NU HORIZONS REPORTS SALES AND EARNINGS RESULTS FOR THE FIRST QUARTER FISCAL 2004

MELVILLE, NY, July 2, 2003 --- Nu Horizons Electronics Corp. (Nasdaq/NM: NUHC), a leading distributor of active and passive components, today announced its financial results for the first quarter of fiscal 2004, reflecting the period ended May 31, 2003.

Net sales for the quarter decreased to $72.8 million as compared to $75.0 million for the prior year's fiscal period. Net loss for the first quarter was $831,000 or $0.05 per share on 16,675,040 average basic shares outstanding as compared to net income of $7,705, or $0.00 per share on 16,636,447 average basic shares outstanding ($0.00 per share on 17,482,949 diluted shares) in the corresponding year ago period.

Arthur Nadata, president and chief executive officer of Nu Horizons, said, "While sales were down for the period year over year we were encouraged by the sequential improvement in our sales volume by 3% and gross margin percentage by 7% which resulted in a substantial reduction in our net loss from the immediate prior period. Our operating overhead for the period increased sequentially, as well as year over year as we continue to invest in our infrastructure both domestically and in Asia with a heavy emphasis on "design in" proprietary products and continue to increase market share within our major product lines in both marketplaces.

Yesterday we announced a partnership agreement with Linear Technology Corporation to distribute their products throughout North America. We look forward to a profitable relationship with Linear, and are extremely excited to partner with one of the leading high-performance analog solution providers within the industry. Linear's broad line of products compliments our strong product offering providing more complete system solutions for our customers."

Sequential quarter to quarter growth was driven by market share growth; particularly in our Demand Creation Design Win efforts. The component marketplace remains sluggish with near term visibility remaining unclear which we believe will continue for the balance of 2003 and the early part of 2004. Our strategy is to continue to gain market share in our franchised product lines domestically and to continue our special focus on the Asian marketplace. These efforts should allow us to achieve sales growth in this challenging environment," concluded Nadata.

A conference call to further discuss earnings will be held today at 4:15 PM EDT. This call can be accessed by dialing 1(800) 915-4836, (international, dial 1-973-317-5319) and refer to the Nu Horizons call. A webcast of the call will also be available online (both live and after the call beginning at 7:00 PM EDT) at www.nuhorizons.com. A transcript of the webcast will remain available on the website for a period of twelve months after the call. In connection with the conference call, Nu Horizons has posted on its website certain information regarding its first quarter results.

About Nu Horizons

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 30 branch offices located in the U.S., Asia and Europe. For more information, visit the Nu Horizons' home page at http://www.nuhorizons.com.

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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 component 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. The Company does not undertake any obligation to update its forward looking statements