Exhibit 99.1

For Immediate Release:

CONTACT:

Bob Husted	David Rosenthal
Investor Relations Manager	Chief Financial Officer
(303) 440-5330	(303) 440-5330

SpectraLink Reports Second Quarter Results

BOULDER, Colo. — July 22, 2004 — SpectraLink Corporation (Nasdaq: SLNK) today reported revenue of $20.1 million and net income of $2.0 million, or $0.10 earnings per diluted share, for the second quarter of 2004. This represents record revenue that grew by 8% over the same period a year ago. In 2003, second quarter net income was $2.3 million, or $0.12 earnings per diluted share, on revenue of $18.6 million.

For the six months ended June 30, 2004, earnings per diluted share were $0.21 on net income of $4.1 million and revenue of $39.4 million. For the same period a year ago, earnings per diluted share were $0.18 on net income of $3.4 million and revenue of $33.2 million.

“It was very gratifying to achieve record levels in several areas of our financial performance this quarter, including total revenue, international sales, NetLink sales and OEM sales,” said John Elms, SpectraLink president and CEO. “Although quarterly results were below market expectations, our focus on building SpectraLink for long-term growth has not wavered. All of the achievements reached this quarter are key facets in the successful implementation of our stated long-term strategy.”

Webcast Information

SpectraLink will hold an audio webcast to discuss second quarter 2004 earnings results, today, July 22, at 4:30 p.m. Eastern Time. You can access the webcast and replay at www.spectralink.com.

About SpectraLink

SpectraLink Corporation (Nasdaq: SLNK) is the leading U.S. manufacturer and provider of wireless telephone systems for the workplace. SpectraLink distributes its products through strategic OEM partnerships, industry-leading service, equipment, and application providers, cultivating a vast customer base among industries including retail, education, healthcare, manufacturing, finance, information systems and telecommunications. For more information, visit http://www.spectralink.com .

Portions of this release contain forward-looking statements regarding future events based on current expectations. These forward-looking statements and other statements, such as statements regarding the future financial performance of SpectraLink, are subject to risks and uncertainties. Prospective investors should not place undue reliance on such forward-looking statements. SpectraLink cautions you that there are factors that could cause actual results to differ materially from the results indicated by such statements. These factors include, but are not limited to: the inability to close several large orders in the sales pipeline; adverse changes in economic and business conditions affecting

SpectraLink’s customers; the failure of the market for on-premises wireless telephone systems to grow or to grow as quickly as SpectraLink anticipates; the intensely competitive nature of the wireless communications industry, and a customer preference to buy all telephone communications systems from a single source provider that manufactures and sells PBX or key/hybrid systems; SpectraLink’s reliance on sole or limited sources of supply for many components and equipment used in its manufacturing process; the risk of business interruption arising from SpectraLink’s dependence on a single manufacturing facility; changes in rules and regulations of the FCC; and SpectraLink’s reliance on its 802.11 technology partners to continue to provide the wireless local area network for SpectraLink’s NetLink product, and to provide access points which support SpectraLink Voice Priority. For additional information concerning factors that could cause actual results to differ materially from the results indicated by the forward-looking statements and other statements in this release, we refer you to the documents SpectraLink files from time to time with the Securities and Exchange Commission, including the section titled Forward-Looking Statement Factors in our Annual Report on Form 10-K for the year ended December 31, 2003, and the section titled Forward-Looking Statement Factors in our Form 10-Q for quarterly period ended March 31, 2004. This filing is available on the Investors section of SpectraLink’s website located at www.spectralink.com. SpectraLink expressly disclaims any obligation to update or revise any forward-looking statements contained herein to reflect future events or developments after the date hereof.

Three pages of tables attached

SPECTRALINK CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
ASSETS

	June 30,			December 31,
	2004			2003
CURRENT ASSETS:
Cash and cash equivalents	$	52,976		$	51,861
Trade accounts receivable, net of allowance of $346 and $341, respectively		14,886			14,470
Income taxes receivable		134			204
Inventory, net of allowance of $761 and $591, respectively		10,322			7,653
Deferred income taxes - current portion		1,788			1,562
Other		1,239			800
Total current assets		81,345			76,550
PROPERTY AND EQUIPMENT, at cost:
Furniture and fixtures		2,688			2,312
Equipment		9,785			9,245
Leasehold improvements		1,018			989
		13,491			12,546
Less - accumulated depreciation		(9,160	)		(8,463	)
Net property and equipment		4,331			4,083
DEFERRED INCOME TAXES, net of current portion		153			151
OTHER		477			387
TOTAL ASSETS	$	86,306		$	81,171
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	1,434		$	1,453
Accrued payroll, commissions and employee benefits		1,917			3,114
Accrued sales, use and property taxes		684			724
Accrued warranty expenses		711			493
Other accrued expenses and liabilities		2,810			2,269
Deferred revenue		7,492			6,319
Total current liabilities		15,048			14,372
LONG-TERM LIABILITIES		227			250
TOTAL LIABILITIES		15,275			14,622
STOCKHOLDERS’ EQUITY:
Preferred stock, 5,000 shares authorized, none issued and outstanding		—			—
Common stock, $0.01 par value, 50,000 shares authorized, 23,213 and 22,800 shares issued, respectively, and 19,284 and 18,871 shares outstanding, respectively		231			227
Additional paid-in capital		75,191			71,010
Retained earnings		25,003			24,706
Treasury stock, 3,929 shares, at cost		(29,394	)		(29,394	)
TOTAL STOCKHOLDERS’ EQUITY		71,031			66,549
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	86,306		$	81,171

SPECTRALINK CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share amounts)
(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2004		2003		2004		2003
NET SALES	$	20,125	$	18,635	$	39,438	$	33,204
COST OF SALES		7,367		5,927		14,215		10,907
Gross Profit		12,758		12,708		25,223		22,297
OPERATING EXPENSES:
Research and Development		2,303		2,101		4,368		4,004
Marketing and Selling		5,709		5,904		11,660		10,987
General and Administrative		1,593		1,062		2,810		2,057
Total Operating Expenses		9,605		9,067		18,838		17,048
INCOME FROM OPERATIONS		3,153		3,641		6,385		5,249
INVESTMENT INCOME AND OTHER		106		69		263		164
INCOME BEFORE INCOME TAXES		3,259		3,710		6,648		5,413
INCOME TAX EXPENSE		1,238		1,410		2,526		2,057
NET INCOME	$	2,021	$	2,300	$	4,122	$	3,356
BASIC EARNINGS PER SHARE	$	0.11	$	0.13	$	0.22	$	0.18
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING		19,090		18,340		19,010		18,460
DILUTED EARNINGS PER SHARE	$	0.10	$	0.12	$	0.21	$	0.18
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING		19,650		18,570		19,720		18,690

SPECTRALINK CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

	Six Months Ended
	June 30,
	2004			2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	4,122		$	3,356
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		771			527
Income tax benefit from the exercise of stock options		588			56
Provision for bad debts		55			36
Provision for excess and obsolete inventory		220			332
Deferred income taxes		(228	)		—
Changes in assets and liabilities -
Increase in trade accounts receivable		(471	)		(1,522	)
Increase in inventory		(2,889	)		(328	)
Increase in other assets and income taxes receivable		(459	)		(491	)
(Decrease) increase in accounts payable		(19	)		243
Increase in accrued liabilities, income taxes payable and deferred revenue		689			1,677
Net cash provided by operating activities		2,379			3,886
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(1,019	)		(1,194	)
Net cash used in investing activities		(1,019	)		(1,194	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments under long-term obligation		(17	)		(6	)
Proceeds from exercises of common stock options		3,276			159
Proceeds from issuances of common stock		321			297
Dividends paid		(3,825	)		—
Purchases of treasury stock		—			(3,688	)
Net cash used in financing activities		(245	)		(3,238	)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		1,115			(546	)
CASH AND CASH EQUIVALENTS, beginning of period		51,861			44,211
CASH AND CASH EQUIVALENTS, end of period	$	52,976		$	43,665
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	$	2,291		$	1,498
SUPPLEMENTAL DISCLOSURE OF NON CASH INVESTING AND FINANCING ACTIVITIES:
Assets acquired under long-term obligation	$	21		$	127