UPDATE 1-Check Point Software Q2 profit, revenue edge higher

* Q1 net rises to $80.9 million vs $78.3 million

* EPS 38 cents per diluted share vs 36 cents

* EPS excluding one-time items 45 cents vs forecast 43 cents

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TEL AVIV, April 27 (Reuters) - Check Point Software Technologies (CHKP.O), one of the world's largest Internet and network security providers, reported a slight increase in quarterly net profit as revenue edged up 2 percent.

First-quarter net profit rose to $80.9 million, or 38 cents per diluted share, compared with $78.3 million, or 36 cents a share, a year earlier, the Israel-based company said on Monday.

Excluding one-time items, Check Point earned 45 cents a share, up from 43 cents a year earlier.

Revenue rose to $195 million from $191.6 million.

Check Point was expected to record earnings before one-off items of 43 cents on revenue of $199.9 million, according to Reuters Estimates.

Deferred revenue reached $325 million at the end of March, up $46 million from the end of March 2008.

"Producing record first-quarter results despite the current macro economic situation is a testimony to the continued demand for Internet security," Gil Shwed, Check Point's chairman and chief executive, said in a statement.

"Our operational discipline continues to translate into increased profitability," he added. (Reporting by Tova Cohen; Writing by Steven Scheer; Editing by David Holmes)