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Isilon Comes up for Air

Clustering vendor looks to leave its financial problems behind

Isilon, which has been dogged by accounting problems since it went public in late 2006, finally announced its 2007 results last night, after a major overhaul of its reporting procedures.

I am very pleased to report that the Audit Committee has finished its independent review, and we are now current with our financial reports,” said the Isilon CEO Sujal Patel, during a conference call last night.

The vendor’s 2007 revenues were $89 million, up from $61.2 million in the prior year, but below analyst estimates of $95.04 million.

Revenue for the third and fourth quarters was $21.6 million and $26.6 million, respectively, with the fourth-quarter figure beating analyst estimates of $23.88 million.

Isilon’s net loss for fiscal 2007 was $26.9 million, or 44 cents per share, compared to a net loss of $26 million, or $3.09 per share, in the prior year.

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