Sourcefire Declines After CEO Takes Medical Leave
Sourcefire Inc. (FIRE), a U.S. network security company, fell after saying that Chief Executive Officer John Burris has taken a medical leave for colon-cancer treatment.
Shares of the Columbia, Maryland-based company declined 3.8 percent to $50.43 at the close. Sourcefire had advanced 62 percent this year through yesterday.
Founder and Chief Technology Officer Martin F. Roesch will serve as interim CEO while Burris undergoes treatment, the company said in a statement yesterday. Burris, 57, will continue to serve as a board member and will provide “strategic input” while on leave.
Sourcefire has “ample management in place” to continue in Burris’s absence, Mark Jordan, an analyst at Noble Financial Capital Markets in Boca Raton, Florida, said in an interview. Jordan recommends investors buy the shares.
Sourcefire also said second-quarter revenue and adjusted net income per share will be “at the high end to slightly above” its previous projections for sales of as much as $48.5 million and profit of a maximum of 14 cents a share. Analysts projected earnings of 14 cents a share on sales of $48.6 million, the average of estimates.
To contact the reporter on this story: Emma Fidel in Washington at email@example.com