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COLUMBIA, MD -- (Marketwire) -- 04/30/12 -- Sourcefire, Inc. (NASDAQ: FIRE), a leader in intelligent cybersecurity solutions, today announced financial results for its fiscal first quarter ended March 31, 2012.

"Our unmatched set of solutions and strong execution by our sales channels drove our success this quarter," said John Burris, CEO of Sourcefire. "Our results validate our Agile Security™ vision and reinforce that companies need our best-in-class solutions to be protected from the cloud to the core of the network. We offer unsurpassed protection on the industry's highest performing platform. As we look to the future, we are confident in our ability to capture our share of an expanding market opportunity, and to continue to drive meaningful levels of growth."

Financial Summary

• Total Revenue - Revenue for the first quarter of 2012 was $46.3 million compared to $30.8 million in the first quarter of 2011, an increase of 50%.
  
  
• GAAP Net Income - Net income was $0.1 million for the first quarter of 2012, or $0.00 per diluted share, on the basis of generally accepted accounting principles (GAAP), compared with GAAP net income of $0.5 million, or $0.02 per diluted share, in the first quarter of 2011.
  
  
• Adjusted Net Income - Adjusted net income for the first 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 $3.4 million, or $0.11 per diluted share. This compares to adjusted net income of $1.2 million, or $0.04 per diluted share, for the first 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 March 31, 2012, the Company's cash, cash equivalents and investments totaled $178.3 million. For the first quarter of 2012, net cash provided by operating activities was $19.7 million and the Company generated free cash flow of $17.1 million.
  
  

Recent Company Highlights
Revenue Growth

• Increased U.S. commercial revenue to $20.8 million, up 28% over 1Q11.
• Increased international revenue to $15.7 million, up 87% over 1Q11.
• Increased U.S. federal sector revenue to $9.8 million, up 60% over 1Q11.

Innovation & Recognition

• Announced the first Next-Generation Intrusion Prevention System (NGIPS) which provides fully integrated and intelligent application control. Sourcefire is extending its Agile Security vision by providing the world's first NGIPS to incorporate real-time contextual awareness and full-stack visibility, together with intelligent security automation and granular application control.
  
  
• Announced that Sourcefire's Next-Generation Intrusion Prevention System (NGIPS) excels in security effectiveness, total cost of ownership and performance according to NSS Labs product analysis. FirePOWER™ appliances protected against 99 percent of all attacks, exceeding Sourcefire's previous industry record of 98 percent set in 2011. One of the appliances, the 8260 NGIPS, tested at more than 30 Gpbs for real world traffic inspection.
  
  

Second Quarter 2012 Outlook
Based on information as of April 30, 2012, Sourcefire expects revenue for the second quarter of 2012 in the range of $46.5 million to $48.5 million, net income per diluted share in the range of $0.00 to $0.02 and, on an adjusted basis, net income per diluted share in the range of $0.12 to $0.14. Sourcefire's expectation of adjusted net income per diluted share excludes stock-based compensation expense of $4.9 million to $5.1 million and amortization of acquired intangible assets and other acquisition-related expenses of approximately $1.0 million, and includes an assumed 35% tax rate.

Non-GAAP Measures

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. Sourcefire believes these non-GAAP results provide useful information to both management and investors by excluding (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, based on its current tax structure, 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.

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 Monday, April 30, 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: 70080593

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 second 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 second quarter of 2012 and expectations of future growth could change, 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 March 31,
                                               ----------------------------
                                                    2012           2011
                                               -------------  -------------
Revenue:                                        (unaudited)    (unaudited)
  Products                                     $      25,693  $      15,798
  Technical support and professional services         20,609         14,984
                                               -------------  -------------
    Total revenue                                     46,302         30,782
                                               -------------  -------------
Cost of revenue:
  Products                                             8,489          4,735
  Technical support and professional services          2,433          1,862
                                               -------------  -------------
    Total cost of revenue                             10,922          6,597
                                               -------------  -------------

Gross profit                                          35,380         24,185

Operating expenses:
  Research and development                             9,428          6,962
  Sales and marketing                                 19,204         14,078
  General and administrative                           5,444          4,673
  Depreciation and amortization                        1,184            965
                                               -------------  -------------
    Total operating expenses                          35,260         26,678
                                               -------------  -------------

Income (loss) from operations                            120         (2,493)
Other expense net                                         (3)            (6)
                                               -------------  -------------
Income (loss) before income taxes                        117         (2,499)
Provision (benefit) for income taxes                      50         (2,959)
                                               -------------  -------------
Net income                                     $          67  $         460
                                               =============  =============

Net income per share - basic                   $        0.00  $        0.02
Net income per share - diluted                 $        0.00  $        0.02

Weighted average shares outstanding used in computing per
 share amounts:
  Basic                                           29,226,842     28,235,751
  Diluted                                         30,378,011     29,179,309

Stock-based compensation expense for the three months ended March 31, 2012
 and 2011 is included in the Consolidated Statements of Operations as
 follows (in thousands):


                                                Three Months Ended March 31,
                                               -----------------------------
                                                    2012           2011
                                               -------------- --------------
                                                 (unaudited)    (unaudited)
  Cost of revenue (product)                    $           78 $           59
  Cost of revenue (services)                              166            110
                                               -------------- --------------
    Stock-based comp expense included in cost
     of revenue                                           244            169

  Research and development                                972            697
  Sales and marketing                                   1,746          1,324
  General and administrative                            1,145            993
                                               -------------- --------------
    Stock-based comp expense included in
     operating expenses                                 3,863          3,014
                                               -------------- --------------
  Total stock-based compensation expense       $        4,107 $        3,183
                                               ============== ==============

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

                                                 March 31,     December 31,
                                                    2012           2011
                                               -------------  -------------
Assets                                          (unaudited)    (unaudited)
  Cash and cash equivalents                    $      77,389  $      59,407
  Investments                                        100,876         98,407
  Accounts receivable, net                            39,858         54,914
  Inventory                                            5,293          4,285
  Deferred tax assets                                 11,319         11,339
  Prepaid expenses and other current assets            7,877          7,718
  Property and equipment, net                         13,575         12,233
  Goodwill                                            15,000         15,000
  Intangible assets, net                               5,481          5,822
  Other long-term assets                              16,005         14,802
                                               -------------  -------------
  Total assets                                 $     292,673  $     283,927
                                               =============  =============

Liabilities
  Accounts payable and accrued expenses        $      20,137  $      23,237
  Deferred revenue                                    65,313         61,570
  Other liabilities                                    1,300          1,263
                                               -------------  -------------
  Total liabilities                                   86,750         86,070
                                               -------------  -------------

Stockholders' Equity
  Common stock                                            29             28
  Additional paid-in capital                         221,354        213,402
  Accumulated deficit                                (15,482)       (15,549)
  Accumulated other comprehensive income
   (loss)                                                 22            (24)
                                               -------------  -------------
  Total stockholders' equity                         205,923        197,857
                                               -------------  -------------

  Total liabilities and stockholders' equity   $     292,673  $     283,927
                                               =============  =============

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

                                               Three Months Ended March 31,
                                               ----------------------------
                                                    2012           2011
                                               -------------  -------------
                                                (unaudited)    (unaudited)

Net income                                     $          67  $         460

Adjustments to reconcile net income to net
 cash provided by operating activities                19,610          6,798
                                               -------------  -------------

Net cash provided by operating activities             19,677          7,258

Net cash used in investing activities                 (5,536)        (8,078)

Net cash provided by financing activities              3,841            681
                                               -------------  -------------

Net increase (decrease) in cash and cash
 equivalents                                          17,982           (139)

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

Cash and cash equivalents at end of period     $      77,389  $      54,271
                                               =============  =============

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


                                               Three Months Ended March 31,
                                               ----------------------------
                                                    2012           2011
                                               -------------  -------------
                                                (unaudited)    (unaudited)
Reconciliation of adjusted income from
 operations:
  GAAP income (loss) from operations           $         120  $      (2,493)
  Amortization of acquisition-related
   intangible assets                                     342            252
  Other acquisition-related expenses*                    667            789
  Stock-based compensation expense                     4,107          3,183
                                               -------------  -------------
  Adjusted income from operations              $       5,236  $       1,731
                                               =============  =============
  Adjusted income from operations as % of
   total revenue                                        11.3%           5.6%

Reconciliation of adjusted net income:
  GAAP net income                              $          67  $         460
  Stock-based compensation expense                     4,107          3,183
  Amortization of acquisition-related
   intangible assets                                     342            252
  Other acquisition-related expenses**                   667            903
  Tax credit for research and experimentation              -         (2,001)
  Income tax adjustment***                            (1,782)        (1,602)
                                               -------------  -------------
  Adjusted net income                          $       3,401  $       1,195
                                               =============  =============

  Adjusted net income per share - basic        $        0.12  $        0.04
  Adjusted net income per share - diluted      $        0.11  $        0.04

  Weighted average number of shares - basic       29,226,842     28,235,751
  Weighted average number of shares - diluted     30,378,011     29,179,309

*  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 operating activities
 to free cash flow:

                                               Three Months Ended March 31,
                                               ----------------------------
                                                    2012           2011
                                               -------------  -------------
                                                (unaudited)    (unaudited)

Net cash provided by operating activities      $      19,677  $       7,258
Purchase of property and equipment                    (2,542)        (1,273)
                                               -------------  -------------
Free Cash Flow                                 $      17,135  $       5,985
                                               =============  =============

                              Sourcefire, Inc.
                        Supplemental Operating Data


                                                     Three Months Ended
                                                          March 31,
                                                 --------------------------
                                                     2012          2011
                                                 ------------  ------------
                                                  (unaudited)   (unaudited)

Number of deals in excess of $500,000                      12            12
Number of deals in excess of $100,000                      79            53
Number of new customers                                    84            64
Percentage of channel-influenced deals                     51%           50%
Total channel partners                                    637           305
Number of full-time employees at end of period            489           407

Revenue Composition by Geography:
United States                                              66%           73%
International                                              34%           27%
                                                 ------------  ------------
  Total                                                   100%          100%
                                                 ============  ============

Revenue Composition by Business Distribution:
Existing customer product revenue                          34%           41%
New customer product revenue                               22%           11%
Recurring support services revenue                         41%           45%
Professional services revenue                               3%            3%
                                                 ------------  ------------
  Total                                                   100%          100%
                                                 ============  ============

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