UPDATE 2-3PAR posts Q1 loss; backs Q2 rev view

* Q1 loss $0.03/shr vs EPS $0.01 year ago

* Revenue up 4 pct

* Breaks even on adjusted basis

* Sees Q2 rev at $43-$47 mln, full-year EPS $0.00-$0.10

(Adds conference call details)

Aug 3 (Reuters) - 3PAR Inc (PAR.N), which provides utility storage, posted a quarterly loss, hurt by higher expenses, but reiterated its second-quarter revenue and full-year earnings outlook.

The company said it expects second-quarter revenue of $43 million to $47 million, it said on a conference call.

Analysts expected revenue of $45.3 million, according to Reuters Estimates.

For the full year, 3PAR expects a earnings of breakeven to 10 cents a share, on revenue of $190 million to $205 million.

Analysts expected 6 cents a share on revenue of $194.1 million.

The company does not expect overall expense levels to decline between the first and the second quarter, it said.

For the first quarter, the company, whose customers include Myspace.com, Shopzilla and Savvis Inc (SVVS.O), posted a loss of $1.8 million, or 3 cents a share, compared with a profit of $678,000, or 1 cent a share, a year earlier.

Excluding stock-based compensation expense, earnings were $41,000, or breakeven per share. On that basis, analysts were expecting a loss of 1 cent per share.

Controlled expenses and a strong gross margin performance allowed the company to maintain profitability on an adjusted basis, Chief Executive David Scott said in a statement.

First quarter gross margins were 65.3 percent.

Operating expenses reduced by $1.6 million, sequentially, but rose 12 percent to $31.1 million from the year-ago quarter.

Revenue rose 4 percent to $44.5 million; analysts expected $44.4 million.

Shares of the Fremont, California-based company closed at $10 Monday on the New York Stock Exchange. (Reporting by Manasi Phadke in Bangalore; Editing by Deepak Kannan and Unnikrishnan Nair)