabilities
     Bankruptcy claim recovery                                                   -         (47,517)
     Prepaid expenses and other assets                                       3,177          (7,234)
     Prepaid taxes                                                          (4,471)          3,436
     Accounts payable and other liabilities                                  9,227          11,777
     Income tax payable                                                    (26,900)          3,114
                                                                         ---------       ---------
       Total adjustments                                                   (11,877)        (29,334)
                                                                         ---------       ---------

       Net cash used in operating activities                               (45,301)        (11,402)
                                                                         ---------       ---------

Cash and cash equivalents at beginning of period                           742,972         759,216
                                                                         ---------       ---------

Cash and cash equivalents at end of period                               $ 697,671       $ 747,814
                                                                         =========       =========



        The accompanying notes are an integral part of these condensed financial statements.
                                                 -3-
</TABLE>

951991.2
<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Financial Data Schedule
10-QSB for the First Quarter 2000
(Unaudited)
--------------------------------------------------------------------------------

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.

      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 1999 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. Total
      bankruptcy claim recovery received in 1999 was $49,869.



                                      -4-
951991.2
<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Financial Data Schedule
10-QSB for the First Quarter 2000
(Unaudited)
--------------------------------------------------------------------------------

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.

      Tax expense or benefit is attributable to state taxes and Federal
      alternative minimum tax. The difference between the actual tax provision
      and the amount obtained by applying the statutory U.S. federal income tax
      rate to income before taxes is primarily attributable to state taxes and
      the federal alternative minimum tax associated with the net income of the
      product liability trust.

      At March 31, 2000 and December 31, 1999, it was estimated that the Company
      had adjusted tax net operating loss carryforwards and future deductions of
      approximately $177.0 million and $177.2 million, respectively, 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, 2000 and December 31, 1999, the Company had Alternative
      Minimum Tax (AMT) loss carryforwards of approximately $152.4 million and
      $153.5 million, respectively, which will begin to expire in the year 2002.
      The Company also had approximately $385,000 in tax credit carryforwards at
      both March 31, 2000 and December 31, 1999, which will expire at December
      31, 2000. At the current tax rates, the taxable income equivalent of the
      credit carryforwards was approximately $1.1 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.

      At March 31, 2000 and December 31, 1999, the Company had deferred tax
      liabilities of $6,405 and $7,205, respectively, as a result of a
      compensation expense temporary difference, associated with the stock
      issued to Mr. Handel (see Note 6). Additionally, any deferred tax asset
      recorded to recognize the tax net operating loss carryforwards would be
      subject to a full valuation

                                      -5-
951991.2
<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Financial Data Schedule
10-QSB for the First Quarter 2000
(Unaudited)
--------------------------------------------------------------------------------

       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.     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 $177.0 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.     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 each of the quarters ended March 31,
       2000 and 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 accompanying condensed
       financial statements.



                                      -6-
951991.2
<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Financial Data Schedule
10-QSB for the First Quarter 2000
(Unaudited)
--------------------------------------------------------------------------------

7.    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.


8.    Subsequent Event

      On May 8, 2000, an order of the United States Bankruptcy Court for the
      Southern District of New York was docketed pursuant to which the trustee
      of the Product Liability Trust was authorized (i) to obtain insurance
      covering all claims made against the Product Liability Trust where the
      injury giving rise to the claim occurred between May 15, 1990 and May 15,
      2020, and (ii) after paying $1,156,000 for the insurance premiums, to make
      a cash distribution to Ranger Industries, Inc. of all of the remaining
      funds in the Product Liability Trust other than $600,000 which shall
      remain in the Product Liability Trust to pay for the administrative
      expenses of the Product Liability Trust.

      As of March 31, 2000, there was approximately $12.6 million, prior to the
      $1,156,000 and $600,000 referred to above, in the Product Liability Trust.

      The cash distribution will be reflected as an adjustment to the original
      capitalization of the Company and, accordingly, will be recorded in
      capital in excess of par value in the quarter ended June 30, 2000.






                                       -7-
951991.2
<PAGE>




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 7, Distribution from Ranger Industries,
Inc.'s Reorganization Trust, 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 (see Note 3, Bankruptcy
Claim Recovery, in the Condensed Financial Statements included in this Report),
the Registrant has sufficient liquidity to meet its current operating expenses
for the foreseeable future. In addition, the Registrant anticipates receiving a
distribution from the product liability trust (the "Product Liability Trust") of
approximately $10.8 million in the near future. The Registrant's cash on hand
was approximately $698,000 as of March 31, 2000, 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, 2000 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 the possible utility of net operating loss
carryforwards ("NOLs") of approximately $177.0 million as of March 31, 2000.
(See Note 4, Income Taxes, in the Condensed Financial Statements included in
this Report.) The NOLs result primarily from operating losses sustained by the
Registrant prior to 1990 and 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.

               As of March 31, 2000, the Product Liability Trust contained
assets of approximately $12.6 million. Under the terms of the Product Liability
Trust, the residual funds, if any, remaining after the distribution of Product
Liability Trust assets to pay product liability claims and expenses would be
distributed to the Registrant on February 28, 2020. On May 8, 2000, a final and
non-appealable order of the United States Bankruptcy Court for the Southern
District of New York authorized an earlier payout to the Registrant. Pursuant to
such order, the trustee of the Product Liability Trust is authorized to
distribute approximately $10.8 million from the Product Liability Trust to the
Registrant.

               In accordance with his employment agreement and upon receipt by
the Registrant of a significant distribution from the Product Liability Trust,
Mr. Morton E. Handel is entitled to receive a bonus and the balance of the
shares granted to him by the Registrant vest.

               The Registrant does not anticipate that it will perform any
product research and development in the next twelve months.





                                       -8-


951991.2


<PAGE>



                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

On May 8, 2000, an order of the United States Bankruptcy Court for the Southern
District of New York (the "Order") became final and non-appealable. The Order
authorizes the trustee of the Product Liability Trust (i) to obtain insurance
covering all claims made against the Product Liability Trust where the injury
giving rise to the claim occurred between May 15, 1990 and May 15, 2020 and (ii)
after paying $1,156,000 for premiums to obtain that insurance coverage, to make
a cash distribution to the Registrant of all of the remaining funds in the
Product Liability Trust other than $600,000 which shall remain in the Product
Liability Trust to pay the administrative expenses of the Product Liability
Trust.

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

(a)     Exhibit  27.         Financial Data Schedule.

(b)     Reports on Form 8-K:
        The Registrant filed a Form 8-K on May 10, 2000 to report that an order
        of the United States Bankruptcy Court of New York became final and
        non-appealable.






                                       -9-



951991.2


<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:  May 15, 2000                      By: /s/ Morton E. Handel
                                            ------------------------------------
                                         Morton E. Handel
                                         President, Chief Executive Officer and
                                                Acting Chief Financial Officer












951991.2