TOUSA (TOUSQ) 8-K Technical Olympic USA, Inc. 10/22/2003

Exhibit 99.1

TECHNICAL OLYMPIC USA REPORTS OPERATIONAL DATA
FOR THIRD QUARTER ENDED SEPTEMBER 30, 2003

For Immediate Release: October 22, 2003

HOLLYWOOD, Fla., October 22, 2003 PRNewswire-FirstCall/ — Technical Olympic USA, Inc. (NASDAQ: TOUS) today released certain operational data for the three and nine months ended September 30, 2003.

	Three Months Ended							Nine Months Ended
	September 30,							September 30,
	2002		2003		% change			2002		2003		% change
Active Communities		145		206		42	%		145		206		42	%
New Sales Contracts		1,195		1,846		55	%		3,901		5,231		34	%
Homes Delivered		1,252		1,559		25	%		3,713		4,332		17	%
Homes in Backlog		2,337		3,327		42	%		2,337		3,327		42	%
Sales Value of Homes in Backlog (in thousands)	$	659,893	$	902,890		37	%	$	659,893	$	902,890		37	%

“I am pleased to report record levels of new sales contracts, backlog and number of active communities,” said Antonio B. Mon, President and Chief Executive Officer of Technical Olympic USA. “Although we continue to recognize 2003 as a ‘transitional’ year, measurable results of our progress are reflected by the second straight quarter of record levels of new sales contracts, backlog and number of active communities. This performance reaffirms our strategy and positions us well for the future.”

ABOUT TECHNICAL OLYMPIC USA

Technical Olympic USA, Inc. (“TOUSA”) is a leading homebuilder in the United States, operating in 14 metropolitan markets located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA designs, builds and markets high-quality, detached, single-family residences, town homes and condominiums to a diverse group of homebuyers, such as “first-time” homebuyers, “move-up” homebuyers, homebuyers who are relocating to a new city or state, buyers of second or vacation homes, active-adult homebuyers, and homebuyers with grown children who want a smaller home (“empty-nesters”). It also provides financial services to its homebuyers and to others through its subsidiaries, Preferred Home Mortgage Company and Universal Land Title, Inc.

This press release contains forward-looking statements, including statements regarding the Company’s progress on new sales contracts, backlog and number of active communities and their impact on the Company’s future strategy and results. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company’s actual results and could cause the Company’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. With respect to statements regarding the Company’s progress on new sales contracts, backlog and community count, these factors include (1) economic or other business conditions that affect the desire or ability of the Company’s customers to purchase new homes in markets in which it conducts business, (2) the Company’s ability to identify and acquire additional homebuilding opportunities at anticipated prices, (3) the Company’s ability to successfully integrate and to realize the expected benefits of recent acquisitions, (4) the Company’s ability to access sufficient capital to finance its growth, (5) an increase in the cost of, or shortages in the availability of, skilled labor or construction materials, (6) an increase in interest rates, (7) decline in the demand for, or the prices of, housing, (8) the Company’s ability to successfully dispose of developed properties or undeveloped land or homesites at expected prices and within anticipated time frames, (9) a decline in the value of the land and home inventories that the Company maintains, (10) the Company’s ability to compete in its existing and future markets, and (11) an increase or change in governmental regulations. This press release is qualified in its entirety by cautionary statements and risk factor disclosure contained in the Company’s Securities and Exchange Commission filings, including the Company’s report on Form 10-K filed with the Commission on February 12, 2003.