EXHIBIT 99.1

         TECHNICAL OLYMPIC USA REPORTS RESULTS FOR ITS FIRST QUARTER AND
                           ANNOUNCES CONFERENCE CALL

Thursday, May 15, 2003

HOLLYWOOD, Fla., May 15, 2003 PR Newswire-FirstCall/ -- Technical Olympic USA,
Inc. (Nasdaq: TOUS - NEWS) today reported results for the first quarter ended
March 31, 2003.

     Highlights of the results include:

     o Income from continuing operations of $17.7 million, or $0.63 per share
     o Homebuilding revenues of $315.9 million
     o Delivery of 1,234 homes
     o Backlog of 2,826 homes, representing $764.0 million in revenues
     o Actively marketing homes in 176 communities
     o Financial Services revenues of $10.6 million

     During the three months ended March 31, 2003, total revenues increased to
$326.5 million from $310.5 million during the three months ended March 31, 2002.
Income from continuing operations increased to $17.7 million (or $0.63 per
share) during the three months ended March 31, 2003 from $8.9 million (or $0.32
per share) during the three months ended March 31, 2002. The increase in income
from continuing operations is attributable to an increase in Homebuilding pretax
income to $23.3 million during the three months ended March 31, 2003 from $9.5
million during the three months ended March 31, 2002; the results for the prior
year include severance expenses of $13.8 million. Additionally, we experienced
an increase in Financial Services pretax income to $4.5 million during the three
months ended March 31, 2003 from $4.2 million during the three months ended
March 31, 2002.

CONFERENCE CALL INFORMATION

     In conjunction with its scheduled conference call, on Thursday, May 22nd at
11:00 A.M. EST, TOUSA will release a more detailed press release to discuss
quarterly results and 2003 and 2004 guidance after the close of business on
Wednesday, May 21, 2003.

     Participants are asked to RSVP prior to the conference call by dialing
1-800-289-0579 and referencing confirmation number 764046 at which time
participants will be provided the dial-in number.

REPLAY INFORMATION

Time: From 3:00 P.M. May 22, 2003 to 12:00 A.M. May 29, 2003
Replay Number: 1-888-203-1112
Access Code: 764046


     TOUSA is a leading homebuilder in the United States, operating in 14
metropolitan markets located in four major geographic regions: Florida, Texas,
the West and the Mid-Atlantic. 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 MAY CONTAIN FORWARD-LOOKING STATEMENTS. 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. 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.