EXHIBIT 99.1

        Press Release issued by IEC Electronics Corp. dated May 5, 2003

          IEC Announces Continued Improvement in its Operating Results
                         for the Second Quarter of 2003


     Newark, NY - May 5, 2003 - IEC Electronics Corp.  (IECE.OB) announced today
results for the second quarter and first six months of fiscal 2003, ending March
28, 2003.

     IEC  reported net income of $726,000 or $0.09 per share on revenue of $15.5
million for the second quarter. This result included a $557,000 charge against a
note  receivable  from Acterna  Corporation.  Without this adjustment net income
would have been $1.3 million or $0.15 per share.  This compares to a net loss of
($3.8)  million or ($0.50)  per share on revenue of $13.5  million  for the same
quarter a year ago.

     Income from  continuing  operations was $542,000 or $0.07 per share for the
second quarter.  Income from continuing operations was ($2.4) million or ($0.31)
per share for the same quarter a year ago.

     IEC's net income for the first six months of fiscal  2003 was $1.2  million
or $0.15 per share on revenue of $25.1  million.  This compares to a net loss of
($6.0) million for the first six months of fiscal 2002, or ($0.78) per share, on
revenue of $24.7  million.  Income from  continuing  operations  was $985,000 or
$0.13 per share.  This  compares  to a net loss from  continuing  operations  of
($3.5) million or ($0.45) per share for the same period a year ago.

     Chairman and Acting CEO W. Barry Gilbert said, "Our  operational  execution
was excellent and exceeded our expectations.  We continue to aggressively reduce
our debt. Our current revolver, term loans, and notes payable have been reduced.
We are  expecting by the end of the third  quarter to have cash in the bank,  to
have stopped  borrowing  from the revolver  line of credit,  and to have further
reduced our  long-term  debt.  Unfortunately,  on April 7th, five days after the
quarter closed, Acterna announced that it was in default with its senior lenders
and failed to make its monthly  payment to IEC. We decided  then to  establish a
reserve for the entire amount of the unpaid  balance of the note and commenced a
collection action in the State of Maryland."

     Gilbert  added,  "Motorola  is in the  process  of closing  its  Tewksbury,
Massachusetts  factory and moving  those  operations  to Nogales,  Mexico.  This
transition will take a number of months. In the immediate  future,  Nogales will
become our customer and we will be shipping product to that location. During the
next six months, Motorola intends to begin manufacturing most of the products it
purchases from IEC in Nogales. Our relationship with Motorola is excellent,  and
we expect to continue to provide contract manufacturing services to Motorola.

     "During  this  quarter,  we have added two new  accounts;  one is a leading
manufacturer  of pumps and valves and the other is a leading  wire  bonding  and
chip testing  equipment  manufacturer  for the  semiconductor  market.  Although
smaller than  Motorola,  both of these  accounts are  important  customers  with
strong   prospects.   We  have  signed   agreements   with  an  additional   two
manufacturers'  representative organizations to represent IEC and expect to sign
a third group. These revenue enhancing  activities are important in light of IEC
was effectively unable to add new customers for all of 2002 due to our financial
turbulence.  Today we are financially  stronger than a number of our competitors
and we are well  positioned  for growth in the  sophisticated  high-mix  printed
circuit board assembly and systems integration arena."

     IEC is a full service, ISO-9001 registered EMS provider. The Company offers
its customers a wide range of services  including  design,  prototype and volume
printed circuit board assembly, material procurement and control,  manufacturing
and test engineering  support,  systems build, final packaging and distribution.
Information  regarding IEC's second quarter 2003 results can be found on its web
site at www.iec-electronics.com/2ndquarter2003pr.htm.

     The  foregoing,  including any  discussion  regarding the Company's  future
prospects,  contains certain  forward-looking  statements that involve risks and
uncertainties,  including  uncertainties  associated with economic conditions in
the electronics industry,  particularly in the principal industry sectors served
by the Company,  changes in customer  requirements and in the volume of sales to
principal  customers,   the  ability  of  the  Company  to  assimilate  acquired
businesses  and to  achieve  the  anticipated  benefits  of  such  acquisitions,
competition  and  technological  change,  the  ability of the Company to control
manufacturing and operating costs, satisfactory  relationships with vendors. The
Company's  actual  results of  operations  may differ  significantly  from those
contemplated  by any  forward-looking  statements as a result of these and other
factors, including factors set forth in the Company's 2002 Annual Report on Form
10-K and in other filings with the Securities and Exchange Commission.

Contact:
Heather Keenan
Marketing Communications Specialist
 (315) 332-4262
hkeenan@iec-electronics.com

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