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Isilon Comes up for Air

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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