Sourcefire Q2 Profit Rises, Beat Estimates

(RTTNews) - Cyber security solutions provider Sourcefire, Inc. (FIRE), Monday reported an increase in profit for the second quarter with net income of $2.2 million or $0.07 per share, compared to $1.1 million or $0.04 per share a year ago.

Excluding stock-based compensation expense and amortization of acquired intangible assets, adjusted second-quarter net income increased to $6.6 million or $0.20 per share from $4.9 million or $0.16 per share a year ago. On average, eighteen analysts polled by Thomson Reuters expected earnings of $0.15 per share for the quarter. Analysts' estimate typically exclude one-time items.

Total revenue for the quarter rose 29 percent to $65.1 million from $50.6 million in the similar quarter a year ago. Fifteen analysts had a consensus revenue estimate of $62.02 million for the quarter.

U.S. commercial revenues grew 16 percent, international revenue increased 35 percent, and U.S. federal sector revenue jumped 57 percent from a year ago.

Last week, networking solutions provider Cisco Systems Inc. (CSCO) agreed to acquire Sourcefire for about $2.7 billion in cash. The transaction is expected to close during the second half of calender year 2013. The acquisition is expected to enable Cisco boost its network security offerings.

Sourcefire closed Monday's regular trade at $75.47, down $0.03 or 0.04%, on a volume of 1.8 millio shares on the Nasdaq.