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Isilon's Revenues Up, Losses Widen

Isilon beat analyst revenue estimates with its first quarter results last night, but saw its losses widen as the vendor struggles to draw a line under its recent financial hassles.

The clustering specialist posted first quarter revenues of $24.1 million, up from $17.8 million in the same period last year, comfortably beating analyst estimates of $23.3 million.

Isilons losses nonetheless widened to 16 cents and $10.1 million during the same period, compared to a net loss of 11 cents and $6.9 million in the year-ago quarter, although the vendor’s results took a $2.8 million, 4-cent-per-share hit related to the recent review into its finances.

On a non-GAAP basis, Isilon’s losses were 14 cents per share and $8.8 million, compared to 11 cents and $6.4 million in the first quarter of 2007. Analysts had estimated a loss of 12 cents per share.

”I am encouraged by the first quarter results, despite the challenges of the last few quarters,” said Sujal Patel, the Isilon CEO, during a conference call last night, clearly eager to move on from the accounting and execution problems that had dogged the company since its IPO.

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