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 September 30, 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 (November 6, 2000): 5,278,644 shares

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


NY/310853.1

<PAGE>



                         PART I - FINANCIAL INFORMATION


Item 1.  Financial Statements


<TABLE>
<CAPTION>

Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Balance Sheets
September 30, 2000 and December 31, 1999
----------------------------------------------------------------------------------------------------------

                                                                          September 30,
                                                                              2000            December 31,
                                                                           (Unaudited)            1999

<S>                                                                       <C>                 <C>
Assets
Current assets
   Cash and equivalents                                                   $ 10,146,900        $   742,972
   Prepaid expenses                                                              3,128             13,321
   Income taxes receivable                                                         355                  -
                                                                          -------------       ------------
                                                                            10,150,383            756,293

Other assets                                                                         -              4,177
                                                                          -------------       ------------

       Total assets                                                       $ 10,150,383        $   760,470
                                                                          =============       ============


Liabilities and Shareholders' Equity
Current liabilities
   Accounts payable and other liabilities                                 $     13,721        $    11,005
   Income tax payable                                                                -             26,900
   Deferred income taxes                                                             -              2,992
                                                                          -------------       ------------
       Total current liabilities                                                13,721             40,897

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

       Total liabilities                                                        13,721             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                                           12,664,062          1,661,430
   Unearned compensation                                                             -            (82,937)
   Retained deficit                                                         (2,580,186)          (915,919)
                                                                          -------------       ------------
       Total shareholders' equity                                           10,136,662            715,360
                                                                          -------------       ------------


       Total liabilities and shareholders' equity                         $ 10,150,383        $   760,470
                                                                          =============       ============



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

                                                    -1-
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Statements of Operations
For the Three Months Ended September 30, 2000 and 1999
(Unaudited)
-----------------------------------------------------------------------------------------------

                                                                     2000            1999

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

Operating costs and expenses
   Administrative expenses                                               14,471         28,844
   Legal and settlement expenses                                         18,435          2,815

Other income and expenses
   Bankruptcy claim recovery                                                  -          2,033
   Interest income                                                      139,589          8,210
                                                                ---------------- --------------
        Income (loss) before income taxes                               106,683        (21,416)
                                                                ---------------- --------------

Provision for income taxes
   Current                                                               12,466          4,700
   Deferred                                                                   -         (1,100)
                                                                ---------------- --------------
                                                                         12,466          3,600
                                                                ---------------- --------------

       Net income (loss)                                                 94,217        (25,016)
                                                                ---------------- --------------

       Basic income (loss) per share                            $           .02  $        (.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>

<PAGE>

<TABLE>
<CAPTION>

Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Statements of Operations
For the Nine Months Ended September 30, 2000 and 1999
(Unaudited)
-----------------------------------------------------------------------------------------------

                                                                     2000            1999

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

Operating costs and expenses
   Administrative expenses                                            1,790,667         78,075
   Legal and settlement expenses                                         73,079          6,815

Other income and expenses
   Bankruptcy claim recovery                                                  -         49,550
   Interest income                                                      211,509         23,439
                                                                ---------------- --------------
        Income (loss) before income taxes                            (1,652,237)       (11,901)
                                                                ---------------- --------------

Provision for income taxes
   Current                                                               12,030         22,500
   Deferred                                                                   -         (2,400)
                                                                ---------------- --------------
                                                                         12,030         20,100
                                                                ---------------- --------------

       Net loss                                                      (1,664,267)       (32,001)
                                                                ---------------- --------------

       Basic loss per share                                     $          (.32) $        (.01)
                                                                ---------------- --------------

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



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

                                               -3-

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Condensed Statements of Cash Flows
For the Nine Months Ended September 30, 2000 and 1999
(Unaudited)
----------------------------------------------------------------------------------------------------------

                                                                                2000               1999

<S>                                                                         <C>                 <C>
Cash flows from operating activities
    Net loss                                                                $ (1,664,267)       $ (32,001)
                                                                            -------------       ----------
   Adjustments to reconcile net loss to net cash
    used in operating activities
     Compensation expense settled in shares of Ranger stock                       82,937           23,934
     Deferred income taxes                                                        (7,205)          (2,400)
     Changes in assets and liabilities
      Bankruptcy claim recovery                                                        -           (2,033)
      Prepaid expenses and other assets                                           14,370             (942)
      Prepaid taxes                                                                 (355)               -
      Income tax receivable                                                            -            3,436
      Accounts payable and other liabilities                                       2,716           (8,931)
      Income tax payable                                                         (26,900)          14,239
                                                                            -------------       ----------
        Total adjustments                                                         65,563           27,303
                                                                            -------------       ----------

        Net cash used in operating activities                                 (1,598,704)          (4,698)
                                                                            -------------       ----------

Cash flows from financing activities
   Distribution from product liability trust                                  11,002,632                -
                                                                            -------------       ----------
        Net cash provided by financing activities                             11,002,632                -
                                                                            -------------       ----------

Net increase (decrease) in cash and cash equivalents                           9,403,928           (4,698)

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

Cash and cash equivalents at end of period                                  $ 10,146,900        $ 754,518
                                                                            =============       ==========




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

                                                        -4-

</TABLE>

<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Notes to Condensed Financial Statements
September 30, 2000 and December 31, 1999
(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. 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. As of September 30, 2000, the Product
      Liability Trust continues to process and liquidate certain product
      liability claims after the Bankruptcy Court's approval of a distribution
      of the majority of its assets to the Company as described in Note 7.


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 for the nine month period ended
      September 30, 1999 was $49,550.



                                       -5-
<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Notes to Condensed Financial Statements
September 30, 2000 and December 31, 1999
(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
      (also see Note 5).

      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 September 30, 2000 and December 31, 1999, it was estimated that the
      Company had adjusted tax net operating loss carryforwards and future
      deductions of approximately $178.4 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 September 30, 2000 and December 31, 1999, the
      Company had Alternative Minimum Tax (AMT) loss carryforwards of
      approximately $153.7 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 September 30, 2000 and
      December 31, 1999, which will expire on 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 September 30, 2000 and December 31, 1999, the Company had deferred tax
      liabilities of $-0- 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 allowance under the provisions of SFAS 109,
      due to the uncertainty of the Company's ability to generate taxable income
      to utilize the carryforwards.



                                      -6-
<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Notes to Condensed Financial Statements
September 30, 2000 and December 31, 1999
(Unaudited)
--------------------------------------------------------------------------------

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 $178.4 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 then vested in
      an additional 20 percent of the shares each year. The estimated market
      value of the stock award was $160,000 or $.32 per share at the date of the
      award. The Company previously incurred compensation expense based on the
      vesting terms included in the Agreement. As more fully described in Note
      7, the Company received a distribution from the Product Liability Trust in
      May 2000. In accordance with the Agreement, this distribution caused Mr.
      Handel to become immediately vested in any remaining unvested shares.
      Accordingly, the Company recognized $75,047, plus related taxes, in the
      quarter ended June 30, 2000, which is included in administrative expenses
      in the accompanying condensed financial statements. Since then, there is
      no remaining unearned compensation related to this stock award.



                                      -7-
<PAGE>


Ranger Industries, Inc.
(formerly Coleco Industries, Inc.)
Notes to Condensed Financial Statements
September 30, 2000 and December 31, 1999
(Unaudited)
--------------------------------------------------------------------------------

7.    Distribution from Ranger Industries, Inc.'s Product Liability

      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. The amount of the net
      distribution to the Company, which was made in May 2000, was $11,002,632.

      This cash distribution is reflected as an adjustment to the original
      capitalization of the Company and, accordingly, is recorded in capital in
      excess of par value at September 30, 2000.

      In accordance with the Employment Agreement (see Note 6), Mr. Handel was
      entitled to receive $1,650,395 as a bonus due to this distribution to the
      Company by the Product Liability Trust. This amount was paid to Mr. Handel
      in June 2000 and is reflected in Administrative Expenses in the
      accompanying condensed statements of operations for the nine month period
      ended September 30, 2000.


8.    Legal Fees

      The Company agreed, with its prior law firm, to pay certain legal fees
      only if it received a distribution from the Product Liability Trust
      sufficient to cover such fees. As described in Note 7, that distribution
      from the Product Liability Trust occurred in the quarter ended June 30,
      2000. Accordingly, the Company paid its prior law firm the agreed-upon
      fees of approximately $37,000 in the quarter ended June 30, 2000. This
      amount is reflected in Legal and Settlement Expenses in the accompanying
      condensed financial statements for the nine month period ended September
      30, 2000.



                                      -8-


Item 2.  Plan of Operation

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

              The Registrant has sufficient liquidity to meet its current
operating expenses for the foreseeable future. The Registrant's cash on hand was
approximately $10.0 million as of September 30, 2000, and the Registrant's
projected cash operating costs and expenses, net of interest income and
bankruptcy claim recovery, for the remainder of 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 $178.4 million as of September 30, 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.

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



NY/310853.1
                                       -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.




NY/310853.1
                                      -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:  November 10, 2000                 By: /s/ Morton E. Handel
                                            ------------------------------------
                                         Morton E. Handel
                                         President, Chief Executive Officer and
                                         Acting Chief Financial Officer





NY/310853.1