NU HORIZONS REPORTS FINANCIAL AND OPERATING RESULTS FOR THE SECOND QUARTER OF FISCAL YEAR 2003

MELVILLE, NY, October 9, 2002 --- Nu Horizons Electronics Corp. (Nasdaq/NM: NUHC), a leading distributor of active and passive electronic components today reported financial and operating results for the second quarter and six months ended August 31, 2002.

Net sales from continuing operations for the second quarter increased to $80.3 million from $69.9 million for the comparable period last year. Net income from continuing operations for the quarter was $254,000 or $0.02 per share on 16,646,868 basic shares outstanding ($0.02 per share on 16,714,882 diluted shares), compared with $437,000 or $0.03 per share on 16,562,583 basic shares outstanding ($0.03 per share on 17,476,420 diluted shares) in the same period last year.

For the six months ended August 31, 2002, net sales from continuing operations decreased to $155.3 million from $159.7 million in the comparable period last year. Net income from continuing operations for the first half of fiscal 2002 was $262,000 or $0.02 per share on 16,641,658 basic shares outstanding ($0.02 per share on 16,783,837 diluted shares), compared with $879,000, or $0.05 per share on 16,554,857 basic shares outstanding ($0.05 per share on 17,459,186 diluted shares) in the year-earlier period.

On August 23, 2001, the Company sold its contract-manufacturing subsidiary, located in Springfield, Mass. Earnings for the reported periods and the gain on the sale of these operations are reported separately as discontinued operations for the periods ended August 31, 2001. The sale of the Company's contract-manufacturing facility resulted in an approximate after-tax gain of $2.6 million, or approximately $0.15 per basic share and $0.14 per diluted share. There was no net income from discontinued operations for the second quarter or six month period ended in the current fiscal year. Net income from discontinued operations for the quarter ended August 31, 2001 was $257,000 or $0.02 per basic and diluted share and $799,000 or $0.05 per basic and diluted share for the six month period ended in the prior year.

Arthur Nadata, President and Chief Executive Officer, commented, "We are encouraged by the sequential improvement in our earnings and sales results for our third consecutive quarter. However, the general continued slow demand in the component marketplace coupled with poor near term visibility is expected to negatively impact our overall sales volume and earnings expectations for the next several quarters and probably into the early parts of our next fiscal year.

Nadata concluded, "Our entire industry is going through difficult economic and market conditions. Through continued focus on our 'design in' component sales strategies, renewed efforts to penetrate the Asian marketplace and expand our global capabilities, along with a measured but determined approach to cost containment based on a solid financial foundation, we believe that we will continue to move forward during this downturn and be well positioned to profit from an eventual market recovery."

A conference call to further discuss earnings will be held today at 4:15 PM ET. The call can be accessed by dialing (800) 388-8875, (international, dial 1-973-694-2225). A rebroadcast of the call will be available beginning at 7:00 pm ET at (800)-428-6051 confirmation code 263191. A webcast of the call will also be available, online (both live and after the call), at www.nuhorizons.com.

Nu Horizons is a national distributor of high technology electronic components, which provide innovative, total semiconductor solutions through products and technologies that are faster, smaller and lower powered. Nu Horizons was established in 1982 and currently has 29 branch and subsidiary offices located in the U.S., Asia and Europe. For more information, visit the Nu Horizons' home page at http://www.nuhorizons.com.

Except for historical information contained herein, the matters set forth in this news release are forward looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Potential risks and uncertainties include such factors as the level of business and consumer spending for electronic products, the amount of sales of the Company's products, the competitive environment within the electronic industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts and the financial strength of the Company's customers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission.

Company Contact:
Paul Durando
VP Finance
Nu Horizons Electronics Corp.
631-396-5000

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