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 Strong Third Quarter Results

BOULDER, Colo. – Oct 20, 2004 — SpectraLink Corporation (Nasdaq: SLNK) today reported record revenue of $23.0 million for the third quarter ended September 30, 2004, representing 25% growth over the same period last year. Net income for the quarter was $2.9 million, or $0.15 earnings per fully diluted share, which is a 25% increase over the third quarter of 2003. Last year, third quarter net income was $2.3 million, or $0.12 earnings per fully diluted share on revenue of $18.3 million.

For the nine months ended September 30, 2004, revenue grew by more than 21% over the same period last year to $62.4 million, resulting in earnings per fully diluted share of $0.36 on net income of $7.0 million. For the same period a year ago, earnings per fully diluted share was $0.30 on revenue of $51.5 million and net income of $5.6 million.

“I am pleased to report record quarterly revenue for SpectraLink that included both strong year-over-year and sequential growth rates,” said John Elms, SpectraLink president and CEO. “Our near-record Wi-Fi-based NetLink product volumes, coupled with incremental growth in demand for our Link WTS product line, demonstrate the merits of our ongoing investments in two product lines to provide our customers with choices in technology for their wireless telephone systems. We are gratified that the market continues to deploy SpectraLink technology in record volumes allowing us to maintain our market leadership position.”

David Rosenthal, SpectraLink CFO went on to say, “We continued our strong financial performance which extended our series to 25 consecutive quarters of positive net income and 23 consecutive quarters of positive cash flow from operations. Importantly, our cash and cash equivalents grew to $53.1 million, which is significant given that we paid a quarterly dividend of $1.9 million, and repurchased $3.0 million of SpectraLink stock this quarter.”

Webcast Information

SpectraLink will hold an audio webcast to discuss third quarter 2004 earnings results, today, October 20, 2004, 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.

This release may contain forward-looking statements that are subject to many risks and uncertainties, including the inability to close several large orders in the sales pipeline; adverse changes in economic and business conditions affecting SpectraLink’s customers; 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; changes in rules and regulations of the FCC; and the anticipated growth of the market for on-premises wireless telephone systems. More information about potential risk factors that could affect our results is available in SpectraLink’s filings with the Securities and Exchange Commission on Form 10-K for the year ended December 31, 2003, and subsequent Form 10-Q filings.

Three pages of tables attached

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

	September 30,			December 31,
	2004			2003
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	53,118		$	51,861
Trade accounts receivable, net of allowance of $346 and $341, respectively		14,606			14,470
Income taxes receivable		—			204
Inventory, net of allowance of $894 and $591, respectively		10,809			7,653
Deferred income taxes – current portion		1,393			1,562
Other		1,022			800
Total current assets		80,948			76,550
PROPERTY AND EQUIPMENT, at cost:
Furniture and fixtures		2,393			2,312
Equipment		10,010			9,245
Leasehold improvements		1,020			989
		13,423			12,546
Less – accumulated depreciation		(9,351	)		(8,463	)
Net property and equipment		4,072			4,083
DEFERRED INCOME TAXES, net of current portion		154			151
OTHER		479			387
TOTAL ASSETS	$	85,653		$	81,171
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	1,076		$	1,453
Income taxes payable		956			—
Accrued payroll, commissions and employee benefits		2,615			3,114
Accrued sales, use and property taxes		684			724
Accrued warranty expenses		750			493
Other accrued expenses and liabilities		2,712			2,269
Deferred revenue		7,014			6,319
Total current liabilities		15,807			14,372
LONG-TERM LIABILITIES		217			250
TOTAL LIABILITIES		16,024			14,622
STOCKHOLDERS’ EQUITY:
Preferred stock, 5,000 shares authorized, none issued and outstanding		—			—
Common stock, $0.01 par value, 50,000 shares authorized, 23,269 and 22,800 shares issued, respectively, and 19,000 and 18,871 shares outstanding, respectively		233			227
Additional paid-in capital		75,761			71,010
Retained earnings		26,032			24,706
Treasury stock, 4,269 and 3,929 shares, respectively at cost		(32,397	)		(29,394	)
TOTAL STOCKHOLDERS’ EQUITY		69,629			66,549
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	85,653		$	81,171

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2004		2003		2004		2003
NET SALES	$	22,968	$	18,343	$	62,406	$	51,547
COST OF SALES		8,155		6,113		22,370		17,020
Gross Profit		14,813		12,230		40,036		34,527
OPERATING EXPENSES:
Research and Development		2,268		1,908		6,636		5,912
Marketing and Selling		6,193		5,709		17,853		16,696
General and Administrative		1,660		1,009		4,470		3,066
Total Operating Expenses		10,121		8,626		28,959		25,674
INCOME FROM OPERATIONS		4,692		3,604		11,077		8,853
INVESTMENT INCOME AND OTHER		121		67		384		232
INCOME BEFORE INCOME TAXES		4,813		3,671		11,461		9,085
INCOME TAX EXPENSE		1,886		1,395		4,412		3,452
NET INCOME	$	2,927	$	2,276	$	7,049	$	5,633
BASIC EARNINGS PER SHARE	$	0.15	$	0.12	$	0.37	$	0.30
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING		19,110		18,530		19,050		18,490
DILUTED EARNINGS PER SHARE	$	0.15	$	0.12	$	0.36	$	0.30
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING		19,260		19,500		19,590		19,020

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

	Nine Months Ended
	September 30,
	2004			2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	7,049		$	5,633
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,262			862
Provision for bad debts		83			34
Provision for excess and obsolete inventory		472			474
Deferred income taxes		166			—
Income tax benefit from the exercise of stock options		656			1,374
Changes in assets and liabilities -
Increase in trade accounts receivable		(219	)		(2,125	)
Increase in inventory		(3,628	)		(498	)
Increase in other assets and income taxes receivable		(110	)		(1,360	)
(Decrease) increase in accounts payable		(377	)		464
Increase in accrued liabilities, income taxes payable and deferred revenue		1,776			2,462
Net cash provided by operating activities		7,130			7,320
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(1,223	)		(2,262	)
Net cash used in investing activities		(1,223	)		(2,262	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments under long-term obligation		(25	)		(11	)
Proceeds from exercises of common stock options		3,780			4,135
Proceeds from issuances of common stock		321			297
Dividends paid		(5,723	)		—
Purchases of treasury stock		(3,003	)		(3,688	)
Net cash (used in) provided by financing activities		(4,650	)		733
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		1,257			5,791
CASH AND CASH EQUIVALENTS, beginning of period		51,861			44,211
CASH AND CASH EQUIVALENTS, end of period	$	53,118		$	50,002
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	$	2,625		$	3,171
SUPPLEMENTAL DISCLOSURE OF NON CASH INVESTING AND FINANCING ACTIVITIES:
Assets acquired under long-term obligation	$	28		$	128