Sourcefire Announces Second Quarter 2012 Results
Second Quarter 2012: -- Revenue: $50.6 Million, an Increase of 39% Year-Over-Year -- Adjusted Net Income: $4.9 Million, or $0.16 per Diluted Share
(firmenpresse) - COLUMBIA, MD -- (Marketwire) -- 07/31/12 -- Sourcefire, Inc. (NASDAQ: FIRE), a leader in intelligent 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."
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.
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.
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.
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.
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 .
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 following the completion of the live call and will remain available for at least 90 days.
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 .
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.
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.
Jennifer Leggio
Sourcefire
650-260-4025
Staci Mortenson
ICR
203-682-8273
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Datum: 31.07.2012 - 20:05 Uhr
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