UPDATE 1-Papa John's adjusted profit beats Street view

* Q1 EPS $0.43, excl items, vs Wall St view of $0.34

* U.S. system same-store sales rise 0.3 percent

* Repeats 2009 adj EPS view of $1.36 to $1.44

LOS ANGELES, May 5 (Reuters) - Pizza chain Papa John's International Inc (PZZA.O) posted adjusted quarterly earnings on Tuesday that beat Wall Street's view and it reiterated its forecast for 2009 earnings.

The Louisville, Kentucky-based company, which competes with Domino's Pizza (DPZ.N) and Yum Brands' (YUM.N) Pizza Hut, said first-quarter net income was $17.8 million, or 64 cents per share, helped by a 21-cent per-share gain from its franchisee-owned cheese purchasing arm, BIBP Commodities Inc.

In the year-earlier quarter, its net income was $8.6 million, or 30 cents per share, including an 18-cent loss from BIBP and a 2 cent charge.

The company's adjusted profit was 43 cents per share. Analysts, on average, expected earnings, excluding those items, of 34 cents per share, according to Reuters Estimates.

Revenue fell 1.4 percent to $285 million, primarily due to the sale of 62 restaurants to franchisees. Domestic system-wide sales at established restaurants rose 0.3 percent for the quarter.

The company, which will hold its conference call with analysts on Wednesday, repeated its forecast for 2009 earnings per share of $1.36 to $1.44, excluding costs related to its cheese buying entity and other items.