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 )