8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     Pursuant to Section 13 Or 15(D) of The
                         Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported) October 21, 2004

                             WALTER INDUSTRIES, INC.
             (Exact name of registrant as specified in its charter)

           Delaware                       001-13711              13-3429953
(State or other jurisdiction of         (Commission             (IRS Employer
incorporation or organization)          File Number)         Identification No.)

 4211 W. Boy Scout Boulevard, Tampa, Florida                        33607
  (Address of principal executive offices)                        (Zip Code)

       Registrant's telephone number, including area code: (813) 871-4811

                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)

- --------------------------------------------------------------------------------

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13-4(c))



Item 8.01 Other Events

The following information is filed pursuant to Item 8.01 "Other Events":

On October 21, 2004 Walter Industries, Inc. issued a press release filed
herewith as Exhibit 99 and incorporated by reference announcing that its Board
of Directors has increased its quarterly dividend to 4 cents per common share,
payable December 10, 2004 to shareholders of record on November 12, 2004.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                     WALTER INDUSTRIES, INC.

                                     By:    /s/ Victor P. Patrick
                                            -----------------------------------
                                     Title: Victor P. Patrick
                                            Sr. Vice President, General Counsel
                                            and Secretary

Date: October 21, 2004



Exhibit Index

(99) Press released dated: October 21, 2004, issued by Walter Industries, Inc.

EX-99

                                                                      Exhibit 99

              Walter Industries Board Increases Quarterly Dividend

    TAMPA, Fla., Oct. 21 /PRNewswire-FirstCall/ -- Walter Industries, Inc.
(NYSE: WLT) announced today that its Board of Directors has increased its
quarterly dividend to 4 cents per common share, payable December 10, 2004, to
shareholders of record on November 12, 2004.  The dividend represents an
increase of 33% over the previous quarterly dividend of 3 cents per share.

    "This increase in our dividend is consistent with our objective to
increase shareholder value and reflects the board's confidence in the
Company's business prospects," said Chairman and Chief Executive Officer Don
DeFosset.


    Walter Industries, Inc. is a diversified company with annual revenues of
$1.3 billion.  The Company is a leader in affordable homebuilding, related
financing, and water transmission products, and is a significant producer of
high-quality coal for worldwide markets. Based in Tampa, Florida, the Company
employs approximately 5,200 people.


    For more information, please call Joe Troy, Senior Vice President -
Financial Services at Walter Industries, at (813) 871-4404 or visit the
Company's web site at http://www.walterind.com .

    (Logo: http://www.newscom.com/cgi-bin/prnh/20020429/FLM010LOGO-c )