Walter Industries Announces Increase In Corporate Share Repurchase Authorization to $25 Million

Apr 02, 2001, 01:00 ET from Walter Industries, Inc.

    TAMPA, Fla., April 2 /PRNewswire/ -- Walter Industries, Inc. (NYSE:   WLT)
 announced today that its Board of Directors has increased the Company's common
 stock repurchase authorization to $25 million.  The Company had utilized
 $20.3 million to repurchase approximately 2.2 million shares under the prior
 $25 million authorization.
     "The Board has increased our share repurchase program, supporting our
 belief that the current market price of WLT common stock represents a
 significant discount to its intrinsic value," said Don DeFosset, Walter
 Industries' President and Chief Executive Officer. "This new authorization
 allows us to continue balancing our stock buyback activity with alternative
 opportunities to invest our free cash flow over a range of initiatives
 designed to drive and enhance shareholder value."
     Walter Industries, Inc. is a diversified company with four principal
 operating businesses and annual revenues of $2.0 billion.  The company is a
 leader in homebuilding and home financing; water transmission products; energy
 services; and specialty aluminum products. Based in Tampa, Florida, the
 company employs approximately 7,000.  For additional information on Walter
 Industries, please contact the Investor Relations Department at 813-871-4132
 or visit the corporate Web site at www.walterind.com.
 
     Except for historical information contained herein, the statements in this
 release are forward-looking and made pursuant to the Safe Harbor provisions of
 the Private Securities Litigation Reform Act of 1995.  Forward-looking
 statements involve known and unknown risks and uncertainties which may cause
 the company's actual results in future periods to differ materially from
 forecasted results.  Those risks include, among others, changes in customers'
 demand for the company's products, changes in raw material and equipment costs
 and availability, changes in customer orders, pricing actions by the company's
 competitors, and general changes in economic conditions.  Those and other
 risks are more fully described in the company's filings with the Securities
 and Exchange Commission.
 
 

SOURCE Walter Industries, Inc.
    TAMPA, Fla., April 2 /PRNewswire/ -- Walter Industries, Inc. (NYSE:   WLT)
 announced today that its Board of Directors has increased the Company's common
 stock repurchase authorization to $25 million.  The Company had utilized
 $20.3 million to repurchase approximately 2.2 million shares under the prior
 $25 million authorization.
     "The Board has increased our share repurchase program, supporting our
 belief that the current market price of WLT common stock represents a
 significant discount to its intrinsic value," said Don DeFosset, Walter
 Industries' President and Chief Executive Officer. "This new authorization
 allows us to continue balancing our stock buyback activity with alternative
 opportunities to invest our free cash flow over a range of initiatives
 designed to drive and enhance shareholder value."
     Walter Industries, Inc. is a diversified company with four principal
 operating businesses and annual revenues of $2.0 billion.  The company is a
 leader in homebuilding and home financing; water transmission products; energy
 services; and specialty aluminum products. Based in Tampa, Florida, the
 company employs approximately 7,000.  For additional information on Walter
 Industries, please contact the Investor Relations Department at 813-871-4132
 or visit the corporate Web site at www.walterind.com.
 
     Except for historical information contained herein, the statements in this
 release are forward-looking and made pursuant to the Safe Harbor provisions of
 the Private Securities Litigation Reform Act of 1995.  Forward-looking
 statements involve known and unknown risks and uncertainties which may cause
 the company's actual results in future periods to differ materially from
 forecasted results.  Those risks include, among others, changes in customers'
 demand for the company's products, changes in raw material and equipment costs
 and availability, changes in customer orders, pricing actions by the company's
 competitors, and general changes in economic conditions.  Those and other
 risks are more fully described in the company's filings with the Securities
 and Exchange Commission.
 
 SOURCE  Walter Industries, Inc.