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COLUMBIA, MD -- (Marketwire) -- 07/31/12 -- Sourcefire, Inc. (NASDAQ: FIRE), a leader in intelligent cybersecurity solutions, today announced financial results for its fiscal second quarter ended June 30, 2012.

"Strong demand for our core next-generation IPS offering powered by the FirePOWER platform and our growing distribution capability continue to drive our positive financial results," said Marty Roesch, Chief Technology Officer and Interim CEO of Sourcefire. "In the real world, rapid change is the current state-of-play for IT environments and companies require awareness and context about their environment in order to more effectively protect their enterprise. Our expanded set of solutions is a significant enabler that allows our customers to see more, and thus protect more. We will continue to invest in innovation and our go-to-market initiatives, and we remain confident in our ability to drive significant levels of growth."

Financial Summary

• Total Revenue - Revenue for the second quarter of 2012 was $50.6 million compared to $36.5 million in the second quarter of 2011, an increase of 39%.
  
  
• GAAP Net Income - Net income was $1.1 million for the second quarter of 2012, or $0.04 per diluted share, on the basis of generally accepted accounting principles (GAAP), compared with GAAP net loss of $0.4 million, or a loss of $0.01 per diluted share, in the second quarter of 2011.
  
  
• Adjusted Net Income - Adjusted net income for the second quarter of 2012, which excludes stock-based compensation expense, amortization of acquired intangible assets and other acquisition-related expenses, and includes an assumed tax rate of 35%, was $4.9 million, or $0.16 per diluted share. This compares to adjusted net income of $2.4 million, or $0.08 per diluted share, for the second quarter of 2011, which excludes stock-based compensation expense, amortization of acquired intangible assets and other acquisition-related expenses, and includes an assumed tax rate of 35%.
  
  
• Cash and Cash Flow - As of June 30, 2012, the Company's cash, cash equivalents and investments totaled $181.9 million. For the second quarter of 2012, net cash provided by operating activities was $2.6 million and the Company generated free cash flow of $1.1 million.

Recent Company Highlights

Revenue Growth

• Increased U.S. commercial revenue to $27.6 million, up 31% over 2Q11.
• Increased international revenue to $14.7 million, up 55% over 2Q11.
• Increased U.S. federal sector revenue to $8.3 million, up 43% over 2Q11.

Innovation & Recognition

• Positioned as a leader and the most visionary vendor in Gartner's Magic Quadrant for Intrusion Prevention Systems.
• Positioned as the leader in the NSS Labs' first Security Value Map (SVM) for Intrusion Prevention Systems (IPS) based on security effectiveness and total cost of ownership (TCO).
• Expanded the FireAMP product line by launching FireAMP Mobile, one of the first products that identifies and remediates advanced malware using big data analytics and delivers real-time visibility and the control needed to secure against threats targeting Android-based devices.
• Announced new advancements for delivering increased visibility and control to help enterprises protect against advanced threats that result from mobility and Bring Your Own Device (BYOD) challenges. The combination of FireSIGHT® and the newly introduced FireAMP™ Mobile solution provide organizations with Information Superiority that helps them identify mobile devices connecting to the network, determine whether a device is at risk and then take measures to protect it.

Third Quarter 2012 Outlook

Based on information as of July 31, 2012, Sourcefire expects revenue for the third quarter of 2012 in the range of $54.0 million to $56.0 million, net income per diluted share in the range of $0.04 to $0.06 and, on an adjusted basis, net income per diluted share in the range of $0.19 to $0.21. Sourcefire's expectation of adjusted net income per diluted share excludes stock-based compensation expense of $7.2 million to $7.4 million and amortization of acquired intangible assets of approximately $0.3 million, and includes an assumed 35% tax rate.

Non-GAAP Measures

To supplement its consolidated financial statements presented in accordance with GAAP, Sourcefire considers certain financial measures that are not prepared in accordance with GAAP, including non-GAAP adjusted net income, adjusted net income per share, adjusted income from operations, adjusted income from operations as a percentage of revenue and free cash flow.

Sourcefire uses these non-GAAP measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating the Company's ongoing operational performance and enhancing an overall understanding of its past financial performance, because they help to show underlying trends in the Company's business that otherwise may not be evident because of the effect of the expenses excluded in these measures. Sourcefire uses these non-GAAP measures internally, and believes they are useful to investors in evaluating the performance of its business. Furthermore, the Company uses many of these measures to establish budgets and operational goals for managing its business.

Adjusted Net Income, Adjusted Net Income per Share, Adjusted Income from Operations and Adjusted Income from Operations as a Percentage of Revenue: In evaluating the operating performance of its business, Sourcefire excludes certain charges and credits that are required by GAAP. These non-GAAP measures exclude (i) stock-based compensation, which does not involve the expenditure of cash, (ii) amortization of acquisition-related intangible assets, which does not involve the expenditure of cash, and (iii) other acquisition-related expenses, which are unrelated to the ongoing operation of the Company's business in the ordinary course. For 2012 Sourcefire expects non-GAAP results to be adjusted to reflect the effect of an assumed tax rate of 35%. Sourcefire believes this adjustment provides useful information to both management and investors because it normalizes the tax rate and approximates the Company's expected full year GAAP tax rate.

Free Cash Flow: Sourcefire defines free cash flow as net cash provided by operating activities minus capital expenditures. The Company considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the purchase of property and equipment, can be used for strategic opportunities, including investing in the business, making strategic acquisitions and strengthening the balance sheet.

These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The non-GAAP measures included in this press release have been reconciled to the nearest GAAP measure in the table following the financial statements attached to this press release.

Conference Call and Webcast

On Tuesday, July 31, 2012 at 5:00 p.m. Eastern Time, Sourcefire will host a conference call to review these results. A listen-only web cast of the session will be available at http://investor.sourcefire.com.

Those wishing to participate in the live session should use the following numbers to dial in:

Calling from the United States or Canada: (877)-712-7037
Calling from other countries: (253) 237-1122
Pass code: 97853114

An online replay will be available at http://investor.sourcefire.com following the completion of the live call and will remain available for at least 90 days.

About Sourcefire

Sourcefire, Inc. (NASDAQ: FIRE), a world leader in intelligent cybersecurity solutions, is transforming the way global large- to mid-size organizations and government agencies manage and minimize network security risks. With solutions from a next-generation network security platform to advanced malware protection, Sourcefire provides customers with Agile Security® that is as dynamic as the real world it protects and the attackers against which it defends. Trusted for more than 10 years, Sourcefire has been consistently recognized for its innovation and industry leadership with numerous patents, world-class research, and award-winning technology. Today, the name Sourcefire has grown synonymous with innovation, security intelligence and agile end-to-end security protection. For more information about Sourcefire, please visit www.sourcefire.com.

Sourcefire, the Sourcefire logo, Snort, the Snort and Pig logo, ClamAV, FireAMP, FirePOWER, FireSIGHT and certain other trademarks and logos are trademarks or registered trademarks of Sourcefire, Inc. in the United States and other countries. Other company, product and service names may be trademarks or service marks of others.

Cautionary Language Concerning Forward-Looking Statements

The statements contained in this release that are not historical facts are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. These statements include expectations regarding financial results for the third quarter of 2012 and expectations of future growth.

Management cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and/or achievements of Sourcefire, Inc. may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements as a result of a number of factors. These factors include, without limitation, the fact that the outlook for the third quarter of 2012 and expectations of future growth could change, the risk that the medical leave of absence for the CEO, announced on July 2, 2012, could disrupt the Company's business and also include, without limitation, those risks and uncertainties described from time to time in the reports filed by Sourcefire, Inc. with the U.S. Securities and Exchange Commission. Sourcefire, Inc. undertakes no obligation to update any forward-looking statements.

                              Sourcefire, Inc.
                   Consolidated Statements of Operations
              (in thousands, except share and per share data)


                            Three Months Ended         Six Months Ended
                                  June 30,                 June 30,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         ------------ -----------  ------------ -----------
Revenue:                  (unaudited) (unaudited)   (unaudited) (unaudited)
  Products               $     29,794 $    20,857  $     55,487 $    36,655
  Technical support and
   professional services       20,804      15,597        41,413      30,581
                         ------------ -----------  ------------ -----------
    Total revenue              50,598      36,454        96,900      67,236
                         ------------ -----------  ------------ -----------
Cost of revenue:
  Products                      8,682       6,036        17,171      10,771
  Technical support and
   professional services        2,837       2,158         5,270       4,020
                         ------------ -----------  ------------ -----------
    Total cost of
     revenue                   11,519       8,194        22,441      14,791
                         ------------ -----------  ------------ -----------

Gross profit                   39,079      28,260        74,459      52,445

Operating expenses:
  Research and
   development                 10,661       8,074        20,089      15,036
  Sales and marketing          19,764      15,198        38,968      29,276
  General and
   administrative               5,911       4,692        11,355       9,365
  Depreciation and
   amortization                 1,133         923         2,317       1,888
                         ------------ -----------  ------------ -----------
    Total operating
     expenses                  37,469      28,887        72,729      55,565
                         ------------ -----------  ------------ -----------

Income (loss) from
 operations                     1,610        (627)        1,730      (3,120)
Other income (expense),
 net                               11         (52)            8         (58)
                         ------------ -----------  ------------ -----------
Income (loss) before
 income taxes                   1,621        (679)        1,738      (3,178)
Provision (benefit) for
 income taxes                     508        (280)          558      (3,239)
                         ------------ -----------  ------------ -----------
Net income (loss)        $      1,113 $      (399) $      1,180 $        61
                         ============ ===========  ============ ===========

Net income (loss) per
 share - basic           $       0.04 $     (0.01) $       0.04 $      0.00
Net income (loss) per
 share - diluted         $       0.04 $     (0.01) $       0.04 $      0.00

Weighted average shares outstanding
 used in computing per share amounts:
  Basic                    29,714,500  28,537,437    29,470,671  28,387,427
  Diluted                  30,961,421  28,537,437    30,669,716  29,286,095

Stock-based compensation expense for the three and six months ended June
 30, 2012 and 2011 is included in the Consolidated Statements of Operations
 as follows (in thousands):

                             Three Months Ended         Six Months Ended
                                  June 30,                  June 30,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         ------------ -----------  ------------ -----------
                          (unaudited) (unaudited)   (unaudited) (unaudited)
Cost of revenue
 (product)               $         93 $        62  $        171 $       121
Cost of revenue
 (services)                       211         109           377         219
                         ------------ -----------  ------------ -----------
  Stock-based comp
   expense included in
   cost of revenue                304         171           548         340

Research and development        1,184         803         2,156       1,500
Sales and marketing             2,137       1,384         3,883       2,708
General and
 administrative                 1,244         952         2,389       1,945
                         ------------ -----------  ------------ -----------
  Stock-based comp
   expense included in
   operating expenses           4,565       3,139         8,428       6,153
                         ------------ -----------  ------------ -----------
Total stock-based
 compensation expense    $      4,869 $     3,310  $      8,976 $     6,493
                         ------------ -----------  ------------ -----------



                              Sourcefire, Inc.
                   Condensed Consolidated Balance Sheets
                               (in thousands)

                                                   June 30,    December 31,
                                                     2012          2011
                                                 ------------  ------------
Assets                                            (unaudited)   (unaudited)
    Cash and cash equivalents                    $     77,537  $     59,407
    Investments                                       104,388        98,407
    Accounts receivable, net                           47,065        54,914
    Inventory                                           5,868         4,285
    Deferred tax assets                                11,320        11,339
    Prepaid expenses and other current assets           8,249         7,718
    Property and equipment, net                        13,874        12,233
    Goodwill                                           15,000        15,000
    Intangible assets, net                              5,139         5,822
    Other long-term assets                             19,042        14,802
                                                 ------------  ------------
    Total assets                                 $    307,482  $    283,927
                                                 ============  ============

Liabilities
    Accounts payable and accrued expenses        $     21,919  $     23,237
    Deferred revenue                                   67,226        61,570
    Other liabilities                                   1,361         1,263
                                                 ------------  ------------
    Total liabilities                                  90,506        86,070
                                                 ------------  ------------

Stockholders' Equity
    Common stock                                           29            28
    Additional paid-in capital                        231,315       213,402
    Accumulated deficit                               (14,369)      (15,549)
    Accumulated other comprehensive income
     (loss)                                                 1           (24)
                                                 ------------  ------------
    Total stockholders' equity                        216,976       197,857
                                                 ------------  ------------

    Total liabilities and stockholders' equity   $    307,482  $    283,927
                                                 ------------  ------------


                              Sourcefire, Inc.
              Condensed Consolidated Statements of Cash Flows
                               (in thousands)

                             Three Months Ended        Six Months Ended
                                  June 30,                 June 30,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)

Net income (loss)        $     1,113  $      (399) $     1,180  $        61

Adjustments to reconcile
 net income to net cash
 provided by (used in)
 operating activities          1,521       (6,946)      21,131         (148)
                         -----------  -----------  -----------  -----------

Net cash provided by
 (used in) operating
 activities                    2,634       (7,345)      22,311          (87)

Net cash used in
 investing activities         (7,573)      (9,815)     (13,109)     (17,893)


Net cash provided by
 financing activities          5,087        1,879        8,928        2,560
                         -----------  -----------  -----------  -----------

Net increase (decrease)
 in cash and cash
 equivalents                     148      (15,281)      18,130      (15,420)

Cash and cash
 equivalents at
 beginning of period          77,389       54,271       59,407       54,410
                         -----------  -----------  -----------  -----------

Cash and cash
 equivalents at end of
 period                  $    77,537  $    38,990  $    77,537  $    38,990
                         -----------  -----------  -----------  -----------



                              Sourcefire, Inc.
                Reconciliation of Non-GAAP Measures to GAAP
              (in thousands, except share and per share data)


                              Three Months Ended       Six Months Ended
                                   June 30,                June 30,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)
Reconciliation of
 adjusted income from
 operations:
  GAAP income (loss)
   from operations       $     1,610  $      (627) $     1,730  $    (3,120)
  Amortization of
   acquisition-related
   intangible assets             342          252          684          504
  Other acquisition-
   related expenses*             769          667        1,436        1,456
  Stock-based
   compensation expense        4,869        3,310        8,976        6,493
                         -----------  -----------  -----------  -----------
  Adjusted income from
   operations            $     7,590  $     3,602  $    12,826  $     5,333
                         ===========  ===========  ===========  ===========

  Adjusted income from
   operations as % of
   total revenue                15.0%         9.9%        13.2%         7.9%

Reconciliation of
 adjusted net income:
  GAAP net income (loss) $     1,113  $      (399) $     1,180  $        61
  Stock-based
   compensation expense        4,869        3,310        8,976        6,493
  Amortization of
   acquisition-related
   intangible assets             342          252          684          504
  Other acquisition-
   related expenses**            769          781        1,436        1,684
  Tax credit for
   research and
   experimentation                 -            -            -       (2,001)
  Income tax
   adjustment***              (2,152)      (1,562)      (3,934)      (3,164)
                         -----------  -----------  -----------  -----------
  Adjusted net income    $     4,941  $     2,382  $     8,342  $     3,577
                         ===========  ===========  ===========  ===========

  Adjusted net income
   per share - basic     $      0.17  $      0.08  $      0.28  $      0.13
  Adjusted net income
   per share - diluted   $      0.16  $      0.08  $      0.27  $      0.12

  Weighted average
   number of shares -
   basic                  29,714,500   28,537,437   29,470,671   28,387,427
  Weighted average
   number of shares -
   diluted                30,961,421   29,391,215   30,669,716   29,286,095

* Includes the accrual of retention obligations related to the hiring of
 former Immunet employees and other acquisition-related costs
** Includes the accrual of retention obligations related to the hiring of
 former Immunet employees, the increase in the fair value of acquisition-
 related contingent consideration and other acquisition-related costs.
*** Income tax adjustment is used to adjust the GAAP provision for income
 taxes to a Non-GAAP provision for income taxes utilizing an estimated tax
 rate of 35%.


Reconciliation of net cash provided by (used in) operating activities to
 free cash flow:

                             Three Months Ended         Six Months Ended
                                  June 30,                  June 30,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)

Net cash provided by
 (used in) operating
 activities              $     2,634  $    (7,345) $    22,311  $       (87)
Purchase of property and
 equipment                    (1,534)      (1,441)      (4,076)      (2,714)
                         -----------  -----------  -----------  -----------
Free Cash Flow           $     1,100  $    (8,786) $    18,235  $    (2,801)
                         -----------  -----------  -----------  -----------



                              Sourcefire, Inc.
                        Supplemental Operating Data


                             Three Months Ended        Six Months Ended
                                   June 30,                June 30,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)

Number of deals in
 excess of $500,000               13           10           25           22
Number of deals in
 excess of $100,000               83           67          162          120
Number of new customers           98           96          182          160
Percentage of channel-
 influenced deals                 43%          51%          47%          50%
Total channel partners           691          469
Number of full-time
 employees at end of
 period                          519          426

Revenue Composition by
 Geography:
United States                     71%          74%          69%          73%
International                     29%          26%          31%          27%
                         -----------  -----------  -----------  -----------
  Total                          100%         100%         100%         100%
                         ===========  ===========  ===========  ===========

Revenue Composition by Business
 Distribution:
Existing customer
 product revenue                  41%          40%          38%          40%
New customer product
 revenue                          18%          17%          20%          15%
Recurring support
 services revenue                 38%          40%          39%          42%
Professional services
 revenue                           3%           3%           3%           3%
                         -----------  -----------  -----------  -----------
  Total                          100%         100%         100%         100%
                         -----------  -----------  -----------  -----------

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