Biospherics Inc., a Rockville health, maritime and environmental industries services and technology company, reported an increase in profits of 74 percent and a revenue increase of 18 percent for the first quarter ending March 31 over the 1984 period.

Net earnings for the first quarter were $40,492 (1 cent per share) on revenues of $1.65 million compared to net earnings of $23,254 ($.0006 cents per share) on revenues of $1.4 million for the first quarter of 1984.

President Gilbert A. Levin attributed the increase to substantial new contracts secured by the company.

Fair Lanes Inc., a Baltimore bowling company that operates 106 centers in 18 states and Puerto Rico, reported slightly increased revenues and slightly decreased profits for its third quarter ending March 31.

Revenues for the third quarter were $27.7 million with a net income of $3.3 million (25 cents per share). Revenues for the third quarter a year ago were $25 million with net income of $3.2 million (24 cents per share).

For the nine months ending March 31, revenues reached $73 million compared with $65 million a year ago. Net income was $5.3 million (40 cents per share) in 1985 compared with $15 million ($1.12 per share) in 1984. The nine months of last year included an extraordinary gain from the early extinguishment of debt and the use of capital loss carryforwards. Results for the third quarter and nine months were impacted by benefits payable by the untimely death of the company's chairman and certain non-recurring interest expenses.