UPDATE 2-OPNET Technologies cuts Q1 rev outlook; shares fall

* Cuts Q1 rev to $30.9 mln-$31.1 mln from $32 mln-$34.5 mln

* Sees Q1 EPS $0.05-$0.06 from $0.03-$0.08

* Shares fall 14 pct in extended trading

(Adds details, updates share movement)

July 14 (Reuters) - Management software provider OPNET Technologies OPNT.O cut its first-quarter revenue outlook, hurt by a delay in closing deals, higher-than-expected seasonality, and a shift in revenue recognition for a deal, sending its shares down 14 percent in extended trading.

OPNET said several deals worth over $1.2 million were delayed, while revenue was recognized ratably for a large multi-product deal valued at over $2.7 million.

The company said the deal would ratably contribute about $1.6 million to product revenue over the one-year contract term.

Ratable revenue means lower revenue results in the near-term quarters, but sales gradually build up to create more revenue that is visible long-term.

"It is important to note that our closure rates this quarter were not impacted by competitive losses," Chief Executive Marc Cohen said in a statement..

OPNET now expects revenue of $30.9 million to $31.1 million, down from the prior view of $32 million to $34.5 million.

The company narrowed earnings forecast range to 5 cents a share to 6 cents a share, from the prior outlook of 3 cents a share to 8 cents a share.

Analysts on average were expecting earnings of 11 cents a share on revenue of $33.7 million, according to Thomson Reuters I/B/E/S.

Share of the company were trading down 14 percent at $13.89 in trading after the bell. They closed at $15.89 Wednesday on Nasdaq. (Reporting by Megha Mandavia in Bangalore; Editing by Don Sebastian and Vyas Mohan)