<PAGE>   1


                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2000

                                       OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from          to
                               --------    -----------

                        COMMISSION FILE NUMBER: 000-23677

                               NEWMARK HOMES CORP.
             (Exact name of Registrant as specified in its charter)

Nevada                                                       76-0460831
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)

1200 Soldiers Field Drive
Sugar Land, TX                              77479
(Address of principal executive offices)  (Zip code)

                                  281-243-0100
              (Registrant's telephone number, including area code)

                                 Not applicable
              (Former name, former address, and former fiscal year,
                         if changed since last report)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes  X   No
                                              ---     ---

              APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

         Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes      No
    ----    ----

                    APPLICABLE ONLY TO CORPORATE REGISTRANTS

         Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.

<TABLE>
<CAPTION>
Title                                    Outstanding
<S>                                      <C>
Common Stock, par value $.01             11,500,000 shares as of August 1, 2000
</TABLE>


<PAGE>   2


                               NEWMARK HOMES CORP.
                                      INDEX

<TABLE>
<CAPTION>
                                                                                             PAGE
<S>                                                                                          <C>
PART I.       Financial Information.......................................................     3

     ITEM 1.  Financial Statements........................................................     3

              Condensed Consolidated Statements of Financial Position.....................     3
              Condensed Consolidated Statements of Operations.............................     4
              Condensed Consolidated Statements of Stockholders' Equity...................     6
              Condensed Consolidated Statements of Cash Flows.............................     7
              Notes to the Condensed Consolidated Financial Statements....................     8

     ITEM 2.  Management's Discussion and Analysis of Financial Condition and Results of
              Operations..................................................................     10

     ITEM 3.  Changes in Information About Market Risk....................................     15

PART II.      Other Information...........................................................     15

     ITEM 1.  Legal Proceedings...........................................................     15

     ITEM 2.  Changes in Securities.......................................................     15

     ITEM 3.  Defaults Upon Senior Securities.............................................     16

     ITEM 4.  Submission of Matters to a Vote of Security Holders.........................     16

     ITEM 5.  Other Information...........................................................     16

     ITEM 6.  Exhibits and Reports on Form 8-K............................................     17

              Exhibits....................................................................     17

              Reports on Form 8-K.........................................................     17

              Signatures..................................................................     18
</TABLE>



<PAGE>   3



                          PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.

                      NEWMARK HOMES CORP. AND SUBSIDIARIES
             CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
               (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)


<TABLE>
<CAPTION>
                                ASSETS                                          JUNE 30,    DECEMBER 31,
                                                                                  2000          1999
                                                                               ----------   ------------
                                                                               (unaudited)
<S>                                                                            <C>          <C>
Cash .......................................................................   $   11,787   $      8,080
Receivables ................................................................       21,783          9,206
Inventory ..................................................................      264,915        255,576
Investment in unconsolidated subsidiaries ..................................          812            640
Other assets, net ..........................................................       11,440          9,738
Goodwill, net of accumulated amortization of $829 and $67 in
     2000 and 1999, respectively ...........................................       44,620         45,652
                                                                               ----------   ------------

                  Total assets .............................................   $  355,357   $    328,892
                                                                               ==========   ============


                 LIABILITIES AND STOCKHOLDERS' EQUITY

Construction loans payable .................................................   $  173,753   $    149,380
Acquisition notes payable ..................................................       11,055         14,473
Other payables to affiliates ...............................................          387          1,745
Accounts payable and accrued liabilities ...................................       29,435         36,639
Other liabilities ..........................................................       19,206         17,037
                                                                               ----------   ------------

                  Total liabilities ........................................      233,836        219,274
                                                                               ----------   ------------


Stockholders' equity:
     Common stock -- $.01 par value; 30,000,000 shares authorized,
             11,500,000 shares issued and outstanding ......................          115            115
     Additional paid-in capital ............................................      106,855        106,855
     Retained earnings .....................................................       14,551          2,648
                                                                               ----------   ------------
                  Total stockholders' equity ...............................      121,521        109,618
                                                                               ----------   ------------
                  Total liabilities and stockholders' equity ...............   $  355,357   $    328,892
                                                                               ==========   ============
</TABLE>


   See accompanying notes to the condensed consolidated financial statements.


                                       3
<PAGE>   4


                      NEWMARK HOMES CORP. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
               (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                   THREE MONTHS
                                                                  ENDED JUNE 30,
                                                                  --------------

                                                               2000            1999
                                                           ------------    ------------
<S>                                                        <C>             <C>
Revenues ...............................................   $    164,491    $    130,380
Cost of sales ..........................................        135,847         110,228
                                                           ------------    ------------

Gross profit ...........................................         28,644          20,152
Equity in earnings from unconsolidated subsidiaries ....            134             198
Selling, general and administrative expenses ...........        (16,764)        (12,863)
Depreciation and amortization ..........................           (914)           (930)
                                                           ------------    ------------

     Operating income ..................................         11,100           6,557
Other income (expense):
     Interest expense ..................................           (845)           (412)
     Other income, net .................................             28             313
                                                           ------------    ------------

          Income before income taxes ...................         10,283           6,458
Income taxes ...........................................          3,703           2,267
                                                           ------------    ------------
          Net income ...................................   $      6,580    $      4,191
                                                           ============    ============

Earnings per common share:
     Basic .............................................   $        .57    $        .36
                                                           ============    ============
     Diluted ...........................................   $        .57    $        .36
                                                           ============    ============
Weighted average number of shares of common
     stock equivalents outstanding:
         Basic .........................................     11,500,000      11,500,000
                                                           ============    ============
         Diluted .......................................     11,500,000      11,500,000
                                                           ============    ============
</TABLE>

   See accompanying notes to the condensed consolidated financial statements.


                                       4
<PAGE>   5


                      NEWMARK HOMES CORP. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
               (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                    SIX MONTHS
                                                                   ENDED JUNE 30,
                                                                   --------------

                                                               2000            1999
                                                           ------------    ------------
<S>                                                        <C>             <C>
Revenues ...............................................   $    301,462    $    223,212
Cost of sales ..........................................        249,520         188,567
                                                           ------------    ------------

Gross profit ...........................................         51,942          34,645
Equity in earnings from unconsolidated subsidiaries ....            256             321
Selling, general and administrative expenses ...........        (30,330)        (23,187)
Depreciation and amortization ..........................         (1,961)         (1,770)
                                                           ------------    ------------

     Operating income ..................................         19,907          10,009
Other income (expense):
     Interest expense ..................................         (1,589)           (815)
     Other income, net .................................            294             427
                                                           ------------    ------------

          Income before income taxes ...................         18,612           9,621
Income taxes ...........................................          6,709           3,435
                                                           ------------    ------------
          Net income ...................................   $     11,903    $      6,186
                                                           ============    ============

Earnings per common share:
     Basic .............................................   $       1.04    $        .54
                                                           ============    ============
     Diluted ...........................................   $       1.04    $        .54
                                                           ============    ============
Weighted average number of shares of common
     stock equivalents outstanding:
         Basic .........................................     11,500,000      11,500,000
                                                           ============    ============
         Diluted .......................................     11,500,000      11,500,000
                                                           ============    ============
</TABLE>

   See accompanying notes to the condensed consolidated financial statements.


                                       5
<PAGE>   6


                      NEWMARK HOMES CORP. AND SUBSIDIARIES
            CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                                 (IN THOUSANDS)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                      ADDITIONAL
                                            COMMON      PAID-IN      RETAINED
                                            STOCK       CAPITAL      EARNINGS       TOTAL
                                           --------   -----------   -----------   ---------
<S>                                        <C>        <C>           <C>           <C>
Balance, December 31, 1999 .............   $    115   $   106,855   $     2,648   $ 109,618
Net income .............................         --            --        11,903      11,903
                                           --------   -----------   -----------   ---------
Balance, June 30, 2000 .................   $    115   $   106,855   $    14,551   $ 121,521
                                           ========   ===========   ===========   =========


Balance, December 31, 1998 .............   $    115   $    73,768   $    16,229   $  90,112
Net income .............................         --            --         6,186       6,186
                                           --------   -----------   -----------   ---------
Balance, June 30, 1999 .................   $    115   $    73,768   $    22,415   $  96,298
                                           ========   ===========   ===========   =========
</TABLE>



   See accompanying notes to the condensed consolidated financial statements.


                                       6
<PAGE>   7


                      NEWMARK HOMES CORP. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                                 SIX MONTHS
                                                                                ENDED JUNE 30,
                                                                               2000        1999
                                                                            ---------    ---------
<S>                                                                         <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income ...........................................................   $  11,903    $   6,186
   Adjustments to reconcile net income to net cash used in operating
     activities:

     Depreciation and amortization ......................................       1,961        1,770
     Net (gain) on sale of property, premises and equipment .............         (32)         (35)
     Equity in earnings from unconsolidated subsidiaries ................        (256)        (321)
     Changes in operating assets and liabilities:
         Inventory and land held for development, net ...................      (9,339)     (37,412)
         Receivables ....................................................     (12,577)      (2,015)
         Other assets ...................................................      (1,722)      (1,482)
         Payable to affiliates ..........................................        (608)      (2,364)
         Accounts payable and accrued liabilities .......................      (7,954)       2,872
         Other liabilities ..............................................       2,169        3,901
                                                                            ---------    ---------
         Net cash used in operating activities ..........................     (16,455)     (28,900)
                                                                            ---------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchases of property, premises and equipment ........................      (1,302)      (1,130)
   Proceeds from sales of property, premises and equipment ..............         155          129
   Decrease in goodwill .................................................         270           --
   Investment in unconsolidated subsidiaries ............................        (133)         (50)
   Distributions from unconsolidated subsidiaries .......................         217          386
                                                                            ---------    ---------
         Net cash used in investing activities ..........................        (793)        (665)
                                                                            ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from advances on construction loans payable .................     193,457      175,400
   Principal payments on construction loans payable .....................    (169,084)    (141,380)
   Principal payments on acquisition notes payable ......................      (3,418)      (2,468)
                                                                            ---------    ---------
         Net cash provided by financing activities ......................      20,955       31,552
                                                                            ---------    ---------

INCREASE IN CASH ........................................................       3,707        1,987
CASH, beginning of period ...............................................       8,080        5,794
                                                                            ---------    ---------
CASH, end of period .....................................................   $  11,787    $   7,781
                                                                            =========    =========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for:
     Interest ...........................................................   $   8,838    $   6,419
                                                                            =========    =========
     Income taxes .......................................................   $   7,945    $   5,879
                                                                            =========    =========
</TABLE>


   See accompanying notes to the condensed consolidated financial statements.


                                       7
<PAGE>   8


            NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 1.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION

Newmark Homes Corp. and subsidiaries (the "Company") is an 80% owned subsidiary
of Technical Olympic USA, Inc. ("TOUSA") as of December 15, 1999. The Company
was formed in December 1994 to serve as a real estate holding company.

The Company's primary subsidiaries are as follows:

<TABLE>
<CAPTION>
                   SUBSIDIARY                                         NATURE OF BUSINESS
                   ----------                                         ------------------
<S>                                                <C>
Newmark Home Corporation ("Newmark")........       Single-family residential homebuilding in Texas,
                                                   Tennessee and North Carolina - formed in 1983.
Westbrooke Communities, Inc.
     ("Westbrooke").........................       Single-family residential homebuilding and residential
                                                   lot developer in South Florida - formed in 1976.

The Adler Companies, Inc. ("Adler").........       Single-family  residential  homebuilding in South Florida -
                                                   formed in 1990.
Pacific United Development Corporation
     ("PUDC")...............................       Residential lot development in Texas and  Tennessee -
                                                   formed in 1993.
</TABLE>

BASIS OF PRESENTATION

The consolidated financial statements include the accounts of the Company and
its subsidiaries. The accounting and reporting policies of the Company conform
to generally accepted accounting principles and general practices within the
homebuilding industry. All significant intercompany balances and transactions
have been eliminated in the consolidated financial statements.

The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.

INTERIM PRESENTATION

The accompanying condensed consolidated financial statements have been prepared
by the Company and are unaudited. Certain information and footnote disclosures
normally included in financial statements presented in accordance with generally
accepted accounting principles have been omitted from the accompanying
statements. The Company's management believes the disclosures made are adequate
to make the information presented not misleading. However, the financial
statements included as part of this 10-Q filing should be read in conjunction
with the financial statements and notes thereto included in the Company's
December 31, 1999 Annual Report on Form 10-K.

EARNINGS PER SHARE

Basic Earnings Per Share is computed by dividing earnings attributable to common
shareholders by the weighted average number of common shares outstanding for the
period. Diluted Earnings Per Share reflects the potential dilution that could
occur if securities or other contracts to issue common stock were exercised or
converted into common stock or resulted in the issuance of common stock that
then shared in the earnings of the Company. The following table reconciles the
computation of basic and diluted Earnings Per Share for the three months ended
June 30, 2000 and 1999 and for the six months ended June 30, 2000 and 1999 (in
thousands, except per share amounts):


                                       8
<PAGE>   9


<TABLE>
<CAPTION>
                                                   THREE MONTHS ENDED JUNE 30,    SIX MONTHS ENDED JUNE 30,
                                                   ---------------------------    -------------------------
                                                    2000                1999       2000              1999
                                                   -------             -------    -------           -------
<S>                                                <C>                 <C>        <C>               <C>
Income available to common shareholders
(Numerator).....................................   $ 6,580             $ 4,191    $11,903           $ 6,186

Weighted average of shares outstanding
(Denominator)...................................    11,500              11,500     11,500            11,500

Basic and diluted Earnings Per Share............   $   .57             $   .36    $  1.04           $   .54
                                                   -------             -------    -------           -------

Diluted Earnings Per Share......................   $   .57             $   .36    $  1.04           $   .54
                                                   =======             =======    =======           =======
</TABLE>


                                       9
<PAGE>   10


NOTE 2. INVENTORY

Inventory balances as of June 30, 2000 and December 31, 1999 consist of the
following:

<TABLE>
<CAPTION>
                                                                    CARRYING VALUE
                                        NUMBER OF HOMES             (IN THOUSANDS)
                                  -------------------------   -------------------------
                                   JUNE 30,    DECEMBER 31,    JUNE 30,    DECEMBER 31,
                                     2000          1999          2000          1999
                                  ----------   ------------   ----------   ------------
<S>                               <C>          <C>            <C>          <C>
Completed .....................          167            137   $   38,117   $     29,145
Under construction ............        1,036          1,038      139,944        142,975
Models ........................           90             80       19,508         19,763
Residential lots ..............           --             --       67,346         63,693
                                  ----------   ------------   ----------   ------------
               Total ..........        1,293          1,255   $  264,915   $    255,576
                                  ==========   ============   ==========   ============
</TABLE>


NOTE 3. CAPITALIZED INTEREST

A summary of interest capitalized in inventory is as follows (in thousands):


<TABLE>
<CAPTION>
                                                 THREE MONTHS ENDED     SIX MONTHS ENDED,
                                                      JUNE 30,              JUNE 30,
                                                 -------------------   -------------------
                                                   2000       1999       2000       1999
                                                 --------   --------   --------   --------
<S>                                              <C>        <C>        <C>        <C>
Interest capitalized, beginning of period ....   $  6,873   $  6,139   $  6,266   $  5,516
Interest incurred ............................      3,991      3,096      7,896      5,820
Less interest included in:
     Cost of sale ............................      3,168      3,009      5,720      4,707
     Other income ............................        845        412      1,589        815
                                                 --------   --------   --------   --------
Interest capitalized, end of period ..........   $  6,851   $  5,814   $  6,853   $  5,814
                                                 ========   ========   ========   ========
</TABLE>

NOTE 4. COMMITMENTS AND CONTINGENCIES

The Company is subject to certain pending or threatened litigation and other
claims. Management, after review and consultation with legal counsel, believes
the Company has meritorious defenses to these matters and that any potential
liability from these matters would not materially affect the Company's
consolidated financial statements.



ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS.

This Quarterly Report on Form 10-Q may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, Section
21E of the Securities Exchange Act of 1934, as amended and the Private
Securities Litigation Reform Act of 1995. Such matters involve risks and
uncertainties, including the Company's exposure to certain market risks, changes
in economic conditions, tax and interest rates, increases in raw material and
labor costs, weather conditions, and general competitive factors that may cause
actual results to differ materially.


                                       10
<PAGE>   11


RESULTS OF OPERATIONS

The following tables set forth certain operating and financial data for the
Company:

<TABLE>
<CAPTION>
                               NEW SALES CONTRACTS,
                               NET OF CANCELLATIONS      HOME CLOSINGS
                               --------------------   -------------------
                                   THREE MONTHS          THREE MONTHS
                                  ENDED JUNE 30,        ENDED JUNE 30,
                               --------------------   -------------------
                                 2000        1999       2000       1999
                               --------    --------   --------   --------
<S>                            <C>         <C>        <C>        <C>
Houston ....................        167         109        167        182
Austin .....................        162         116        160        129
Dallas/Ft. Worth ...........         47          17         44         36
San Antonio ................          8          --         10         --
Ft. Lauderdale,
      Palm Beach, Miami ....        248         271        218        123
Nashville ..................         22          10         25         21
Charlotte ..................          3           1          2         --
Greensboro/Winston-
      Salem ................          6           3          7         --
                               --------    --------   --------   --------
Total ......................        663         527        633        491
                               ========    ========   ========   ========
</TABLE>


<TABLE>
<CAPTION>
                               NEW SALES CONTRACTS,                              HOMES IN
                               NET OF CANCELLATIONS      HOME CLOSINGS         SALES BACKLOG
                               --------------------   -------------------   -------------------
                                    SIX MONTHS            SIX MONTHS              AS OF
                                  ENDED JUNE 30,        ENDED JUNE 30,           JUNE 30,
                               --------------------   -------------------   -------------------
                                 2000        1999       2000       1999       2000       1999
                               --------    --------   --------   --------   --------   --------
<S>                            <C>         <C>        <C>        <C>        <C>        <C>
Houston ....................        332         300        295        303        158        172
Austin .....................        349         324        325        247        319        261
Dallas/Ft. Worth ...........         85          85         73         71         44         71
San Antonio ................         20          --         14         --          7         --
Ft. Lauderdale,
      Palm Beach, Miami ....        421         431        428        248        524        498
Nashville ..................         53          36         42         36         23         22
Charlotte ..................          8           1          6         --          3          1
Greensboro/Winston-
      Salem ................         12           4         13         --          4          4
                               --------   ---------   --------   --------   --------   --------
Total ......................      1,280       1,181      1,196        905      1,082      1,029
                               ========   =========   ========   ========   ========   ========
</TABLE>


                                       11
<PAGE>   12


<TABLE>
<CAPTION>
                                                      As a Percentage of Revenue       As a Percentage of Revenue
                                                            Three Months                      Six Months
                                                      --------------------------       --------------------------
                                                            Ended June 30,                   Ended June 30,
                                                      --------------------------       --------------------------
                                                        2000              1999           2000              1999
                                                      --------          --------       --------          --------
<S>                                                   <C>               <C>            <C>               <C>
Cost of sales...................................          82.6%             84.5%          82.8%             84.5%
Gross profit....................................          17.4%             15.5%          17.2%             15.5%
Selling, general and administrative expenses....          10.2%              9.9%          10.1%             10.4%
Income before income taxes......................           6.3%              5.0%           6.2%              4.3%
Income taxes(1).................................          36.0%             35.1%          36.0%             35.7%
Net income......................................           4.0%              3.2%           4.0%              2.8%
</TABLE>

(1) As a percent of income before income taxes.


THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THREE MONTHS ENDED JUNE 30, 1999.

Revenues increased by 26.2% to $164.5 million in the three months ending June
30, 2000 from $130.4 million in the three months ending June 30, 1999 due to a
combination of an increase in units closed and an increase in average selling
price. The number of homes closed by the Company increased by 28.9% to 633 homes
in the three months ending June 30, 2000 from 491 homes in the three months
ending June 30, 1999. The Company's average selling price of homes closed in the
three months ending June 30, 2000 was $257,929, an increase of .4% from the
$256,950 average selling price in the three months ending June 30, 1999 due to
product mix within the subdivisions closing homes. The average selling price of
a Newmark(R) home closed in the three months ending June 30, 2000 was $286,659,
an increase of 7.7% from the $265,523 average selling price in the three months
ending June 30, 1999 The Fedrick, Harris Estate Homes average selling price of
homes closed in the three months ending June 30, 2000 was $476,640, an increase
of 10.3% from the $432,217 average selling price in the three months ending June
30, 1999. Also, revenues generated from sales of custom homes under the Fedrick,
Harris Estate Homes brand name increased from $22.0 million in the three months
ending June 30, 1999 to $27.2 million in the three months ending June 30, 2000
primarily due to increased unit sales in Houston, Austin and Nashville. In the
South Florida market, Westbrooke and Adler's average selling price of homes
closed in the three months ending June 30, 2000 was $203,237, a decrease of
12.1% from the $231,300 average selling price in the three months ending June
30, 1999. In addition, revenue from land sales in the three months ending June
30, 2000 decreased to $1.2 million from $4.2 million in the three months ending
June 30, 1999.

New net sales contracts increased 25.8% to 663 homes for the three months ended
June 30, 2000 from 527 homes for the three months ended June 30, 1999. The
dollar amount of new net sales contracts increased 43.8% to $167.6 million.

The Company was operating in 79 subdivisions at June 30, 2000 compared to 69
subdivisions at June 30, 1999. As of June 30, 2000, the Company's backlog of
sales contracts was 1,082 homes, a 5.2% increase over comparable figures at June
30, 1999.

Cost of sales increased by 23.2% to $135.8 million in the three months ended
June 30, 2000 from $110.2 million in the comparable period of 1999. The increase
was attributable to the increase in revenues from home closings as described
above. Cost of land sales for the three months ended June 30, 2000 decreased to
$1.2 million from $3.5 million for the comparable period of 1999. As a
percentage of revenues, cost of sales for the three months ended June 30, 2000
decreased to 82.6% in 2000 from 84.5% in 1999.

Selling, general and administrative ("SG&A") expense increased by 30.3% to $16.8
million in the three months ended June 30, 2000, from $12.9 million in the
comparable period of 1999. The increase was primarily caused by the expansion
into the new markets of Nashville, Tennessee; Charlotte and Greensboro, North
Carolina as well as the expansion in the Company's existing Texas and Florida
markets, as indicated by the 26.2% increase in the Company's revenues and the
5.2% increase in the backlog at the end of June 2000 versus June 1999. As a
percentage of revenues, SG&A expense increased to 10.2% in the three months
ended June 30, 2000 from 9.9% in the comparable period of 1999.

Interest expense, net of interest capitalized, totaled $.8 million in the three
months ended June 30, 2000 compared to $.4 million in the comparable period of
1999. The Company follows a policy of capitalizing


                                       12
<PAGE>   13


interest only on inventory under construction or development. During the three
months ended June 30, 2000 and 1999, the Company expensed a portion of interest
incurred and other financing costs on those completed homes held in inventory.
This expense increased due to the increase in the average number of completed
homes held in inventory for the quarter ending June 30, 2000. Capitalized
interest and other financing costs are included in cost of sales at the time of
home closings.

The Company's provision for income taxes increased as a percentage of earnings
before taxes to 36.0% for the three months ended June 30, 2000 compared to 35.1%
for the three months ended June 30, 1999. The increase was primarily a result of
increased state taxes resulting from increased earnings in the state of Florida.
However, federal income taxes have decreased as a percentage of earnings before
taxes to 34.7% for the three months ended June 20, 2000 compared to 36.1% due
primarily to the increase in deductible amortization of goodwill resulting from
the election of the Internal Revenue Code Section 338(h)(10). The election of
Internal Revenue Code Section 338(h)(10) was made on December 15, 1999 when
TOUSA acquired 80% of the Company's outstanding common stock. The Company
recognized federal income tax expense amounting to $3.6 million for the three
months ended June 30, 2000 compared to $2.3 million for the three months ended
June 30, 1999.

Net income increased by 57.0% to $6.6 million in the three months ended June 30,
2000, from $4.2 million in the comparable period of 1999. The increase was
attributable to the increase in revenues in the Company's most profitable
markets.

SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO SIX MONTHS ENDED JUNE 30, 1999.

Revenues increased by 35.1% to $301.5 million in the six months ending June 30,
2000 from $223.2 million in the six months ending June 30, 1999 due to a
combination of an increase in units closed and an increase in average selling
price. The number of homes closed by the Company increased by 32.2% to 1,196
homes in the six months ending June 30, 2000 from 905 homes in the six months
ending June 30, 1999. The Company's average selling price of homes closed in the
six months ending June 30, 2000 was $249,700, an increase of 3.6% from the
$241,068 average selling price in the six months ending June 30, 1999. The
Fedrick, Harris Estate Homes average selling price of homes closed in the six
months ending June 30, 2000 was $458,705, an increase of 8.5% from the $422,635
average selling price in the six months ending June 30, 1999. Also, revenues
generated from sales of custom homes under the Fedrick, Harris Estate Homes
brand name increased from $32.5 million in the six months ending June 30, 1999
to $44.5 million in the six months ending June 30, 2000, primarily due to
increased unit sales in Houston, Austin and Nashville. In the South Florida
market, Westbrooke and Adler's average selling price of homes closed in the six
months ending June 30, 2000 was $201,116, a decrease of 3.4% from the 208,199
average selling price in the six months ending June 30, 1999. In addition,
revenue from land sales in the six months ending June 30, 2000 decreased to $2.8
million from $5.0 million in the six months ending June 30, 1999.

New net sales contracts increased 8.4% to 1,280 homes for the six months ending
June 30, 2000 from 1,181 homes for the six months ending June 30, 1999. The
dollar amount of new net sales contracts increased 20.8% to $331.2 million.

Cost of sales increased by 32.1% to $249.1 million in the six months ending June
30, 2000 from $188.6 million in the comparable period 1999. The increase was
attributable to the increase in revenues from home closings as described above.
Cost of land sales for the six months ending June 30, 2000 decreased to $2.1
million from $4.0 million for the comparable period of 1999. As a percentage of
revenues, cost of sales for the six months ending June 30, 2000 decreased to
82.8% in 2000 from 84.5% in 1999.

Selling, general and administrative expense increased by 30.8% to $30.3 million
in the six months ending June 30, 2000, from $23.2 million in the comparable
period of 1999. The increase was primarily caused by the expansion into the new
markets of Nashville, Tennessee; Charlotte and Greensboro, North Carolina as
well as the expansion in the Company's existing Texas and Florida markets, as
indicated by the 34.8% increase in the Company's revenues and the 5.2% increase
in the backlog at the end of June 2000 as compared to June 1999. As a percentage
of revenues, SG&A expense decreased to 10.1% in the six months ending June 30,
2000 from 10.4% in the comparable period of 1999.

Interest expense, net of interest capitalized, totaled $1.6 million in the six
months ending June 30, 2000 compared to $.8 million in the comparable period of
1999. The Company follows a policy of capitalizing interest only on inventory
under construction or development. During the six months ending June 30, 2000


                                       13
<PAGE>   14


and 1999, the Company expensed a portion of interest incurred and other
financing costs on those completed homes held in inventory. This expense
increased due to the increase in the average number of completed homes held in
inventory during the six months ending June 30, 2000 compared to the six months
ending June 30, 1999. Capitalized interest and other financing costs are
included in cost of sales at the time of home closings.

The Company's provision for income taxes increased as a percentage of earnings
before taxes to 36.0% for the six months ending June 30, 2000 compared to 35.7%
for the six months ending June 30, 1999. The increase was primarily a result of
increased state taxes resulting from increased earnings in the state of Florida.
However, federal income taxes have decreased as a percentage of earnings before
taxes to 34.6% for the six months ending June 30, 2000 compared to 36.5% for the
six months ending June 30, 1999 primarily as a result of the increase in
deductible amortization of goodwill resulting from the election of the Internal
Revenue Code Section 338(h)(10). The Company recognized federal income tax
expense amounting to $6.4 million for the six months ending June 30, 2000
compared to $3.5 million for the six months ending June 30, 1999.

Net income increased by 92.4% to $11.9 million in the six months ending June 30,
2000, from $6.2 million in the comparable period of 1999. The increase was
attributable to the increase in revenues in the Company's most profitable
markets.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

At June 30, 2000, the Company had available cash and cash equivalents of $11.8
million. Inventories (including finished homes and construction in progress,
developed residential lots and other land) at June 30, 2000 increased by $9.3
million from $255.6 million at December 31, 1999 due to a general increase in
business activity and the expansion of operations in the newer market areas.
Because of the increased business activity and expansion of operations in the
newer markets, the Company's ratio of construction loans payable to total
capital assets increased to 64.1% at June 30, 2000 from 57.1% at December 31,
1999. The equity to total assets ratio increased during the six months to 34.2%
at June 30, 2000 from 33.3% at December 31, 1999 due to increased earnings as
discussed above.

The Company's financing needs depend upon the results of its operations, sales
volume, inventory levels, inventory turnover, and acquisitions. The Company has
financed its operations through borrowings from financial institutions and
through funds from earnings.

At June 30, 2000, the Company had lines of credit commitments for construction
loans totaling approximately $237.2 million, of which $22.8 million is available
to draw down.

The Company's growth requires significant amounts of cash. It is anticipated
that future home construction, lot and land purchases and acquisitions will be
funded through internally generated funds and new and existing borrowing
relationships. The Company continuously evaluates its capital structure and, in
the future, may seek to further increase secured debt and obtain additional
equity to fund ongoing operations as well as to pursue additional growth
opportunities.

Except for ordinary expenditures for the construction of homes and, to a limited
extent, the acquisition of land and lots for development and sale of homes, at
June 30, 2000, the Company had no material commitments for capital expenditures.


                                       14
<PAGE>   15


NEW FINANCING FACILITY

On June 27, 2000, the Company entered into a syndicated $150 million secured
revolving credit facility with five banks which matures on June 27, 2003 with
annual options for one year extensions. This credit facility will be used to
finance the acquisition and development of residential subdivisions, the
purchase of developed lots and the construction of homes in the Texas, Tennessee
and North Carolina markets. At June 30, 2000, the Company had borrowings of
$117.1 million outstanding under this facility.


SEASONALITY AND QUARTERLY RESULTS

The homebuilding industry is seasonal, as generally there are more sales in the
spring and summer months, resulting in more home closings in the fall. The
Company operates in the Southwestern and Southeastern markets of the United
States, where weather conditions are more suitable to a year-round construction
process than other areas. The Company also believes its geographic diversity to
be somewhat counter-cyclical, with adverse economic conditions associated with
certain of its markets often being offset by more favorable economic conditions
in other markets. The seasonality of school terms has an impact on the Company
operations, but it is somewhat mitigated by the fact that many of the Company's
buyers at the higher end of the Company's price range, including Fedrick, Harris
Estate Homes, no longer have children in school. As a result of these factors,
among others, the Company generally experiences more sales in the spring and
summer months, and more closings in the summer and fall months. Likewise,
Westbrooke has experienced seasonality in its revenues, generally completing
more sales in the spring and summer months and more closings in the fourth
quarter.

The Company historically has experienced, and in the future expects to continue
to experience, variability in revenues on a quarterly basis. Factors expected to
contribute to the variability include, among others: (i) the timing of home
closings; (ii) the Company's ability to continue to acquire land and options on
acceptable terms; (iii) the timing of receipt of regulatory approvals for the
construction of homes; (iv) the condition of the real estate market and general
economic conditions; (v) the cyclical nature of the homebuilding industry; (vi)
prevailing interest rates and the availability of mortgage financing; (vii)
pricing policies of the Company's competitors; (viii) the timing of the opening
of new residential projects; (ix) weather; and (x) the cost and availability of
materials and labor. The Company's historical financial performance is not
necessarily a meaningful indicator of future results and the Company expects its
financial results to vary from project to project and from quarter to quarter.


ITEM 3. CHANGES IN INFORMATION ABOUT MARKET RISK.

The Company is exposed to market risk primarily related to potential adverse
changes in interest rates as discussed below. The Company does not enter into,
or intend to enter into, derivative financial instruments for trading or
speculative purposes. The Company's exposure to market risks is changes to
interest rates related to the Company's construction loans. The interest rates
relative to the Company's construction loans fluctuate with the prime and Libor
lending rates, both upwards and downwards.


                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

         The Company is involved in various claims and legal actions arising in
         the ordinary course of business. In the opinion of the Company's
         management, the ultimate disposition of these matters is not expected
         to have a material effect on the financial condition or results of
         operations of the Company.

ITEM 2.  CHANGES IN SECURITIES.

         Under the new syndicated financing facility described above there are
         certain financial covenants which impose working capital restrictions
         and restrictions on the payment of dividends on the Common Stock of the
         Company.


                                       15
<PAGE>   16


ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

         None.  No disclosure required.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

         The 2000 Annual Meeting of Shareholders of the Company was held on
         July 17, 2000. Proxies were solicited by the Company pursuant to
         Regulation 14 under the Securities Exchange Act of 1934, as amended,
         (a) to elect directors of the Company for the ensuing year and (b) to
         approve the annual bonus plan of the Chief Executive Officer.

         Proxies and shareholders present representing 11,221,284 shares of
         stock eligible to vote at the meeting, or 97.6 percent of the
         outstanding shares, were voted in connection with the election of
         directors, and 11,221,284 shares of stock eligible to vote at the
         meeting, or 97.6 percent of the outstanding shares, were voted in
         connection with the approval of the annual bonus plan of the Chief
         Executive Officer. The following is a separate tabulation with respect
         to the vote for each nominee:

         Michael Stevens, appointed to the Board of Directors on June 21, 2000,
         will continue to serve as a director until the 2001 Annual Meeting of
         Shareholders or until his successor is duly elected and qualified.

<TABLE>
<CAPTION>
         NOMINEE                            TOTAL VOTES FOR                  TOTAL VOTES WITHHELD
         -------                            ---------------                  --------------------
<S>                                         <C>                              <C>
         Constantine Stengos                11,192,875                       28,300
         Andreas Stengos                    11,190,125                       31,050
         George Stengos                     11,190,125                       31,050
         Yannis Delikanakis                 11,192,125                       29,050
         Larry D. Horner                    11,195,525                       26,650
         William A. Hasler                  11,194,525                       26,650
         Michael J. Poulos                  11,194,525                       26,650
         Lonnie M. Fedrick                  11,194,875                       26,300
         James M. Carr                      11,194,525                       26,650
</TABLE>

         The following is a tabulation with respect to the vote on the annual
         bonus plan of the Chief Executive Officer:

<TABLE>
<S>                                                               <C>
                          Total Votes For                         10,506,384
                          Total Votes Against:                        27,882
                          Total Votes Withheld:                        4,454
</TABLE>


ITEM 5.  OTHER INFORMATION.

         The Company entered into a Management Services Agreement with Techolym,
         L.P., a wholly owned subsidiary of TOUSA to provide general advisory
         services and administrative support services to the Company. The fees
         for such services will be $1.5 million annually and will increase each
         year depending on the costs incurred by Techolym, L.P. The Company has
         accrued $750,000 in management services fees through June 30, 2000. The
         Management Services Agreement was approved by independent directors
         comprising the Special Committee of the Company on June 1, 2000.


                                       16
<PAGE>   17


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

(a.)   Exhibits.

<TABLE>
<CAPTION>
       Exhibit Number          Exhibit
       --------------          -------
<S>                            <C>
       10.1                    Credit Agreement among Newmark Homes, L.P. and
                               Bank of America, N.A. as Administrative Agent,
                               Swing Line Lender and Letter of Credit Issuing
                               Lender and Other Financial Institutions Party
                               Hereto dated June 27, 2000.

       10.2                    Guaranty Agreement among Newmark Homes Corp. and
                               Newmark Home Corporation in favor of Bank of
                               America, N.A. and the Lenders under the Credit
                               Agreement dated June 27, 2000.

       10.3                    Management Services Agreement between Newmark
                               Homes Corp. and Techolym, L.P. dated June 1,
                               2000.

       10.4                    Amended and Restated Employment Agreement between
                               Newmark Homes Corporation and Lonnie M. Fedrick
                               dated May 12, 2000 effective as of January 1,
                               2000.

       27                      Financial Data Schedule
</TABLE>

(b)    Reports on Form 8-K.

         The registrant filed no reports on Form 8-K during the quarter ended
June 30, 2000.


                                       17
<PAGE>   18


                                   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 thereunto duly authorized.

                                      NEWMARK HOMES CORP.

August 10, 2000                     By:   /s/ Terry C. White
--------------------------------         ---------------------------------------
Date                                     Terry C. White, Senior Vice President,
                                         Chief Financial Officer, Treasurer and
                                         Secretary



<PAGE>   19

                               INDEX TO EXHIBITS

<TABLE>
<CAPTION>
       EXHIBIT NUMBER          EXHIBIT
       --------------          -------
<S>                            <C>
       10.1                    Credit Agreement among Newmark Homes, L.P. and
                               Bank of America, N.A. as Administrative Agent,
                               Swing Line Lender and Letter of Credit Issuing
                               Lender and Other Financial Institutions Party
                               Hereto dated June 27, 2000.

       10.2                    Guaranty Agreement among Newmark Homes Corp. and
                               Newmark Home Corporation in favor of Bank of
                               America, N.A. and the Lenders under the Credit
                               Agreement dated June 27, 2000.

       10.3                    Management Services Agreement between Newmark
                               Homes Corp. and Techolym, L.P. dated June 1,
                               2000.

       10.4                    Amended and Restated Employment Agreement between
                               Newmark Homes Corporation and Lonnie M. Fedrick
                               dated May 12, 2000 effective as of January 1,
                               2000.

       27                      Financial Data Schedule
</TABLE>