UPDATE 2-Priceline quarterly profit rises; bookings higher

* Net income 53 cents/shr vs 28 cents/shr a year ago

* Bookings up 10.5 percent

* Recession clouds 2009 outlook, company says

* Shares rise 3.4 percent (Adds background, CEO quote, analyst quote, share price)

By Kyle Peterson

CHICAGO, May 11 (Reuters) - Priceline.com (PCLN.O) said on Monday that quarterly net profit increased 82 percent on a jump in bookings, but the online travel agency warned that economic recession clouds the 2009 outlook.

As economic concerns have eroded travel budgets this year, Priceline and rivals Orbitz Worldwide (OWW.N) and Expedia Inc (EXPE.O) have fought back with sales and fee-waivers designed to bolster bookings during the peak summer season.

"Visibility for the worldwide economy and the travel industry in particular, remains cloudy for 2009," Priceline Chief Executive Jeffrey Boyd said in a statement. "Macroeconomic conditions continue to impact travel demand, pricing and foreign currency exchange rates."

Excluding one-time items, the results beat the analysts' average forecast issued by Reuters Estimates, sending Priceline shares up more than 3 percent.

"The company has maintained solid growth in bookings and revenue throughout the recession, and as a result has also improved its profit margin," Miller said.

Net profit rose to $25.0 million, or 53 cents per share, from $13.8 million, or 28 cents per share, a year earlier.

Excluding items, Priceline earned $1.09 a share, compared with the consensus forecast of 93 cents.

Priceline reported an increase of 10.5 percent in its total bookings.

The company said it expected the total value of its bookings to be $2.1 billion to $2.15 billion in the second quarter. Priceline forecast revenue growth of 8 percent to 13 percent for the period.

Priceline shares were up $3.54, or 3.4 percent, at $108.44 in morning trading. (Reporting by Kyle Peterson; Editing by Brian Moss and Lisa Von Ahn)