<PAGE>   1

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q


[X]       QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934
                  For the quarterly period ended March 31, 2001

                                       or

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
              For the transition period from _________ to _________


                         Commission file number 0-28180
                                                -------


                             SPECTRALINK CORPORATION
               (Exact name of registrant as specified in charter)

<TABLE>
<S>                                                      <C>
                  Delaware                               84-1141188
      (State or other jurisdiction of                  (IRS Employer
       incorporation or organization)               Identification Number)


  5755 Central Avenue, Boulder, Colorado                 80301-2848
  (Address of principal executive office)                (Zip code)
</TABLE>

                                  303-440-5330
                           (Issuer's telephone number)


              (Former name, former address and former fiscal year,
                          if changed from last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days. Yes [X] No [ ]

Applicable only to corporate issuers:
As of March 31, 2001, there were outstanding 18,981,090 shares of SpectraLink
Corporation Common Stock - par value $.01.



<PAGE>   2


                     SPECTRALINK CORPORATION AND SUBSIDIARY
                                      INDEX


<TABLE>
<CAPTION>
Part I            Financial Information                                                                  Page
<S>               <C>                                                                                    <C>
     Item 1       Consolidated Financial Statements

                  Consolidated Balance Sheets at
                  March 31, 2001 (Unaudited) and December 31, 2000                                       3

                  Consolidated Statements of Income
                  Three months ended March 31, 2001 and 2000 (Unaudited)                                 4

                  Consolidated Statements of Cash Flows
                  Three months ended March 31, 2001 and 2000 (Unaudited)                                 5

                  Notes to Consolidated Financial Statements (Unaudited)                                 6

     Item 2       Management's Discussion and Analysis of Financial Condition and
                  Results of Operations                                                                  8

     Item 3       Quantitative and Qualitative Disclosures about Market Risk                            12


Part II           Other Information

     Item 6       Exhibits and Reports on Form 8-K

                  (a)  Exhibits
                       None

                  (b)  Form 8-K
                       None
</TABLE>


                                       2
<PAGE>   3

                     SPECTRALINK CORPORATION AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
                                 (IN THOUSANDS)

                                     ASSETS

<TABLE>
<CAPTION>
                                                                                 March 31,    December 31,
                                                                                  2001           2000
                                                                               -----------    ------------
                                                                               (Unaudited)
<S>                                                                            <C>            <C>
CURRENT ASSETS:
     Cash and cash equivalents                                                   $ 20,834      $ 20,793
     Short-term investments in marketable securities                                8,471        10,976
     Trade accounts receivable, net of allowance of $317 and $308,
       respectively                                                                15,947        14,481
     Inventory, net                                                                 9,404         9,029
     Deferred income taxes - current portion                                        1,336         1,336
     Other                                                                          1,038         1,037
                                                                                 --------      --------
         Total current assets                                                      57,030        57,652

INVESTMENT IN MARKETABLE SECURITIES                                                 1,014            --

PROPERTY AND EQUIPMENT, at cost:
     Furniture and fixtures                                                         1,525         1,461
     Equipment                                                                      5,491         5,173
     Leasehold improvements                                                           824           805
                                                                                 --------      --------
                                                                                    7,840         7,439
     Less - Accumulated depreciation                                               (5,673)       (5,420)
                                                                                 --------      --------
         Net Property and equipment                                                 2,167         2,019
DEFERRED INCOME TAXES - NON CURRENT                                                   236           236
OTHER                                                                                 152           163
                                                                                 --------      --------
         TOTAL ASSETS                                                            $ 60,599      $ 60,070
                                                                                 ========      ========

                             LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
     Accounts payable                                                            $  1,430      $  1,549
     Accrued payroll, commissions, and employee benefits                            1,893         2,519
     Income taxes payable                                                             557            62
     Accrued sales, use and property taxes                                            191           266
     Accrued warranty expenses                                                        255           290
     Other accrued expenses                                                           774           695
     Deferred revenue                                                               2,963         2,932
                                                                                 --------      --------
         Total current liabilities                                                  8,063         8,313
LONG-TERM LIABILITIES                                                                 249           263
                                                                                 --------      --------
         TOTAL LIABILITIES                                                          8,312         8,576
                                                                                 --------      --------

STOCKHOLDERS' EQUITY:
     Preferred stock, 5,000 shares authorized, none issued and outstanding             --            --
     Common stock, $0.01 par value; 50,000 shares authorized; 20,884
       and 20,775 shares issued, respectively, and 18,981 shares and
       19,059 shares outstanding, respectively                                        208           207
     Additional paid-in capital                                                    54,659        53,855
     Retained earnings                                                              7,733         5,996
     Treasury stock, at cost                                                      (10,313)       (8,564)
                                                                                 --------      --------
         TOTAL STOCKHOLDERS' EQUITY                                                52,287        51,494
                                                                                 --------      --------
         TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                              $ 60,599      $ 60,070
                                                                                 ========      ========
</TABLE>

           The accompanying notes to consolidated financial statements
           are an integral part of these consolidated balance sheets.


                                       3
<PAGE>   4

                     SPECTRALINK CORPORATION AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME
                    (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                Three Months Ended March 31,
                                                -----------------------------
                                                 2001                  2000
                                                -------               -------
<S>                                             <C>                   <C>
SALES:
       Product Sales, net                       $11,694               $ 9,770
       Service Sales                              2,369                 1,832
                                                -------               -------
            Net Sales                            14,063                11,602

COST OF SALES:
       Cost of Product Sales                      3,185                 3,622
       Cost of Service Sales                      1,310                   765
                                                -------               -------
             Total Cost of Sales                  4,495                 4,387
                                                -------               -------

                  Gross Profit                    9,568                 7,215

OPERATING EXPENSES:
     Research and Development                     1,275                 1,078
     Marketing and Selling                        5,151                 4,337
     General and Administrative                     805                   684
                                                -------               -------
         Total Operating Expenses                 7,231                 6,099
                                                -------               -------

INCOME FROM OPERATIONS                            2,337                 1,116
INVESTMENT INCOME AND OTHER, net                    441                   398
                                                -------               -------
INCOME BEFORE INCOME TAXES                        2,778                 1,514
INCOME TAX EXPENSE                                1,041                   568
                                                -------               -------

NET INCOME                                      $ 1,737               $   946
                                                =======               =======

BASIC EARNINGS PER SHARE (Note 3)               $  0.09               $  0.05
                                                =======               =======

BASIC WEIGHTED AVERAGE SHARES OUTSTANDING        19,080                19,170
                                                =======               =======

DILUTED EARNINGS PER SHARE (Note 3)             $  0.09               $  0.05
                                                =======               =======

DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING      20,050                20,680
                                                =======               =======
</TABLE>


          The accompanying notes to consolidated financial statements
             are an integral part of these consolidated statements.


                                       4
<PAGE>   5

                     SPECTRALINK CORPORATION AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                     Three Months Ended March 31,
                                                                                     -----------------------------
                                                                                       2001                 2000
                                                                                     --------             --------
<S>                                                                                  <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net income                                                                      $  1,737             $    946
     Adjustments to reconcile net income to net cash provided by
       operating activities:
         Depreciation and amortization                                                    253                  287
         Income tax benefit from the exercise of stock options                            349                  475
         Provision for bad debts                                                            9                    8
         Provision for excess and obsolete inventory                                       76                   40
         Amortization of discount on investments in marketable securities                 (25)                 (56)
     Changes in assets and liabilities -
         Increase in trade accounts receivable                                         (1,475)                (837)
         Increase in inventory                                                           (451)                (520)
         Decrease in other assets                                                          10                  253
         Decrease in accounts payable                                                    (119)                (263)
         Increase (decrease) in accrued liabilities, income taxes payable and
           deferred revenue                                                              (145)                  66
                                                                                     --------             --------
            Net cash provided by operating activities                                     219                  399

CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchases of property and equipment                                                 (401)                (135)
     Purchases of investments in marketable securities                                 (3,484)              (1,976)
     Maturity of investments in marketable securities                                   5,000                3,000
                                                                                     --------             --------
            Net cash provided by investing activities                                   1,115                  889

CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from exercises of common stock options                                      456                  769
     Purchase of treasury stock                                                        (1,749)                  --
                                                                                     --------             --------
            Net cash provided by (used in) financing activities                        (1,293)                 769
                                                                                     --------             --------
INCREASE IN CASH AND CASH EQUIVALENTS                                                      41                2,057
CASH AND CASH EQUIVALENTS, beginning of period                                         20,793                9,604
                                                                                     --------             --------
CASH AND CASH EQUIVALENTS, end of period                                             $ 20,834             $ 11,661
                                                                                     ========             ========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
     Cash paid for income taxes                                                      $    198             $    225
                                                                                     ========             ========
</TABLE>

          The accompanying notes to consolidated financial statements
             are an integral part of these consolidated statements.


                                       5
<PAGE>   6

                     SPECTRALINK CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2001
                                   (UNAUDITED)

1. Basis of Presentation

The accompanying consolidated financial statements as of March 31, 2001, and for
the three months ended March 31, 2001 and 2000 have been prepared from the books
and records of SpectraLink Corporation and SpectraLink International Corporation
(together the "Company") and are unaudited. In management's opinion, these
financial statements include all adjustments, consisting only of normal
recurring adjustments, necessary to fairly present the Company's financial
position, results of operations and cash flows for the periods presented. The
results of operations for the period ended March 31, 2001, are not necessarily
indicative of the results to be expected for any subsequent quarter or for the
entire fiscal year ending December 31, 2001.

The financial statements should be read in conjunction with the audited
financial statements and notes thereto as of and for the year ended December 31,
2000, which are included in the Company's Annual Report on Form 10-K. The
accounting policies utilized in the preparation of the financial statements
herein presented are the same as set forth in the Company's annual financial
statements.

         New Accounting Pronouncement

In September 2000, the FASB issued SFAS No. 140, "Accounting for Transfers and
Servicing of Financial Asset and Extinguishments of Liabilities". SFAS No. 140
provides accounting and reporting standards for transfers and servicing of
financial assets and extinguishments of liabilities. It is effective for
transfers and servicing of financial assets and extinguishments of liabilities
occurring after March 31, 2001, and is effective for recognition and
reclassification of collateral and for disclosures relating to securitization
transactions and collateral for fiscal years ending after December 15, 2000. The
Company does not believe that this statement will materially impact its results
of operations.

         Reclassifications

Certain prior year balances have been reclassified to conform to the current
year presentation.

2. Inventory

Inventory includes the cost of raw materials, direct labor and manufacturing
overhead, and is stated at the lower of cost (first-in, first-out) or market.
Inventory at March 31, 2001, and December 31, 2000, consisted of the following:

<TABLE>
<CAPTION>
                       March 31,     December 31,
                         2001           2000
                      -----------    ------------
                      (Unaudited)
                           (In Thousands)
<S>                   <C>            <C>
Raw materials           $5,168        $5,544
Work in progress            43             1
Finished goods           4,193         3,484
                        ------        ------
                        $9,404        $9,029
                        ======        ======
</TABLE>

The reserve for inventory was $359,000 and $283,000 as of March 31, 2001 and
December 31, 2000, respectively.


3. Earnings Per Share

Basic earnings per share is computed by dividing the net income by the weighted
average number of shares of common stock outstanding for the period. Diluted
earnings per share is determined by dividing the net income by the sum of the
weighted average number of common shares outstanding and if not anti-dilutive,
the effect of outstanding stock options and/or other common stock equivalents
determined utilizing the treasury stock method. Potentially dilutive common
stock options excluded from the calculation of dilutive income per share because
they were anti-dilutive, totaled 173,279 and 20,177 for the three months ended
March 31, 2001 and 2000, respectively. A reconciliation of the numerators and
denominators used in computing earnings per share is as follows:


                                       6
<PAGE>   7


<TABLE>
<CAPTION>
                                                                 Three months ended March 31,
                                                           (In thousands, except per share amounts)
                                      ----------------------------------------------------------------------------
                                                     2001                                     2000
                                      -----------------------------------      -----------------------------------
                                      Income        Shares      Per Share      Income        Shares      Per Share
<S>                                   <C>           <C>         <C>            <C>           <C>         <C>
Basic EPS---                          $1,737        19,080        $0.09        $  946        19,170        $0.05
Effect of dilutive securities:
    Stock purchase plan                   --            11           --            --            11           --
    Stock options outstanding             --           959           --            --         1,499           --
                                      ------        ------        -----        ------        ------        -----
Diluted EPS---                        $1,737        20,050        $0.09        $  946        20,680        $0.05
                                      ------        ------        -----        ------        ------        -----
</TABLE>

4. Stockholders' Equity

In the first quarter of 2001, the Company repurchased 187,500 shares of
outstanding common stock (now classified as treasury stock) at a cost of
$1,749,000. The Company had no repurchases of shares into treasury stock during
the first quarter of 2000.


                                       7
<PAGE>   8

                                 PART I - ITEM 2
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                     SPECTRALINK CORPORATION AND SUBSIDIARY

This Form 10-Q contains forward looking statements within the context of section
21E of the Securities Exchange Act of 1934, as amended. Each and every forward
looking statement involves a number of risks and uncertainties which are either
described in this report or in those risk factors specifically delineated and
described in Part 2 Item 7 of the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2000, which was filed with the U.S. Securities
and Exchange Commission on March 20, 2001 ("2000 Form 10-K"). The actual results
that the Company achieves may differ materially from those described in any
forward looking statement due to such risks and uncertainties. The Company has
identified by * BOLD FACE * various sentences within this Form 10-Q which are
believed to contain forward looking statements. Additionally, words such as
"believes", "anticipates", "expects", "intends", and similar expressions are
intended to identify forward looking statements, but are not the exclusive means
of identifying such statements. The Company undertakes no obligation to revise
any forward looking statements in order to reflect events or circumstances that
may arise after the date of this report.

BUSINESS DESCRIPTION

The Company commenced operations in April 1990 to design, manufacture and sell
unlicensed digital wireless telephone communication systems for businesses. The
Company's primary sales efforts are currently focused on home improvement and
other retail store chains, hospitals, nursing homes, distribution centers,
manufacturing facilities, corporate offices and education facilities. The
Company sells its systems in the United States, Canada, Mexico and Europe
through its direct sales force, telecommunications equipment distributors, and
certain specialty dealers. Effective December 23, 1999, the Company incorporated
SpectraLink International Corporation in Delaware, as a wholly owned subsidiary
of the Company.

Since inception, the Company has expended considerable effort and resources
developing its wireless telephone systems, building its direct and indirect
channels of distribution, and managing the effects of rapid growth. This rapid
growth has required the Company to significantly increase the scale of its
operations, including the hiring of additional personnel in all functional
areas, and has resulted in significantly higher operating expenses. THE COMPANY
ANTICIPATES THAT ITS OPERATING EXPENSES WILL CONTINUE TO INCREASE. EXPANSION OF
THE COMPANY'S OPERATIONS MAY CAUSE A SIGNIFICANT STRAIN ON THE COMPANY'S
MANAGEMENT, FINANCIAL AND OTHER RESOURCES. THE INABILITY OF THE COMPANY TO
MANAGE ADDITIONAL GROWTH, SHOULD IT OCCUR, COULD HAVE A MATERIAL ADVERSE EFFECT
ON THE COMPANY'S BUSINESS, FINANCIAL CONDITION AND RESULTS OF OPERATIONS.


                                       8
<PAGE>   9


RESULTS OF OPERATIONS

The following table sets forth unaudited results of operations for the three
month periods ended March 31, 2001 and 2000, as a percentage of net sales in
each of these periods. This data has been derived from unaudited consolidated
financial statements.

        Statement of Operations Data:

<TABLE>
<CAPTION>
                                                               THREE MONTHS ENDED MARCH 31,
                                                               ----------------------------
                                                                2001                 2000
                                                               ------               -------
<S>                                                            <C>                  <C>
        Product Sales, net                                      83.2%                84.2%
        Service Sales                                           16.8%                15.8%
          Net Sales                                            100.0%               100.0%
        Cost of Product Sales                                   22.7%                31.2%
        Cost of Service Sales                                    9.3%                 6.6%
          Total Cost of Sales                                   32.0%                37.8%
        Gross Profit                                            68.0%                62.2%
        Operating Expenses:
          Research and Development                               9.1%                 9.3%
          Marketing and Selling                                 36.6%                37.4%
          General and Administrative                             5.7%                 5.9%
        Total Operating Expenses                                51.4%                52.6%
        Income from Operations                                  16.6%                 9.6%
        Investment Income and Other, net                         3.1%                 3.4%
        Income Before Income Taxes                              19.7%                13.0%
        Income Tax Expense                                       7.4%                 4.9%
        Net Income                                              12.3%                 8.1%
</TABLE>


                                       9
<PAGE>   10

                     SPECTRALINK CORPORATION AND SUBSIDIARY
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000

Product Sales, net. The Company derives its product revenue principally from the
sale of wireless, on-premises telephone systems. Product sales for the three
months ended March 31, 2001, increased by 20% to $11,694,000 from $9,770,000 for
the same period last year. The increase in sales was mainly due to increased
product sales through dealers and distributors, and increased penetration of
commercial markets.

Service Sales. The Company derives its service revenue principally from the
installation and service of wireless, on-premises telephone systems. Service
sales for the three months ended March 31, 2001, increased by 29% to $2,369,000
from $1,832,000 for the same period last year. The increase in service sales was
mainly due to increased revenue from maintenance contracts and installations.

The customer mix shows a relatively equal increase in the percentage of indirect
sales compared to the decrease in the percentage of direct sales for the three
months ended March 31, 2001 and 2000. The following table details the sales to
different customer types as a percentage of total net sales:

Customer Mix Table

<TABLE>
<CAPTION>
                           (As a Percentage of Net Sales):
                           Three Months Ended March 31,

                            2001                     2000
                           ------                   ------
<S>                        <C>                      <C>
Customer Type:
Direct Sales                 27.9%                   39.6%
Indirect Sales               55.3%                   44.7%
Service Sales                16.8%                   15.7%
                           ------                  ------
Total Net Sales             100.0%                  100.0%
                           ======                  ======
</TABLE>

The following table summarizes sales to major customers:

Sales to Major Customers

<TABLE>
<CAPTION>
                            (As a Percentage of Net Sales):
                             Three Months Ended March 31,

                             2001                     2000
                            ------                   ------
<S>                         <C>                      <C>
Customer Name:
Customer A:                   10.3%                    1.4%
Customer B:                     --                    15.9%
</TABLE>

No other customers accounted for 10% or more of sales in any of these periods.

Gross Profit. The Company's cost of sales consists primarily of direct material,
direct labor, service expenses, and manufacturing overhead. Gross profit
increased by 33% to $9,568,000 for the three months ended March 31, 2001, from
$7,215,000 for the same period last year. For the three months ended March 31,
2001, gross profit margin (gross profit as a percentage of net sales) increased
to 68.0% from 62.2% in the same period last year. The increase in gross profit
margin as a percentage of sales was mainly due to increase in sales, lower
material cost and a product mix favoring large systems and sales to the
commercial market.

Research and Development. Research and development expenses consist primarily of
employee costs, professional services and supplies necessary to develop, enhance
and reduce the cost of the Company's systems. Research and development expenses
increased by 18% to $1,275,000 for the three months ended March 31, 2001, from
$1,078,000 for the same period last year, representing 9.1% and 9.3%,
respectively, of net sales. THE COMPANY EXPECTS TO MAINTAIN ITS CURRENT LEVEL OF
SPENDING ON RESEARCH AND DEVELOPMENT AS A PERCENTAGE OF REVENUE. Research and
development expenses in both periods were associated with new product
development, improvements to existing products, and manufacturing process
improvements. The decrease in the percent of sales was due to economies of scale
resulting from increased sales.


                                       10
<PAGE>   11

                     SPECTRALINK CORPORATION AND SUBSIDIARY
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000


Marketing and Selling. Marketing and selling expenses consist primarily of
salaries and other expenses for personnel, commissions, travel, advertising,
trade shows and market research. Sales and marketing expenses increased by 19%
to $5,151,000 for the three months ended March 31, 2001, from $4,337,000 for the
same period last year, representing 36.6% and 37.4%, respectively, of net sales.
The increase in dollars spent was primarily due to developing the education
market, enhancing the indirect sales channel, as well as adding sales and
marketing personnel to increase sales and market penetration in North America
and Europe. The decrease in percent of sales was due to economies of scale
resulting from increased sales.

General and Administrative. General and administrative expenses consist
primarily of salaries and other expenses for management, finance, accounting,
contract administration, order processing, investor relations, and human
resources, as well as legal and other professional services. General and
administrative expenses increased by 18% to $805,000 for the three months ended
March 31, 2001, from $684,000 for the same period last year, representing 5.7%
and 5.9%, respectively, of net sales. The increase was primarily a result of
increasing the Company's infrastructure to support a higher volume of sales and
future growth, which resulted in increased salaries, and general business
matters. The decrease in percent of sales was due to economies of scale
resulting from increased sales.

Investment Income and Other (Net). Investment income is the result of the
Company's investments in money market, investment-grade debt securities,
government securities, and corporate bonds. Investment income and other
increased by 11% to $441,000 for the three months ended March 31, 2001, from
$398,000 for the same period last year, representing 3.1% and 3.4%,
respectively, of net sales. The increase in investment income and other was
primarily due to an increase in investment balances. The decrease in percent of
sales was due to economies of scale resulting from increased sales.

Income Tax. The Company's income tax expense was $1,041,000 for the three months
ended March 31, 2001, compared to $568,000 for the same period last year. The
increase was primarily related to increased sales and income from operations of
the Company.

The Company's operating expenses are based in part on its expectations of future
sales, and the Company's expense levels are generally determined in advance of
sales. THE COMPANY CURRENTLY PLANS TO CONTINUE TO EXPAND AND INCREASE ITS
OPERATING EXPENSES IN AN EFFORT TO GENERATE AND SUPPORT ADDITIONAL FUTURE
REVENUE. If sales do not materialize in a quarter as expected, the Company's
results of operations for that quarter would be adversely affected. Net income
may be disproportionately affected by a reduction of revenues because only a
small portion of the Company's expenses varies with its revenue.

LIQUIDITY AND CAPITAL RESOURCES

Since its inception, the Company has funded its operations with cash provided by
operations, supplemented by equity financing and leases on capital equipment. As
of March 31, 2001, the Company had $30,319,000 of cash, cash equivalents and
investments in marketable securities.

For the three months ended March 31, 2001, the Company generated cash from
operations of $219,000, which was a direct result of net income of $1,737,000,
reduced by changes in the Company's increases in accounts receivable and
inventory. Investing activities provided cash of $1,115,000 consisting primarily
of maturities of investments in marketable securities, net of reinvestments and
purchases of property and equipment of $401,000. The Company used $1,293,000 of
cash in financing activities during the three months ended March 31, 2001, which
was a direct result of purchases of 187,500 shares of outstanding common stock
(now classified as treasury stock) at a cost of $1,749,000. The use of cash to
repurchase common stock was offset by proceeds of $456,000 received from stock
option exercises.

As of March 31, 2001, the Company had working capital of $48,967,000 compared to
$49,339,000 at December 31, 2000. The decrease in working capital occurred
primarily from purchases of long-term investments in marketable securities and
repurchases of common stock offset by cash flows from operations. As of March
31, 2001, the Company's current ratio (ratio of current assets to current
liabilities) was 7.1:1, compared with a current ratio of 6.9:1 as of December
31, 2000.

THE COMPANY BELIEVES THAT ITS CURRENT CASH, CASH EQUIVALENTS AND INVESTMENTS
(INCLUDING INVESTMENTS IN MARKETABLE SECURITIES WITH MATURITIES GREATER THAN ONE
YEAR AND THEREFORE CLASSIFIED AS LONG-TERM ASSETS), AND CASH GENERATED FROM
OPERATIONS WILL BE SUFFICIENT, BASED ON THE COMPANY'S PRESENTLY ANTICIPATED
NEEDS, TO


                                       11
<PAGE>   12

FUND NECESSARY CAPITAL EXPENDITURES, TO PROVIDE ADEQUATE WORKING CAPITAL, AND TO
FINANCE THE COMPANY'S EXPANSION FOR THE FORESEEABLE FUTURE. THERE CAN BE NO
ASSURANCE, HOWEVER, THAT THE COMPANY WILL NOT REQUIRE ADDITIONAL FINANCING.
THERE CAN BE NO ASSURANCE THAT ANY ADDITIONAL FINANCING WILL BE AVAILABLE TO THE
COMPANY ON ACCEPTABLE TERMS, OR AT ALL, WHEN REQUIRED BY THE COMPANY. IF EQUITY
SECURITIES ARE ISSUED TO RAISE ADDITIONAL FUNDS, FURTHER DILUTION TO THE
EXISTING STOCKHOLDERS WILL RESULT.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Statement of Financial Accounting Standards No. 140

In September 2000, the FASB issued SFAS No. 140, "Accounting for Transfers and
Servicing of Financial Asset and Extinguishments of Liabilities". SFAS No. 140
provides accounting and reporting standards for transfers and servicing of
financial assets and extinguishments of liabilities. It is effective for
transfers and servicing of financial assets and extinguishments of liabilities
occurring after March 31, 2001, and is effective for recognition and
reclassification of collateral and for disclosures relating to securitization
transactions and collateral for fiscal years ending after December 15, 2000. THE
COMPANY DOES NOT BELIEVE THAT THIS STATEMENT WILL MATERIALLY IMPACT ITS RESULTS
OF OPERATIONS.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Market risk represents the risk of loss that may impact the financial position,
results of operations or cash flows of the Company due to adverse changes in
financial and commodity market prices and rates. The Company is exposed to
market risk in the areas of changes in United States interest rates. These
exposures are directly related to its normal operating and funding activities.
As of March 31, 2001, the Company has not used derivative instruments or engaged
in hedging activities.

INTEREST RATE RISK

As part of the Company's cash management strategy, at March 31, 2001, the
Company had short-term investments of $8,471,000 and long-term investments of
$1,014,000 consisting mainly of U.S. Treasury and government agency securities
and corporate debt securities. The Company has the intent and the ability to
hold these investments to maturity and thus have classified these investments,
which are stated at amortized cost as "held-to-maturity". The Company has
completed a market risk sensitivity analysis of these investments based on an
assumed 1% increase in interest rates. If market interest rates had increased 1%
during the three months ended March 31, 2001, the Company would have experienced
an unrealized loss of approximately $26,000 on these investments. This is only
an estimate. Any actual loss due to an increase in interest rates could differ
from this estimate.


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SPECTRALINK CORPORATION


Part II           Other Information

     Item 6       Exhibits and Reports on Form 8-K

                  (a)  Exhibits

                       No exhibits are filed with this Report. Exhibits filed
                       with the Company's 2000 Form 10-K constitute those
                       exhibits currently required to be on file. The reader
                       should refer to the 2000 Form 10-K under Part IV, Item
                       14, for a list of those exhibits.


                  (b)  Reports on Form 8-K

                       No reports on Form 8-K were filed during the quarter
                       for which this report is filed.



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                             SPECTRALINK CORPORATION
                                   SIGNATURES


In accordance with the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                     SPECTRALINK CORPORATION


Date:  May 1, 2001                   By: /s/ NANCY K. HAMILTON
                                     Nancy K. Hamilton,
                                     Principal Financial and Accounting Officer
                                     and on behalf of the Registrant



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