IEC Announces the Sale of its Texas Facility

NEWARK, N.Y.--(BUSINESS WIRE)--March 19, 2003--IEC Electronics Corp. (IECE.OB) announced today that it has sold its former manufacturing facility in Edinburg, Texas for a purchase price of approximately $1 million to Olympian Holdings.

The proceeds from the sale of the facility were used to reduce long-term debt and increase IEC's working capital. The company has now completed its consolidation of the business to its 300,000 square foot plant in Newark, New York.

Chairman and Acting CEO W. Barry Gilbert said, "We are pleased to have sold this property in a difficult real estate environment. IEC's return to profitability and its intense asset management have enabled the company to continue to deliver on its commitment to its shareholders. Since January, we have repaid over $1.3 million in debt."

Gilbert continued, "Our successful $7.3 million bank refinancing in January, coupled with the sale of the Texas facility, is providing IEC operating funds to move forward with our goal of profitably servicing our customers while continuing to reduce debt".

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. For more information on IEC, visit the company's website at http://www.iec-electronics.com.

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: IEC Electronics Corp., Newark

Heather Keenan, 315/332-4262

hkeenan@iec-electronics.com

http://www.iec-electronics.com