HAWTHORNE, NY – August 7, 2008– SmartPros Ltd. (Nasdaq:SPRO), a leader in the field of accredited professional education and corporate training, today announced its second quarter financial results for the three and six months ended June 30, 2008.

Financial results for the three months ended June 30, 2008, compared to the same period in 2007

• Net revenues increased 17% to $4.1 million, up from $3.5 million.
• Net income was $230,000, or $0.05 per diluted share, down from $511,000, or $0.10 per diluted share.
• Online sales grew 22% in the second quarter of 2008, attributable to revenue from recent acquisitions.
• Net revenues increased 17% to $4.1 million, up from $3.5 million.
• Net income was $230,000, or $0.05 per diluted share, down from $511,000, or $0.10 per diluted share.
• Online sales grew 22% in the second quarter of 2008, attributable to revenue from recent acquisitions.

Financial results for the six months ended June 30, 2008, compared to the same period in 2007

• Net revenues increased 10% to $7.9 million from $7.2 million.
• Net income was $110,000, or $0.02 per diluted share, down from $1.1 million, or $0.22 per diluted share.

Other financial highlights
As of June 30, 2008, the company had:

• $10 million in cash and cash equivalents;
• $1.7 million in accounts receivable;
• $5.3 million of working capital;
• $10.8 million in total stockholders’ equity; and
• $6 million of deferred revenue (primarily subscription products sold but not yet earned), up from $5.3 million on December 31, 2007.

Operational highlights

• SmartPros recently acquired Loscalzo Associates, a leading provider of live accounting- and auditing-related CPE programs, conferences and seminars. Loscalzo develops and delivers live seminars to CPA firms directly or through co-sponsorship with state CPA societies and associations of accounting firms.
• SmartPros continues its development of The Hawthorne Center of Excellence, which will encompass a new series of advanced professional certificate programs developed by well-known college professors.
• SmartPros continues to move towards the launch of a customer-branded newsletter program that allows professional services firms to easily publish branded online and offline newsletters for their own clients.
• The Engineering division is preparing to debut a new catalog of “green” engineering modules, designed to meet the growing demands for eco-friendly engineering processes.
• In the first six-months of 2008, SmartPros paid $329,000 to repurchase 81,094 shares of its common stock as part of its previously announced stock buy-back program.

"SmartPros is pleased to have accomplished its goal of increasing sales and reducing overhead to maintain the company’s commitment of continued profitability," stated Allen Greene, Chairman and CEO of SmartPros. “As noted in our first quarter earnings, we are undergoing changes in our infrastructure with the integrations of the Financial Campus and WatchIT product lines acquired late last summer. Those integrations have led to increased expenses resulting in a reduction in our profitability. As also stated in our first quarter earnings call, we began cutting overhead from those integrations, and other non-essential areas. To date, we have cut between $800,000 to $1 million in annualized costs with plans in place to cut additional overhead. You can see the effect already taking hold as our gross margins begin to make their way back to historical levels. It should be noted that we believe we are not cutting costs in areas that would affect our future growth."

Greene added: "There are a lot of positive initiatives going on right now. First, the recent acquisition of Loscalzo Associates is a perfect addition to the SmartPros portfolio of companies and will greatly enhance our live seminar offerings in the accounting and finance markets. We expect this acquisition to contribute positively to earnings as early as the third quarter of this year. In addition, our first advanced certificate programs, customer-branded newsletter product, and our new "green" engineering courses are expected to launch later this year. These are all new revenue areas for us with good potential."

As previously announced, SmartPros will host a teleconference today, beginning at 4:30 p.m. Eastern, and invites all interested parties to join management in a discussion regarding the Company’s financial results, corporate progress and other meaningful developments. The conference call can be accessed via telephone by dialing toll free 1-800-240-8658

About SmartPros Ltd.
Founded in 1981, SmartPros Ltd. is an industry leader in the field of accredited professional education and corporate training. 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, financial services, banking, engineering, legal, ethics and compliance, and information technology. SmartPros is a leading provider of professional education products to 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 2,300+ hours of accredited education. SmartPros' proprietary Professional Education Center (PEC) Learning Management System (LMS) offers enterprise distribution and administration of education content and information. In addition, SmartPros produces a popular news and information portal for accounting and finance professionals serving more than one million ads and distributing more than 200,000 subscriber email newsletters each month. SmartPros' network of sites averages more than 450,000 monthly visits, serving a user base of 500,000+ profiled members. Visit www.smartpros.com.

Safe Harbor Statement
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties, including activities, events or developments, that the Company expects, believes or anticipates will or may occur in the future. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with Securities and Exchange Commission. Specifically, results reported within this press release should not be considered an indication of future performance.

Visit SmartPros' Investor Relations section for additional information.

For More Information, Please Contact:
SmartPros Ltd.
Shane Gillispie
VP Marketing Services & eCommerce
914-752-4401
shanegillispie@smartpros.com