Exhibit 99.1

FOR IMMEDIATE RELEASE

Financial Contact:

Janie Brown, Chief Financial Officer

503-359-2653

Merix Corporation Reports Results for the

Third Quarter of Fiscal 2003

Merix will conduct a conference call and live webcast on March 25, 2003 at 2:00 p.m. PT. To access the webcast, log on to www.merix.com. An on-line replay will be available on this site until April 8, 2003. A phone replay will be available until approximately 12:00 a.m. PT on March 30, 2003 by calling (719) 457-0820, access code 396704.

FOREST GROVE, OR, March 25, 2003—Merix Corporation (NASDAQ:MERX) today reported results for its third quarter ended March 1, 2003. Sales for the quarter were $22.1 million, compared to $18.5 million reported for the third quarter of fiscal 2002. The Company reported a net loss this quarter of $4.9 million or $0.33 per share, compared to a net loss of $3.8 million or $0.26 per share for the same period last year. A pre-tax charge of $2.0 million, or $0.08 per share after tax, for restructuring and related activities negatively impacted results in the third quarter of fiscal 2003. Excluding this charge, the net loss for the third quarter was $3.6 million or $0.25 per share.

Gross margin improved to a negative 8.6% in the third quarter of fiscal 2003 from a negative 12.2% in the same quarter last year. The improvement resulted from higher capacity utilization and cost reduction activities, partially offset by lower average pricing compared to the year ago quarter. The Company’s balance sheet remains strong with excellent liquidity. At the end of the third quarter, cash and investments were $45.3 million and debt to total capitalization was 17%.

Mark Hollinger, Chairman and Chief Executive Officer of Merix, commented, “Business conditions remained weak in the electronics industry and as we discussed during our mid-quarter update call on January 30, 2003, demand from the communications infrastructure market was soft this quarter compared to the first half of our fiscal year. However, new customer activity remains high with 12 new customers added during the quarter. Also, our quick-turn business remained strong at 25% of sales.”

To better align the Company’s operations with market demand, Merix announced a plan for restructuring and related activities in December 2002. The plan consisted of a voluntary layoff of about 50 people and consolidation of Forest Grove production facilities. The consolidation was essentially completed during the holiday shutdown and the layoff was completed during the third quarter. In addition to the $2.0 million recorded in the third quarter for severance, asset impairment and relocation costs, a charge of approximately $140 thousand will be recorded in the fourth quarter in connection with the completion of actions related to the restructuring plan. Hollinger stated, “The relocation and integration of various operations from our satellite facility to our main plant in Forest Grove improved product flow and increased employee productivity. While we will realize a full quarter pre-tax savings of about $600 thousand beginning in our fourth quarter, we did realize a savings in our third quarter of approximately two-thirds of that amount due to the timing of the restructuring actions.”

For the fourth quarter of fiscal year 2003, Merix currently anticipates that sales will be approximately flat compared to the third quarter, with a net loss between $0.24 and $0.26 per share, including the remaining restructuring costs of approximately $140 thousand.

Hollinger concluded, “We are dedicated to improving our operational efficiency and advancing our technology to meet the needs of our customers. We have the resolve and financial strength to execute our longer-term strategies, increase our market share, and position the Company for future growth opportunities. These actions are creating the foundation for our future success.”

Merix is a leading manufacturer of technologically advanced, multilayer, rigid printed circuit boards for use in sophisticated electronic equipment. Merix provides high-performance materials, quick-turn prototype, pre-production and volume board production to its customers. Principal markets served by Merix include data communications and wireless telecommunications, high-end computing and storage, and test and measurement end markets in the electronics industry. Additional corporate information is available on the internet at www.merix.com.

Forward-looking statements in this release relating to the Company’s prospects, including costs of, and savings from, restructuring actions and estimates of sales and earnings, are made pursuant to the safe harbor provisions of the federal securities laws. Information contained in forward-looking statements is based on current expectations and is subject to change, and actual results may differ materially from the forward-looking statements. Many factors, including the following, could cause actual results to differ materially from the forward-looking statements: the continued effects on operating results of the slow-down in the general economy and the electronics and printed circuit board industries; the related excess capacity in the printed circuit board industry and the ability to effectively utilize our assets; pricing and other competitive pressures in the industry from domestic and global competitors; the impact of armed conflict; the ability of emerging growth company customers to secure capital; customer order levels, product mix and inventory build-up; levels of quick-turn sales; lower than expected or delayed sales; our ability to reduce costs, including those associated with our restructuring plan; and other risks listed from time to time in the Company’s filings with the Securities and Exchange Commission or otherwise disclosed by the Company, including those set forth in the Company’s Annual Report on Form 10-K for the year ended May 25, 2002. Merix Corporation does not undertake any obligation to update any such factors or to publicly announce developments or events relating to the matters described herein.

MERIX CORPORATION

CONDENSED STATEMENTS OF OPERATION

(in thousands, except earnings per share data, unaudited)

	Three Months Ended						Nine Months Ended
	March 1,			Feb. 23,			March 1,			Feb. 23,
	2003			2002			2003			2002
Net sales	$	22,056		$	18,515		$	72,030		$	64,978
Cost of sales		23,945			20,775			72,933			64,560
Gross profit (loss)		(1,889	)		(2,260	)		(903	)		418
Engineering		1,458			1,373			4,655			4,079
Selling, general and administrative		2,673			2,734			8,707			8,312
Restructuring and related activities		2,006			—			2,006			—
Total operating expense		6,137			4,107			15,368			12,391
Operating loss		(8,026	)		(6,367	)		(16,271	)		(11,973	)
Interest and other income (expense), net		(383	)		79			(1,042	)		1,138
Loss before taxes		(8,409	)		(6,288	)		(17,313	)		(10,835	)
Income tax benefit		(3,556	)		(2,515	)		(7,515	)		(4,909	)
Net loss	$	(4,853	)	$	(3,773	)	$	(9,798	)	$	(5,926	)
Net loss per diluted share	$	(0.33	)	$	(0.26	)	$	(0.68	)	$	(0.42	)
Shares used in per share calculations		14,547			14,243			14,488			13,980

MERIX CORPORATION

CONDENSED BALANCE SHEETS

(in thousands)

	March 1,		May 25,
	2003		2002
	(unaudited)
Assets
Cash and short-term investments	$	45,271	$	51,930
Accounts receivable, net		13,562		10,808
Inventories		4,961		5,007
Income tax receivable		11		1,693
Deferred income taxes		1,244		1,574
Other current assets		1,788		1,036
Total current assets		66,837		72,048
Property, plant and equipment, net		79,383		83,647
Deferred income taxes		12,856		5,392
Other assets		1,027		115
Total assets	$	160,103	$	161,202
Liabilities and Shareholders’ Equity
Accounts payable	$	6,477	$	6,468
Accrued compensation		2,227		2,428
Accrued warranty		892		1,310
Other accrued liabilities		1,062		2,197
Total current liabilities		10,658		12,403
Long-term debt		25,000		16,000
Total liabilities		35,658		28,403
Shareholders’ equity		124,445		132,799
Total liabilities and shareholders’ equity	$	160,103	$	161,202

MERIX CORPORATION

RELATED FINANCIAL HIGHLIGHTS

(dollars in thousands, except EPS)

	Q3 02					Q2 03					Q3 03
SUMMARY OPERATING RESULTS
Net Sales	100.0	%	$	18,515		100.0	%	$	25,856		100.0	%	$	22,056
Cost of Sales	112.2	%		20,775		97.7	%		25,272		108.6	%		23,945
Gross Profit (Loss)	-12.2	%		(2,260	)	2.3	%		584		-8.6	%		(1,889	)
Engineering Expense	7.4	%		1,373		6.2	%		1,611		6.6	%		1,458
Selling, General & Administrative Expense	14.8	%		2,734		11.6	%		3,007		12.1	%		2,673
Restructuring and Related Activities	—			—		—			—		9.1	%		2,006
Total Operating Expense	22.2	%		4,107		17.9	%		4,618		27.8	%		6,137
Operating Income (Loss)	-34.4	%		(6,367	)	-15.6	%		(4,034	)	-36.4	%		(8,026	)
Interest and Other Income (Expense), net	0.4	%		79		-0.6	%		(160	)	-1.7	%		(383	)
Pretax Income (Loss)	-34.0	%		(6,288	)	-16.2	%		(4,194	)	-38.1	%		(8,409	)
Net Income (Loss)	-20.4	%		(3,773	)	-8.2	%		(2,119	)	-22.0	%		(4,853	)
Effective Tax Rate				40.0	%				49.5	%				42.3	%
Shares for EPS				14,243					14,481					14,547
Earnings (Loss) Per Share			$	(0.26	)			$	(0.15	)			$	(0.33	)
Earnings (Loss) Per Share before
Restructuring and Related Activities			$	(0.26	)			$	(0.15	)			$	(0.25	)
SALES BY END MARKETS (% of Sales)
Communications	82	%	$	15,235		73	%	$	18,886		73	%	$	16,209
High-end Computing & Storage	10	%		1,892		14	%		3,736		15	%		3,315
Test & Measurement	5	%		906		8	%		1,957		8	%		1,766
Other	3	%		482		5	%		1,277		4	%		766
KEY FINANCIAL RATIOS
Cash from Operations			$	(161	)			$	(2,403	)			$	(5,200	)
Inventory Turns—Annualized				21					17					18
Receivable Days				47					48					50
Debt to Total Capital				0.13					0.16					0.17
OTHER
Capital Expenditures			$	3,441				$	2,023				$	842
Depreciation and Amortization (% of sales)	14.4	%	$	2,665		10.4	%	$	2,694		12.0	%	$	2,652