EXHIBIT 99.1

                                                          Corporate Headquarters
[ICO LOGO]                                            5333 Westheimer, Suite 600
                                                            Houston, Texas 77056

                                                    NEWS RELEASE
                                                    Contact: Jon C. Biro
                                                             Eileen Ketchum

                                                    Phone:   713-351-4100
                                                    Fax:     713-335-2222
                                                    Website: www.icopolymers.com
                                                    Pages:   1
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                ICO NOT TO PAY MARCH 31 PREFERRED STOCK DIVIDEND

     February  20,  2003  -  HOUSTON,  TEXAS  -  ICO,  Inc. (NASDAQ: ICOC) today
announced  that  the Dividend Committee of the Board of Directors has determined
not to declare any dividend on its depositary shares, each representing 1/4 of a
share  of $6.75 convertible exchangeable preferred stock, for the quarter ending
on  March  31, 2003. These securities trade on the NASDAQ National Market System
under  the  symbol  "ICOCZ".  Until  the  accrued  dividends for this quarter of
approximately  $544,000  are  paid  to the holders of the depositary shares, the
Company  will  not  be  entitled to pay dividends on, or redeem or purchase, its
common  shares.

     Through its ICO Polymers, Inc. subsidiary, ICO, Inc. engineers and produces
specialty  polymer  powders  for  the  rotational  molding  industry,  produces
specialty  concentrates  for  the  film  industry,  and  provides  other polymer
processing  services.  ICO  Polymers  operates  from  21 plants in ten countries
worldwide.

     This  press  release  contains  forward-looking  statements,  which are not
statements  of  historical  facts  and  involve certain risks, uncertainties and
assumptions.  These  include,  but  are not limited to, demand for the Company's
services  and products, business cycles and other industry conditions, prices of
commodities,  international  risks,  operational  risks,  strategic alternatives
available  to the Company, and other factors detailed in the Company's form 10-K
for  the  fiscal  year  ended  September 30, 2002 and its other filings with the
Securities  and  Exchange  Commission.  Should  one  of  more  of these risks or
uncertainties  materialize,  or  should  underlying assumptions prove incorrect,
actual  results  may  vary  materially  from  those  indicated.