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Forbes Magazine Names SM&A Corporation One of America's 'Hottest' 200 Small Companies

                         Ranks #2 in Return on Equity

    NEWPORT BEACH, Calif., Oct. 28 /PRNewswire/ -- SM&A Corporation
(Nasdaq: WINS), the nation's premier provider of integrated proposal
management, systems engineering and information technology solutions, today
announced it was named to Forbes Magazines' 200 Best Small Companies list.
Forbes magazine publishes the 200 Best Small Companies article once a year.
SM&A ranked number 35 on the list, but was ranked 2nd in the category of
5 year return on equity.
    To even be considered for this distinction, a company must meet Forbes'
extremely rigorous financial performance guidelines that measure "growth and
profitability over the past five years and the latest 12 months."  SM&A met
that criteria with its 125% average five year EPS growth rate coupled with its
33% EPS growth rate for the latest 12 months.  Additional financial metrics
cited by Forbes were SM&A's return on equity of more than 100% on average for
the past five years and 18% for the trailing 12 month period.
    "The investing community relies on periodicals like Forbes to generate
ideas about their next investment objective," said Michael Piraino, President
and Chief Operating Officer of SM&A Corp.  "Our inclusion in the Forbes' 200
Best Small Companies list should serve to broaden the company's exposure to
the investment community.  And, not only is this testament to the quality of
our historic performance, but it also serves to validate our growth strategy.
We have demonstrated a solid track record and what we believe to be a
compelling growth story, and we greatly appreciate the recognition we have now
received from Forbes," concluded Mr. Piraino.

    About SM&A
    With over 760 highly talented employees, representing growth of over 21%
so far this year, SM&A provides integrated proposal management and strategy
support, high-end systems engineering, program integration and information
technology products and services to aerospace, defense, communications, and
engineering companies.  Statements herein concerning the company's growth and
strategies may include forward-looking statements.  The company's actual
results may differ materially from those suggested as a result of various
factors, including, without limitation, the company's ability to recruit and
retain qualified technical personnel; identify, acquire, and integrate
suitable acquisition candidates; obtain sufficient working capital to support
such growth; and compete successfully with existing and future competitors.
Interested parties should refer to the disclosure set forth under the caption
"Risk Factors" and elsewhere in the company's Form 10-K for the year ended
December 31, 1998 and Form 10-Q for the quarter ended September 30, 1999, for
additional information regarding risks affecting the company's financial
condition and results of operations.  Additional information on SM&A is now
available via the Internet's World Wide Web at http://www.smawins.com .  For
more investor information via facsimile, please call1-800-PRO-INFO and enter
client code SM&A.


SOURCE SM&A Corporation




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Related links:
  • http://www.smawins.com
    CONTACT:
    Michael A. Piraino, President and COO of SM&A
    Corporation, 949-975-1550