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COLUMBIA, MD -- (Marketwire) -- 11/01/12 -- Sourcefire, Inc. (NASDAQ: FIRE), a leader in intelligent cybersecurity solutions, today announced financial results for its fiscal third quarter ended September 30, 2012.

"Sourcefire achieved record revenue for the third quarter. We saw broad based strength across our business driven by our market-leading FirePOWER platform and our growing distribution capabilities," said Marty Roesch, interim CEO of Sourcefire. "Today's sophisticated threats require an approach that provides continuous capability across all phases of an attack; before it begins, during the time it is in progress and even after it is missed by other defenses. Our threat centric approach addresses the full attack continuum and drives our innovation, resulting in more effective protection for our customers. This, combined with the investments we are making in our go-to-market strategy, is enabling us to achieve significant levels of growth."

Financial Summary

• Total Revenue - Revenue for the third quarter of 2012 was $58.8 million compared to $45.2 million in the third quarter of 2011, an increase of 30%.
  
  
• GAAP Net Income - Net income was $1.2 million for the third quarter of 2012, or $0.04 per diluted share, on the basis of generally accepted accounting principles (GAAP), compared with GAAP net income of $2.0 million, or $0.07 per diluted share, in the third quarter of 2011.
  
  
• Adjusted Net Income - Adjusted net income for the third quarter of 2012, which excludes stock-based compensation expense and amortization of acquired intangible assets, and includes an assumed tax rate of 35%, was $7.6 million, or $0.25 per diluted share. This compares to adjusted net income of $5.7 million, or $0.19 per diluted share, for the third 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 September 30, 2012, the Company's cash, cash equivalents and investments totaled $188.5 million. For the third quarter of 2012, net cash provided by operating activities was $3.7 million and the Company generated free cash flow of $1.6 million.
  

Recent Company Highlights

Revenue Growth

• Increased U.S. commercial revenue to $24.7 million, up 31% over 3Q11.
  
  
• Increased international revenue to $17.7 million, up 69% over 3Q11.
  
  
• Increased U.S. federal sector revenue to $16.4 million, up 4% over 3Q11.
  

Innovation & Recognition

• Announced that FirePOWER appliance excelled in the most recent independent NSS Labs Next-Generation Firewall (NGFW) product analysis -- the industry's most rigorous NGFW testing available to date. The FirePOWER 8250 NGFW protected against 99% of all attacks, demonstrated superior performance and delivered best-in class total cost of ownership.
  
  
• Introduced the latest solutions to address critical customer needs for virtualized security -- FireAMP™ Virtual and Virtual Next-Generation Intrusion Prevention Systems (NGIPS) with application control. These new solutions deliver Information Superiority by providing large enterprises and government organizations the visibility and control required to address the dynamic nature of constantly changing virtual deployments and evolving threats targeting those systems.
  
  
• Announced that Sourcefire Next-Generation Intrusion Prevention Systems (NGIPS) have been named to the U.S. Department of Defense (DoD) Unified Capability Approved Products List (UC APL).
  
  
• Commenced Sourcefire Chalk Talks, a complimentary collection of informative cybersecurity videos. The ongoing series will provide viewers with deeper, unbiased knowledge on essential cybersecurity topics, initially focusing on malware and network security.
  

Fourth Quarter and Full Year 2012 Outlook

Based on information as of October 30, 2012, Sourcefire expects revenue for the fourth quarter of 2012 in the range of $62.0 million to $64.0 million, net income per diluted share in the range of $0.03 to $0.05 and, on an adjusted basis, net income per diluted share in the range of $0.27 to $0.29. Sourcefire's expectation of adjusted net income per diluted share excludes stock-based compensation expense of $10.0 million to $10.2 million (inclusive of $3.7 million of expense due to vesting acceleration of restricted shares in connection with the retirement of the Company's former CEO) and amortization of acquired intangible assets of approximately $0.3 million, and includes an assumed 35% tax rate.

For fiscal year 2012 Sourcefire expects revenue in the range of $217.7 million to $219.7 million, net income per diluted share in the range of $0.11 to $0.13 and adjusted net income per diluted share in the range of $0.80 to $0.82. Sourcefire's expectation of full year 2012 adjusted net income per share excludes stock-based compensation expense in the expected range of $26.1 million to $26.3 million and amortization of acquired intangible assets and other acquisition-related expenses of approximately $2.8 million and includes an assumed tax rate of 35%.

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 financial measures, in addition to GAAP financial measures, to evaluate its operating and financial performance and to compare such performance to that of prior periods and to the performance of its competitors. The Company also uses these non-GAAP financial measures in making operational and financial decisions and in establishing operational goals. Sourcefire believes that providing these non-GAAP financial measures to investors, as a supplement to GAAP financial measures, helps investors to evaluate the Company's operating and financial performance and trends in its business, consistent with how management evaluates such performance and trends. The Company also believes these non-GAAP financial measures may be useful to investors in comparing its performance to the performance of other companies, although Sourcefire's non-GAAP financial measures are specific to it and the non-GAAP financial measures of other companies may not be calculated in the same manner.

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%. This adjustment is intended to normalize the tax rate and provide a tax rate that approximates the Company's expected long-term 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 Thursday, November 1, 2012 at 8:30 a.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
Conference ID number: 39707384

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 fourth 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 fourth quarter of 2012 and expectations of future growth could change, the risk that the search for a new CEO or the transition to a new CEO 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        Nine Months Ended
                              September 30,             September 30,
                        ------------------------- -------------------------
                            2012         2011         2012         2011
                        ------------ ------------ ------------ ------------
Revenue:                 (unaudited)  (unaudited)  (unaudited)  (unaudited)
  Products              $     36,690 $     27,552 $     92,177 $     64,207
  Technical support and
   professional
   services                   22,142       17,654       63,555       48,235
                        ------------ ------------ ------------ ------------
    Total revenue             58,832       45,206      155,732      112,442
                        ------------ ------------ ------------ ------------
Cost of revenue:
  Products                    10,551        7,986       27,722       18,757
  Technical support and
   professional
   services                    2,842        2,141        8,112        6,161
                        ------------ ------------ ------------ ------------
    Total cost of
     revenue                  13,393       10,127       35,834       24,918
                        ------------ ------------ ------------ ------------

Gross profit                  45,439       35,079      119,898       87,524

Operating expenses:
  Research and
   development                10,768        9,260       30,857       24,296
  Sales and marketing         22,395       16,304       61,363       45,580
  General and
   administrative              6,597        5,086       17,952       14,451
  Depreciation and
   amortization                1,356          970        3,673        2,858
                        ------------ ------------ ------------ ------------
    Total operating
     expenses                 41,116       31,620      113,845       87,185
                        ------------ ------------ ------------ ------------

Income from operations         4,323        3,459        6,053          339
Other expense, net               (10)         (41)          (2)         (99)
                        ------------ ------------ ------------ ------------
Income before income
 taxes                         4,313        3,418        6,051          240
Provision (benefit) for
 income taxes                  3,098        1,423        3,656       (1,816)
                        ------------ ------------ ------------ ------------
Net income              $      1,215 $      1,995 $      2,395 $      2,056
                        ============ ============ ============ ============

Net income per share -
 basic                  $       0.04 $       0.07 $       0.08 $       0.07
Net income per share -
 diluted                $       0.04 $       0.07 $       0.08 $       0.07

Weighted average shares outstanding
 used in computing per share
 amounts:
  Basic                   29,996,464   28,733,267   29,647,214   28,503,974
  Diluted                 31,124,052   29,630,833   30,822,440   29,402,275

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


                            Three Months Ended         Nine Months Ended
                               September 30,             September 30,
                        ------------------------- -------------------------
                             2012         2011         2012         2011
                        ------------ ------------ ------------ ------------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)
Cost of revenue
 (products)             $        155 $         80 $        326 $        201
Cost of revenue
 (services)                      237          138          614          357
                        ------------ ------------ ------------ ------------
  Stock-based comp
   expense included in
   cost of revenue               392          218          940          558

Research and
 development                   1,721          974        3,877        2,474
Sales and marketing            3,076        1,659        6,959        4,367
General and
 administrative                1,918        1,440        4,307        3,385
                        ------------ ------------ ------------ ------------
  Stock-based comp
   expense included in
   operating expenses          6,715        4,073       15,143       10,226
                        ------------ ------------ ------------ ------------
Total stock-based
 compensation expense   $      7,107 $      4,291 $     16,083 $     10,784
                        ============ ============ ============ ============



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

                                               September 30,  December 31,
                                                   2012           2011
                                              -------------- --------------
Assets                                          (unaudited)    (unaudited)
  Cash and cash equivalents                   $       83,288 $       59,407
  Investments                                        105,217         98,407
  Accounts receivable, net                            58,739         54,914
  Inventory                                            6,136          4,285
  Deferred tax assets                                 10,887         11,339
  Prepaid expenses and other current assets            8,965          7,718
  Property and equipment, net                         14,215         12,233
  Goodwill                                            15,000         15,000
  Intangible assets, net                               4,798          5,822
  Other long-term assets                              20,535         14,802
                                              -------------- --------------
  Total assets                                $      327,780 $      283,927
                                              ============== ==============

Liabilities
  Accounts payable and accrued expenses       $       24,034 $       23,237
  Deferred revenue                                    71,647         61,570
  Other liabilities                                    1,419          1,263
                                              -------------- --------------
  Total liabilities                                   97,100         86,070
                                              -------------- --------------

Stockholders' Equity
  Common stock                                            29             28
  Additional paid-in capital                         243,772        213,402
  Accumulated deficit                                (13,154)       (15,549)
  Accumulated other comprehensive income
   (loss)                                                 33            (24)
                                              -------------- --------------
  Total stockholders' equity                         230,680        197,857
                                              -------------- --------------

  Total liabilities and stockholders' equity  $      327,780 $      283,927
                                              ============== ==============



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

                               Three Months Ended      Nine Months Ended
                                 September 30,           September 30,
                            ----------------------- -----------------------
                                2012        2011        2012        2011
                            ----------- ----------- ----------- -----------
                            (unaudited) (unaudited) (unaudited) (unaudited)
Net income                  $     1,215 $     1,995 $     2,395 $     2,056
Adjustments to reconcile
 net income to net cash
 provided by (used in)
 operating activities             2,527      (2,329)     23,658      (2,477)
                            ----------- ----------- ----------- -----------
Net cash provided by (used
 in) operating activities         3,742        (334)     26,053        (421)

Net cash provided by (used
 in) investing activities        (3,336)     11,194     (16,445)     (6,699)

Net cash provided by
 financing activities             5,345       1,463      14,273       4,023
                            ----------- ----------- ----------- -----------
Net increase (decrease) in
 cash and cash equivalents        5,751      12,323      23,881      (3,097)
Cash and cash equivalents
 at beginning of period          77,537      38,990      59,407      54,410
                            ----------- ----------- ----------- -----------
Cash and cash equivalents
 at end of period           $    83,288 $    51,313 $    83,288 $    51,313
                            ----------- ----------- ----------- -----------



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


                               Three Months Ended      Nine Months Ended
                                 September 30,           September 30,
                            ----------------------- -----------------------
                                2012        2011        2012        2011
                            ----------- ----------- ----------- -----------
                            (unaudited) (unaudited) (unaudited) (unaudited)
Reconciliation of adjusted
 income from operations:
  GAAP income from
   operations               $     4,323 $     3,459 $     6,053 $       339
  Amortization of
   acquisition-related
   intangible assets                342         252       1,026         756
  Other acquisition-related
   expenses*                          -         667       1,436       2,123
  Stock-based compensation
   expense                        7,107       4,291      16,083      10,784
                            ----------- ----------- ----------- -----------
  Adjusted income from
   operations               $    11,772       8,669 $    24,598 $    14,002
                            =========== =========== =========== ===========
  Adjusted income from
   operations as% of total
   revenue                         20.0%       19.2%       15.8%       12.5%

Reconciliation of adjusted
 net income:
  GAAP net income           $     1,215 $     1,995 $     2,395 $     2,056
  Stock-based compensation
   expense                        7,107       4,291      16,083      10,784
  Amortization of
   acquisition-related
   intangible assets                342         252       1,026         756
  Other acquisition-related
   expenses**                         -         781       1,436       2,465
  Tax credit for research
   and experimentation                -           -           -      (2,001)
  Income tax adjustment***       (1,019)     (1,637)     (4,953)     (4,801)
                            ----------- ----------- ----------- -----------
  Adjusted net income       $     7,645       5,682 $    15,987 $     9,259
                            =========== =========== =========== ===========

  Adjusted net income per
   share - basic            $      0.25 $      0.20 $      0.54 $      0.32
  Adjusted net income per
   share - diluted          $      0.25 $      0.19 $      0.52 $      0.31

  Weighted average number
   of shares - basic         29,996,464  28,733,267  29,647,214  28,503,974
  Weighted average number
   of shares - diluted       31,124,052  29,630,833  30,822,440  29,402,275

* 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 ofacquisition-
 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 utilizingan assumed tax
 rate of 35%.

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

                               Three Months Ended      Nine Months Ended
                                 September 30,           September 30,
                            ----------------------- -----------------------
                                2012        2011        2012        2011
                            ----------- ----------- ----------- -----------
                            (unaudited) (unaudited) (unaudited) (unaudited)

Net cash provided by (used
 in) operating activities   $     3,742 $      (334)$    26,053 $      (421)
Purchase of property and
 equipment                       (2,073)     (1,630)     (6,149)     (4,344)
                            ----------- ----------- ----------- -----------
Free Cash Flow              $     1,669 $    (1,964)$    19,904 $    (4,765)
                            ----------- ----------- ----------- -----------



                              Sourcefire, Inc.
                        Supplemental Operating Data


                               Three Months Ended      Nine Months Ended
                                 September 30,           September 30,
                            ----------------------- -----------------------
                                2012        2011        2012        2011
                            ----------- ----------- ----------- -----------
                            (unaudited) (unaudited) (unaudited) (unaudited)

Number of deals in excess
 of $500,000                         26          18          51          40
Number of deals in excess
 of $100,000                        117          87         279         207
Number of new customers             108         121         290         281
Percentage of channel-
 influenced deals                    35%         39%         41%         47%
Total channel partners              723         557
Number of full-time
 employees at end of period         560         434

Revenue Composition by
 Geography:
United States                        70%         77%         69%         75%
International                        30%         23%         31%         25%
                            ----------- ----------- ----------- -----------
  Total                             100%        100%        100%        100%
                            =========== =========== =========== ===========

Revenue Composition by Business
 Distribution:
Existing customer product
 revenue                             36%         33%         37%         37%
New customer product
 revenue                             26%         28%         22%         20%
Technical support and
 professional services               38%         39%         41%         43%
                            ----------- ----------- ----------- -----------
  Total                             100%        100%        100%        100%
                            ----------- ----------- ----------- -----------

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