Glass Lewis Endorses SM&A Board; Recommends Shareholders Vote White Card

  
    
  
  
    
      SM&A (NASDAQ:WINS) today reported that Glass Lewis & Co., a leading 
      proxy advisory firm, recommends that shareholders vote for 
      all nine of the Company’s nominees at the 
      annual meeting on Friday, May 23, 2008. Glass Lewis recommends 
      shareholders use the WHITE proxy card mailed to them by SM&A when voting 
      and not to vote the gold proxy 
      card provided by Myers.
    
    
      In reaching their conclusion, Glass Lewis noted, “….considering 
      the recent turnover within the Company’s 
      executive team and the impact of certain non-operational charges on the 
      Company’s 2007 earnings, we believe that 
      withholding votes from management’s nominees 
      appears premature.” In this regard, they went 
      on to state that “[g]iven 
      the recent turmoil surrounding the Company’s 
      management team, we are concerned that the installation of four 
      dissident nominees on the board could add further uncertainty to the 
      Company’s strategic direction.”
    
    
      In commenting on SM&A’s operating 
      performance, Glass Lewis stated, “We note 
      that the Company’s operational performance 
      has shown growth in some areas over the past year. Revenues for fiscal 
      2007 were approximately 37% higher than fiscal 2006 revenues. Net income 
      grew by approximately 72.7% from fiscal 2006 to 2007. In addition, the 
      company’s EBITDA margin, net margin, return 
      on equity, and return on assets on an annual basis all improved from 
      fiscal 2006 to 2007.”
    
    
      Dwight Hanger, Chairman of the Board of Directors of SM&A, stated, “The 
      Board of Directors is pleased that an authoritative independent advisory 
      organization such as Glass Lewis has recommended that SM&A shareholders 
      vote for all nine of the Company’s 
      nominees at SM&A’s upcoming annual 
      meeting. We are also pleased that they recognize the growth in our 
      operational performance and the impact of non-operational charges to our 
      financial results. While the Board shares Glass Lewis’ 
      concern over the stock price, we are confident that management has now 
      sufficiently dealt with the legacy issues from the Myers era that the 
      company will be on an upward trajectory from this point forward -- on 
      the strength of our team and our strategic plan. Once this proxy contest 
      is behind us we look forward to getting back to business full time and 
      focusing on our top priority – building 
      shareholder value.”
    
    
      
        
          
            We urge you to Vote your White Proxy Card today to
          
        
      
      
        
          
            re-elect your current Board and
          
        
      
      
        
          
            empower them to continue to guide SM&A to future success.
          
        
      
      
        
           
        
      
      
        
          
            The Stockholder meeting will be on Friday, May 23, 2008 with 
            stockholders of record as of April 9, 2008 eligible to vote.
          
        
      
      
        
           
        
      
      
        
          If you have any questions or need assistance in voting, contact
        
      
      
        
          MacKenzie Partners, Inc.
        
      
      
        
          Toll-Free: [phone]
        
      
      
        
          
            [e-mail]
          
        
      
      
        
           
        
      
      
        
          Please discard and do not sign any gold proxy cards sent to you by 
          Myers.
        
      
    
    
      About SM&A
    
    
      SM&A is the world's foremost management consulting firm providing 
      leadership and mentoring solutions to PLAN for business capture, WIN 
      competitive procurements and profitably PERFORM on the projects and 
      programs won. Our proven processes, people and tools have delivered 
      significant top-line and bottom-line growth across markets, products and 
      services. From the largest aerospace and defense contractors, through 
      the major software providers, to healthcare and financial/audit service 
      providers, SM&A is the partner many companies turn to WHEN THEY MUST WIN.
    
    
      All stockholders of SM&A are advised to read the definitive proxy 
      statement and other documents related to the solicitation of proxies by 
      SM&A for use at the 2008 annual meeting of stockholders of SM&A. They 
      contain important information regarding the election of directors and 
      other matters. The definitive proxy statement and form of proxy have 
      been mailed to stockholders of record of SM&A along with other relevant 
      documents. They are available at no charge on the SEC’s 
      website at http://www.sec.gov In 
      addition, SM&A will provide copies of the definitive proxy statement 
      without charge upon request.
    
    
      Some statements made in this news release refer to future actions, 
      strategies, or results that involve a number of risks and uncertainties. 
      Any number of factors could cause actual results to differ materially 
      from expectations, including a shift in demand for SM&A's Competition 
      Management and Program services; fluctuations in the size, timing, and 
      duration of client engagements; delays, cancellations, or shifts in 
      emphasis for competitive procurement activities; declines in future 
      defense, information technology, homeland security, new systems, and 
      research and development expenditures, and other risk factors listed in 
      SM&A's SEC reports, including the report on Form 10-K for the year ended 
      December 31, 2007. Actual results may differ materially from those 
      expressed or implied. The company does not undertake any duty to update 
      forward-looking statements.