Exhibit 99.1

For Immediate Release:

CONTACT:

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

SPECTRALINK GROWS QUARTERLY REVENUE BY 39 PERCENT
AND QUARTERLY EARNINGS BY 53 PERCENT YEAR-OVER-YEAR

BOULDER, Colo., Jan. 27 — SpectraLink Corp. (Nasdaq: SLNK), a leader in enterprise wireless communications, today reported record revenue of $27.6 million for the fourth quarter ended Dec. 31, 2004, representing 39 percent growth over the same period last year. Net income for the quarter was $3.9 million, or 20 cents earnings per fully diluted share, which is a 53 percent increase over the fourth quarter of 2003. Last year, fourth quarter net income was $2.5 million, or 13 cents earnings per fully diluted share on revenue of $19.9 million.

For the year ended Dec. 31, 2004, earnings per fully diluted share was 56 cents on record net income of $11.0 million and record revenue of $90.0 million. This represents 34 percent growth in annual net income, and over 26 percent growth in annual revenue when compared to 2003 net income of $8.2 million and $71.4 million in revenue that generated 42 cents earnings per fully diluted share.

“I am extremely pleased with 2004 results, and in particular, what we achieved in the fourth quarter,” said John Elms, SpectraLink president and chief executive officer. “In the fourth quarter, sales of our NetLink Wireless Telephones surpassed Link Wireless Telephone System sales for the first time in our history. International sales more than doubled from the third quarter to the fourth quarter resulting in annual revenue of more than fourfold its 2003 contribution. We announced four new OEM agreements in the first half of the year that helped OEM revenue contribution achieve record levels each quarter in 2004. All of this was successfully orchestrated by the new executive team that was put in place last spring.”

David Rosenthal, SpectraLink chief financial officer, went on to say, “We delivered very strong financials in the fourth quarter that allowed us to close the year with record levels of annual revenue and earnings. We have now delivered 26 consecutive quarters of positive net income and 24 consecutive quarters of positive cash flow from operations. We saw cash and investments grow every quarter on our balance sheet even after paying four quarterly dividends this year and reinitiating our stock repurchase program in the third quarter.”

Webcast Information
SpectraLink will hold an audio webcast to discuss fourth quarter and fiscal year 2004 earnings results, today, Jan. 27, 2005, 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 understanding that the results published today remain un-audited per the new Sarbanes Oxley regulations until our auditors issue an opinion letter in conjunction with the company’s filing of the Form 10-K; the inability to close several large orders in the sales pipeline; the unpredictable growth of international sales; 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)
ASSETS

	December 31,			December 31,
	2004			2003
CURRENT ASSETS:
Cash and cash equivalents	$	14,625		$	51,861
Investment in marketable securities — current		11,984			—
Trade accounts receivable, net of allowance of $374 and $341, respectively		21,252			14,470
Income taxes receivable		—			204
Inventory, net of allowance of $720 and $591, respectively		8,076			7,653
Deferred income taxes — current portion		1,473			1,562
Prepaids and other		1,088			800
Total current assets		58,498			76,550
INVESTMENT IN MARKETABLE SECURITIES, net of current portion		27,781			—
PROPERTY AND EQUIPMENT, at cost:
Furniture and fixtures		2,481			2,312
Equipment		10,503			9,245
Leasehold improvements		1,036			989
		14,020			12,546
Less — accumulated depreciation		(9,436	)		(8,463	)
Net property and equipment		4,584			4,083
DEFERRED INCOME TAXES, net of current portion		103			151
OTHER		460			387
TOTAL ASSETS	$	91,426		$	81,171
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	1,132		$	1,453
Income taxes payable		1,038			—
Accrued payroll, commissions and employee benefits		3,727			3,114
Accrued sales, use and property taxes		732			724
Accrued warranty expenses		901			493
Other accrued expenses and liabilities		3,315			2,269
Deferred revenue		7,144			6,319
Total current liabilities		17,989			14,372
LONG-TERM LIABILITIES		214			250
TOTAL LIABILITIES		18,203			14,622
STOCKHOLDERS’ EQUITY:
Preferred stock, 5,000 shares authorized, none issued and outstanding		—			—
Common stock, $0.01 par value, 50,000 shares authorized, 23,407 and 22,800 shares issued, respectively, and 19,138 and 18,871 shares outstanding, respectively		234			227
Additional paid-in capital		77,356			71,010
Retained earnings		28,030			24,706
Treasury stock, 4,270 and 3,929 shares, respectively at cost		(32,397	)		(29,394	)
TOTAL STOCKHOLDERS’ EQUITY		73,223			66,549
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	91,426		$	81,171

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

	Three Months Ended				Years Ended
	December 31,				December 31,
	2004		2003		2004		2003
NET SALES	$	27,604	$	19,880	$	90,010	$	71,428
COST OF SALES		10,273		6,792		32,643		23,813
Gross Profit		17,331		13,088		57,367		47,615
OPERATING EXPENSES:
Research and Development		2,263		1,847		8,899		7,759
Marketing and Selling		7,212		6,150		25,065		22,846
General and Administrative		1,882		1,164		6,352		4,230
Total Operating Expenses		11,357		9,161		40,316		34,835
INCOME FROM OPERATIONS		5,974		3,927		17,051		12,780
INVESTMENT INCOME AND OTHER		304		71		688		302
INCOME BEFORE INCOME TAXES		6,278		3,998		17,739		13,082
INCOME TAX EXPENSE		2,373		1,454		6,785		4,906
NET INCOME	$	3,905	$	2,544	$	10,954	$	8,176
BASIC EARNINGS PER SHARE	$	0.20	$	0.14	$	0.58	$	0.44
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING		19,060		18,800		19,050		18,570
DILUTED EARNINGS PER SHARE	$	0.20	$	0.13	$	0.56	$	0.42
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING		19,450		19,740		19,550		19,270

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

	Years Ended
	December 31,
	2004			2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	10,954		$	8,176
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,637			1,239
Gain on disposal		(83	)		—
Income tax benefit from the exercise of stock options		950			2,060
Provision for bad debts		118			34
Provision for excess and obsolete inventory		1,212			762
Deferred income taxes		137			(562	)
Changes in assets and liabilities -
Increase in trade accounts receivable		(6,900	)		(3,268	)
Decrease (increase) in income taxes receivable		204			(99	)
Increase in inventory		(1,635	)		(966	)
Increase in other assets and income taxes receivable		(361	)		(157	)
(Decrease) increase in accounts payable		(321	)		430
Increase in income taxes payable		1,038			—
Increase in accrued liabilities		2,068			2,040
Increase in deferred revenue		825			1,038
Net cash provided by operating activities		9,843			10,727
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(2,239	)		(2,681	)
Proceeds from disposal of property and equipment		184			—
Purchases of investments in marketable securities		(39,784	)		—
Net cash used in investing activities		(41,839	)		(2,681	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments under long-term obligation		(29	)		(19	)
Proceeds from exercises of common stock options		4,779			4,584
Proceeds from issuances of common stock		643			609
Dividends paid		(7,630	)		(1,882	)
Purchases of treasury stock		(3,003	)		(3,688	)
Net cash used in financing activities		(5,240	)		(396	)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(37,236	)		7,650
CASH AND CASH EQUIVALENTS, beginning of year		51,861			44,211
CASH AND CASH EQUIVALENTS, end of year	$	14,625		$	51,861
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	$	4,654		$	1,981
SUPPLEMENTAL DISCLOSURE OF NON CASH INVESTING AND FINANCING ACTIVITIES:
Assets acquired under long-term obligation	$	28		$	128