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COLUMBIA, MD -- (Marketwired) -- 07/29/13 -- Sourcefire, Inc. (NASDAQ: FIRE), a leader in intelligent cybersecurity solutions, today announced financial results for its fiscal second quarter ended June 30, 2013.

Financial Summary

• Total Revenue - Revenue for the second quarter of 2013 was $65.1 million compared to $50.6 million in the second quarter of 2012, an increase of 29%.
  
  
• GAAP Net Income - Net income was $2.2 million for the second quarter of 2013, or $0.07 per diluted share, on the basis of generally accepted accounting principles (GAAP), compared with GAAP net income of $1.1 million, or $0.04 per diluted share, in the second quarter of 2012.
  
  
• Adjusted Net Income - Adjusted net income for the second quarter of 2013, which excludes stock-based compensation expense and amortization of acquired intangible assets and includes an assumed tax rate of 35%, was $6.6 million, or $0.20 per diluted share. This compares to adjusted net income of $4.9 million, or $0.16 per diluted share, 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%.
  
  
• Cash and Cash Flow - As of June 30, 2013, the Company's cash, cash equivalents and investments totaled $237.4 million. For the second quarter of 2013, net cash provided by operating activities was $5.9 million and the Company generated free cash flow of $2.5 million.
  
  

Recent Company Highlights

Revenue

• Increased U.S. commercial revenue to $32.1 million, up 16% over 2Q12.
• Increased international revenue to $19.9 million, up 35% over 2Q12.
• Increased U.S. federal sector revenue to $13.1 million, up 57% over 2Q12.

Innovation & Recognition

• Introduced innovative malware trajectory capabilities across the Advanced Malware Protection portfolio, giving customers detailed visibility into malware attack activity and enabling them to detect, remediate and control malware outbreaks. With these additions, Sourcefire Advanced Malware Protection solutions are the only offerings that add a continuous capability to its malware blocking, going beyond point-in-time detection to confirm an infection, trace its path, analyze its behavior, remediate its targets and report on its impact regardless of when a file is determined to be malware.
  
  
• Announced enhancements to the FirePOWER™ security platform, including the 7000 and 8000 series appliances, as well as updates to the Next-Generation Intrusion Prevention Systems (NGIPS) and Next-Generation Firewall (NGFW) solutions. With these new features, Sourcefire offers customers increased flexibility and scalability to help ensure leading protection for any environment.
  
  
• Based on its recent analysis of the intrusion prevention systems (IPS) market, Frost & Sullivan recognized Sourcefire with the 2013 Global Frost & Sullivan Award for Product Leadership. Sourcefire's dedication to understanding, detecting, and blocking the most advanced enterprise network threats has enabled its Next-Generation IPS (NGIPS) solution to stand out from the competition. In addition, Sourcefire was recognized for providing exceptional customer value in terms of deployment flexibility, adaptability, and performance.
  
  

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 2013, we expect 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.

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 security risks to their dynamic networks, endpoints, mobile devices and virtual environments. With solutions from a next-generation network security platform to advanced malware protection, Sourcefire's threat-centric approach provides customers with Agile Security® that delivers protection Before, During and After™ an attack. Trusted for more than 10 years, Sourcefire has earned a reputation for innovation, consistent security effectiveness and world-class research all focused on detecting, understanding and stopping threats. For more information about Sourcefire, please visit www.sourcefire.com.

Sourcefire, the Sourcefire logo, Snort, the Snort and Pig logo, Agile Security and the Agile Security logo, 'Before, During, and After,' 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 2013 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, 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 June 30,  Six Months Ended June 30,
                     ---------------------------- --------------------------
                          2013           2012         2013          2012
                     -------------  ------------- ------------  ------------
Revenue:              (unaudited)    (unaudited)   (unaudited)   (unaudited)
  Products           $      38,088  $      29,794 $     68,880  $     55,487
  Technical support
   and professional
   services                 26,964         20,804       52,336        41,413
                     -------------  ------------- ------------  ------------
    Total revenue           65,052         50,598      121,216        96,900
                     -------------  ------------- ------------  ------------
Cost of revenue:
  Products                  10,891          8,682       20,917        17,171
  Technical support
   and professional
   services                  3,578          2,837        6,776         5,270
                     -------------  ------------- ------------  ------------
    Total cost of
     revenue                14,469         11,519       27,693        22,441
                     -------------  ------------- ------------  ------------

Gross profit                50,583         39,079       93,523        74,459

Operating expenses:
  Research and
   development              12,255         10,661       23,450        20,089
  Sales and
   marketing                25,792         19,764       50,902        38,968
  General and
   administrative            8,138          5,911       14,542        11,355
  Depreciation and
   amortization              1,660          1,133        3,263         2,317
                     -------------  ------------- ------------  ------------
    Total operating
     expenses               47,845         37,469       92,157        72,729
                     -------------  ------------- ------------  ------------

Income from
 operations                  2,738          1,610        1,366         1,730
Other income
 (expense), net               (149)            11         (190)            8
                     -------------  ------------- ------------  ------------
Income before income
 taxes                       2,589          1,621        1,176         1,738
Provision (benefit)
 for income taxes              372            508       (1,015)          558
                     -------------  ------------- ------------  ------------
Net income           $       2,217  $       1,113 $      2,191  $      1,180
                     =============  ============= ============  ============

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

Weighted average shares
 outstanding used in computing per
 share amounts:
  Basic                 31,314,224     29,714,500   30,983,817    29,470,671
  Diluted               32,129,720     30,961,421   31,892,619    30,669,716

Stock-based compensation expense for the three
 and six months ended June 30, 2013 and 2012 is
 included in the Consolidated Statements of
 Operations as follows (in thousands):

                      Three Months Ended June 30,  Six Months Ended June 30,
                     ---------------------------- --------------------------
                          2013           2012         2013          2012
                     -------------  ------------- ------------  ------------
                      (unaudited)    (unaudited)   (unaudited)   (unaudited)
  Cost of revenue
   (product)         $         152  $          93 $        309  $        171
  Cost of revenue
   (services)                  305            211          564           377
                     -------------  ------------- ------------  ------------
    Stock-based comp
     expense
     included in
     cost of revenue           457            304          873           548

  Research and
   development               1,758          1,184        3,328         2,156
  Sales and
   marketing                 3,176          2,137        6,144         3,883
  General and
   administrative            1,803          1,244        3,156         2,389
                     -------------  ------------- ------------  ------------
    Stock-based comp
     expense
     included in
     operating
     expenses                6,737          4,565       12,628         8,428
                     -------------  ------------- ------------  ------------
  Total stock-based
   compensation
   expense           $       7,194  $       4,869 $     13,501  $      8,976
                     =============  ============= ============  ============




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

                                                  June 30,     December 31,
                                                    2013           2012
                                               -------------  -------------
Assets                                          (unaudited)    (unaudited)
  Cash and cash equivalents                    $     128,720  $      96,178
  Investments                                        108,729        107,777
  Accounts receivable, net                            71,092         77,426
  Inventory                                            7,107          6,880
  Deferred tax assets                                 24,027         13,023
  Prepaid expenses and other current assets           10,438          9,043
  Property and equipment, net                         16,666         15,438
  Goodwill                                            15,000         15,000
  Intangible assets, net                               3,773          4,456
  Other long-term assets                              18,570         19,453
                                               -------------  -------------
  Total assets                                 $     404,122  $     364,674
                                               =============  =============

Liabilities
  Accounts payable and accrued expenses        $      28,872  $      27,783
  Deferred revenue                                    94,073         90,241
  Other liabilities                                    2,252          1,524
                                               -------------  -------------
  Total liabilities                                  125,197        119,548
                                               -------------  -------------

Stockholders' Equity
  Common stock                                            31             30
  Additional paid-in capital                         287,775        255,610
  Accumulated deficit                                 (8,331)       (10,522)
  Accumulated other comprehensive income
   (loss)                                               (550)             8
                                               -------------  -------------
  Total stockholders' equity                         278,925        245,126
                                               -------------  -------------

  Total liabilities and stockholders' equity   $     404,122  $     364,674
                                               =============  =============




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

                    Three Months Ended June 30,   Six Months Ended June 30,
                   ----------------------------  --------------------------
                        2013           2012          2013          2012
                   -------------  -------------  ------------  ------------
                    (unaudited)    (unaudited)    (unaudited)   (unaudited)
Net income         $       2,217  $       1,113  $      2,191  $      1,180
Adjustments to
 reconcile net
 income to net
 cash provided by
 operating
 activities                3,643          1,521        19,548        21,131
                   -------------  -------------  ------------  ------------
Net cash provided
 by operating
 activities                5,860          2,634        21,739        22,311

Net cash used in
 investing
 activities               (4,768)        (7,573)       (7,862)      (13,109)

Net cash provided
 by financing
 activities                2,853          5,087        18,665         8,928
                   -------------  -------------  ------------  ------------
Net increase in
 cash and cash
 equivalents               3,945            148        32,542        18,130
Cash and cash
 equivalents at
 beginning of
 period                  124,775         77,389        96,178        59,407
                   -------------  -------------  ------------  ------------
Cash and cash
 equivalents at
 end of period     $     128,720  $      77,537  $    128,720  $     77,537
                   =============  =============  ============  ============




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


                    Three Months Ended June 30,   Six Months Ended June 30,
                   ----------------------------  --------------------------
                        2013           2012          2013          2012
                   -------------  -------------  ------------  ------------
                    (unaudited)    (unaudited)    (unaudited)   (unaudited)
Reconciliation of
 adjusted income
 from operations:
  GAAP income from
   operations      $       2,738  $       1,610  $      1,366  $      1,730
  Amortization of
   acquisition-
   related
   intangible
   assets                    342            342           684           684
  Other
   acquisition-
   related
   expenses*                   -            769             -         1,436
  Stock-based
   compensation
   expense                 7,194          4,869        13,501         8,976
                   -------------  -------------  ------------  ------------
  Adjusted income
   from operations $      10,274  $       7,590  $     15,551  $     12,826
                   =============  =============  ============  ============
  Adjusted income
   from operations
   as % of total
   revenue                  15.8%          15.0%         12.8%         13.2%

Reconciliation of
 adjusted net
 income:
  GAAP net income  $       2,217  $       1,113  $      2,191  $      1,180
  Stock-based
   compensation
   expense                 7,194          4,869        13,501         8,976
  Amortization of
   acquisition-
   related
   intangible
   assets                    342            342           684           684
  Other
   acquisition-
   related
   expenses*                   -            769             -         1,436
  Tax credit for
   research and
   experimentation          (601)             -        (2,064)            -
  Income tax
   adjustment**           (2,571)        (2,152)       (4,327)       (3,934)
                   -------------  -------------  ------------  ------------
  Adjusted net
   income          $       6,581  $       4,941  $      9,985  $      8,342
                   =============  =============  ============  ============

  Adjusted net
   income per
   share - basic   $        0.21  $        0.17  $       0.32  $       0.28
  Adjusted net
   income per
   share - diluted $        0.20  $        0.16  $       0.31  $       0.27

  Weighted average
   number of
   shares - basic     31,314,224     29,714,500    30,983,817    29,470,671
  Weighted average
   number of
   shares -
   diluted            32,129,720     30,961,421    31,892,619    30,669,716

* Includes the accrual of retention obligations related to the hiring of
 former Immunet employees.
** 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 June 30,   Six Months Ended June 30,
                   ----------------------------  --------------------------
                        2013           2012          2013          2012
                   -------------  -------------  ------------  ------------
                    (unaudited)    (unaudited)    (unaudited)   (unaudited)

Net cash provided
 by operating
 activities        $       5,860  $       2,634  $     21,739  $     22,311
Purchase of
 property and
 equipment                (3,371)        (1,534)       (4,606)       (4,076)
                   -------------  -------------  ------------  ------------
Free cash flow     $       2,489  $       1,100  $     17,133  $     18,235
                   =============  =============  ============  ============




                              Sourcefire, Inc.
                        Supplemental Operating Data


                    Three Months Ended June 30,   Six Months Ended June 30,
                   ----------------------------  --------------------------
                        2013           2012          2013          2012
                   -------------  -------------  ------------  ------------
                    (unaudited)    (unaudited)    (unaudited)   (unaudited)

Number of deals in
 excess of
 $500,000                     28             13            41            25
Number of deals in
 excess of
 $100,000                    120             83           206           162
Number of new
 customers                   126             98           225           182
Percentage of
 channel-
 influenced deals             39%            43%           45%           47%
Percentage of
 install base on
 FirePOWER                    38%            15%
Total channel
 partners                    814            691
Number of full-
 time employees at
 end of period               674            519

Revenue
 Composition by
 Geography:
United States                 69%            71%           67%           69%
International                 31%            29%           33%           31%
                   -------------  -------------  ------------  ------------
  Total                      100%           100%          100%          100%
                   =============  =============  ============  ============

Revenue
 Composition by
 Business
 Distribution:
Existing customer
 product revenue              42%            41%           41%           38%
New customer
 product revenue              16%            18%           16%           20%
Services revenue              42%            41%           43%           42%
                   -------------  -------------  ------------  ------------
  Total                      100%           100%          100%          100%
                   =============  =============  ============  ============

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