Geico Corp., the holding company that owns the Government Employes Insurance companies, reported yesterday its operating income dropped slightly during the first quarter, from $14.9 million last year to $14.2 million.

Earnings per share, however, rose from 44 cents to 57 cents because the number of shares outstanding decreased substantially, the company said.

First quarter net income also declined from $19.8 million to $16.1 million while net income per share rose from 58 cents to 65 cents. Net income in the 1979 quarter included the benefits of an extraordinary item which increased that figure by $4.9 million, the company said.

Geico chairman John Byrne said the company had a reasonable good first quarter. "A strange result of our first quarter operations is that while our net income was off 19 percent to $16.1 million our operating earnings per share improved 30 percent to 57 cents . . ." That was due primarily to the company maintaining more long term debt and less equity, Bryne said.

Insurance premium revenues increased "a modest 2 percent," Byrne added. Investment income rose 7 percent "since much less of it is fully taxable its earnings impact is even stronger," he said.

Government Employees Life Insurance Co. reported a 9 percent increase in first quarter operating income from $1.9 million (43 cents) to $2.1 million (48 cents). Net income also rose to $2.1 million (48 cents) from $1.9 million (42 cents).

Sales of individual life insurance policies rose 13 percent during the quarter from $48.2 million to $54.5 million.

Systematic General Corp., a Falls Church engineering services and computer-oriented firm, reported that earnings increased more than 100 percent during the first quarter from $119,000 (9 cents) to $252,000 (19 cents). Revenues for the firm nearly doubled from $1.5 million to $2.6 million.

Fair Lanes, Inc., of Baltimore reported a 9 percent increase in earnings from $1.9 million (38 cents) to $2.1 million (43 cents.) Revenues also increased 9 percent from $14.2 million to $15.5 million.