EXHIBIT 99.1

        Press Release issued by IEC Electronics Corp. dated July 21, 2003


     IEC Announces  Continued  Improvement in its Operating  Results and Balance
                      Sheet for the Third Quarter of 2003



     Newark,  NY - July 21, 2003 - IEC  Electronics  Corp.  (IECE.OB)  announced
today results for the third quarter and first nine months of fiscal 2003,  ended
June 27, 2003.

     IEC  reported net income of $853,000 or $0.10 per share on revenue of $14.0
million for the third quarter.  This compares to a net loss of ($6.9) million or
($0.89) per share on revenue of $6.0 million for the same quarter a year ago.

     Income from  continuing  operations was $853,000 or $0.10 per share for the
third quarter.  Income from continuing  operations was ($1.7) million or ($0.22)
per share for the same quarter a year ago.

     IEC's net income for the first nine months of fiscal 2003 was $2.0  million
or $0.25 per share on revenue of $39.1  million.  This compares to a net loss of
($12.9)  million for the first nine months of fiscal 2002, or ($1.67) per share,
on revenue of $30.7 million.  Income from continuing operations was $1.8 million
or $0.23 per share.  This compares to a net loss from  continuing  operations of
($5.2) million or ($0.67) per share for the same period a year ago.

     Chairman  and Acting CEO W. Barry  Gilbert  stated,  "We  continue  to make
progress.  This was the fourth  quarter of improved  operational  execution.  We
continue to aggressively  reduce our debt related to our current revolver,  term
loans, and notes payable.  Last quarter I stated '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...'I am pleased to report that we have met that goal,
and it is our expectation that we will be in the same position at the end of the
fourth quarter."

     Gilbert  added,  "Last quarter we reported that Motorola was in the process
of closing its Tewksbury, Massachusetts,  factory and moving those operations to
Nogales,  Mexico.  The  transition is continuing  and we are currently  shipping
product  to the  Nogales  facility.  As  mentioned,  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
some contract-manufacturing services to Motorola. However, the amount of product
is not known by either  company at this time. We have  continued to replace this
work.  Last  quarter  we  gained  two new  customers  and we added a third  this
quarter.  The new customer is involved in wireless  communication.  Although the
three new customers are smaller than Motorola,  each is important to IEC and has
strong prospects.

     "This quarter,  we strengthened our sales activities with the addition of a
new Director of Business Development, and two more manufacturers' representative
organizations.  Our sales network has increased to include four rep firms and we
expect  to have  three  additional  firms  by the end of  September.  These  are
important  milestones  for the  company.  The loss of  Motorola  will impact our
fourth quarter and probably our first quarter of 2004.  However,  we are working
our way  through  the issue,  and  reasonably  expect to replace all the revenue
associated  with Motorola in the  foreseeable  future.  Our primary goals are to
continue  securing new customers,  improve our balance sheet,  remain profitable
and  remain  cash flow  positive.  We are  pleased to have  added  accounts  and
strengthened our financial structure during a most difficult global economy. Our
financial  results  continue to compare  favorably to many in the  industry.  We
continue to be well positioned for growth in the sophisticated  high-mix, low to
mid volume printed circuit board assembly and systems integration arena."

     IEC is a full service,  ISO-9001: 2000 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 third  quarter 2003 results can be
found on its web site at www.iec-electronics.com/3rdquarter2003pr.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,  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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