Bowl America Inc. reported yesterday a $32,000 loss in the first fiscal quarter ended Oct. 1, as revenues were flat in what is historically the bowling industry's weakest business period.

Fair Lanes Inc., another concern that operates bowling centers, posted improved earnings in the quarter but only because of the sale of rights to a lease.

Springfield based Bowl America earned a slim $2,405 in the same period last year and revenues were about $2.6 million in both the 1978 and 1977 quarters. The company said wages and promotion expenses increased while the absence of rain in the early fall contributed to a decline in open-play (non-league) bowling.

Fair Lanes, of Baltimore, reported earnings of $239,307 (5 cents a share) compared with $195,688 (4 cents) in the 1977 period as revenues increased slightly to $10.5 million from $9.6 million. The recent quarter's results include a gain of $77,000 (2 cents) from sale of rights to a lease.

Both area companies are about to split their stock - Bowl America by 3 for 2, effective tomorrow, and Fair Lanes by 5 for 4 on Nov. 15.

International General Industries Inc., and affiliate of International Bank of Washington, is forecasting record profits and sales for 1978 on the strength of continued gains in recent months.

During the first nine months of 1978, IGI's profits from continuing operations expanded by 36 percent to a record $7 million (3.92 a share) from $5.1 million ($2.88) in the same period last year, during which a discontinued operation had a loss of $2.8 million that cut net income to $2.3 million ($1.30).

Nine-month revenues increased 14 percent to $72.5 million for the Washington firm.