FOR IMMEDIATE RELEASE -- HAWTHORNE, N.Y. -- November 9, 2005 -- SmartPros Ltd. (AMEX:PED), a leader in the field of accredited professional education and corporate training, today reported third quarter results for the three- and nine-month periods ended September 30, 2005.

For the nine months ended September 30, 2005 compared to the nine months ended September 30, 2004:

• Revenues increased 6.8% to $7.97 million from $7.46 million.
• Net income increased 7.3% to $537,738 compared to net income of $500,979.
• Accounting/finance subscription product sales grew 20.4% to $5.9 million, or 72.8% of revenues, compared to $4.9 million, or 65.6% of revenues.
  

For the three months ended September 30, 2005 compared to the three months ended September 30, 2004:

• Revenues were $2.42 million, representing a 15.9% decrease from revenues of $2.87 million.
• Net income decreased 54.9% to $147,527 compared to net income of $326,763.
• Accounting/finance subscription product sales increased 12.5% to $1.8 million, or 75% of revenues, compared to $1.6 million, or 56% of revenues.
  

As of September 30, 2005, the Company had approximately $7.2 million in cash and investments, working capital of $4.22 million and stockholders' equity of approximately $7 million. Net cash provided by SmartPros' operating activities for the current nine-month period totaled $609,407.

Allen Greene, Chief Executive Officer of SmartPros, noted, "Our results for the quarter were impacted by strong growth in our core business areas which were offset by a notable decrease in custom consulting projects, primarily at Working Values. In fact, we are especially pleased with the ongoing growth we are experiencing in our subscription business, as reflected in both the three- and nine-month reporting periods."

"Our plans to stabilize Working Values' future quarterly financial performance were advanced in the past several months with the successful development of the Company's proprietary Learning Moments™ training programs and Ethics and Compliance Risk Assessment tools. By complementing Working Values' custom consulting services with these off-the-shelf product offerings, as well as other new training solutions in development, we hope to create a much more fluid and stable revenue stream for this subsidiary," continued Greene.

"As a result of steady cash flow generated from our operations, we have continued to strengthen our balance sheet and enhance our cash resources. With a cash position equal to over $1.40 per share, SmartPros remains well poised to move quickly if and when appropriate acquisition opportunities are presented," stated Greene. "However, we remain unwilling to invest our cash into situations that can or will not prove accretive and create long-term value for our shareholders."

"With those objectives in mind, I'm pleased to report that our Board of Directors has approved the repurchase of up to $750,000 of our common stock in the open market. For the past year, we have investigated numerous acquisition candidates and most have a history of losses, have made enormous capital investments with no visible return, are burdened with unwieldy overhead expense and/or offer little long-term growth appeal. In comparison, we believe that SmartPros is grossly undervalued given our profitable and growing business, strict expense discipline and commitment to building meaningful and lasting value for our stockholders. Consequently, our Board determined that there was no better use of our cash at this time than to invest in our own future," concluded Greene.

The timing and exact number of shares purchased will be determined at the Company's discretion and will depend on market conditions. All repurchases will be on the open market and will be funded from existing cash. Currently, SmartPros has approximately 5.1 million shares of common stock outstanding. The share buy-back program will begin after December 1, 2005 and will be complete or cancelled within 12 months.

SmartPros will host a teleconference this afternoon beginning at 4:15 p.m. Eastern, and invites all interested parties to join management in a discussion regarding the Company's financial results, corporate progression and other meaningful developments. The conference call can be accessed via telephone by dialing toll free 1-800-240-6709. A replay of the call will be available on the Company's Web site approximately one hour after the live broadcast at http://ir.smartpros.com. A copy of this news announcement is immediately accessible via http://ir.smartpros.com.

About SmartPros Ltd.
Founded 1981, SmartPros Ltd. is an industry leader in the field of accredited professional education. Its products and services are primarily focused in the accredited professional areas of corporate accounting, financial management, public accounting, governmental and not-for-profit accounting, ethics and compliance, and engineering. SmartPros' customers include over half of Fortune 500 companies, as well as the major firms and associations in each of its professional markets. SmartPros provides education and content publishing and development services in a variety of media including Web, CD-ROM and video. Our subscription libraries feature hundreds of course titles and 1,000+ hours of accredited education. SmartPros' proprietary Professional Education Center (PEC) Learning Management System (LMS) offers enterprise distribution and administration
f education content and information. In addition, SmartPros produces a popular news and information portal for accounting and finance professionals that services 300,000+ visitors and 100,000+ subscribers per month. Visit: www.smartpros.com

Safe Harbor Statement
This release may contain or identify forward looking statements. These statements are based on assumptions and estimates, which are inherently subject to uncertainty and contingencies that are beyond our control and are based on future business decisions that may change.


Visit SmartPros' Investor Relations section for additional information.


For more information, please contact:
Shane Gillispie
Marketing and eCommerce
SmartPros Ltd.
253-863-8280
shanegillispie@smartpros.com

Dodi Handy
CEO and President
Elite Financial Communications Group, LLC
407-585-1080
ped@efcg.net