Presidential Airways, a low-fare airline that uses Dulles International Airport as its hub, yesterday reported a first-quarter loss of $5.6 million (92 cents a share) on revenue of $11.8 million.

The company, which is based in Reston, had reported a net loss of $9.4 million last year.

"The net loss reflects substantial costs associated with doubling the number of aircraft in service and cities served during the first quarter of 1986," said Collister Johnson Jr., the company's senior vice president for finance.

Presidential, which began its flights in October, also reported yesterday that it raised $26.8 million in a private offering of 267,500 shares of convertible preferred stock. The securities are convertible to common stock at $6.12 1/2 per share and provide a 10 percent dividend.

*Circuit City Stores Inc. of Richmond yesterday announced record sales and earnings for its fiscal year that ended Feb. 28.

Earnings increased by 36 percent to $22 million ($1.97 a share) on sales of $705.5 million from $20.2 million ($1.93) on sales of $519.2 million in the previous fiscal year.

*Martin Marietta Corp.'s first-quarter earnings climbed to $46.2 million (84 cents a share) on revenue of $1.1 billion from $27.8 million (47 cents) in the first quarter last year.

The aerospace and technology concern, which is based in Bethesda, said factors in the earnings increase were the sale of a portion of its share in a California biotechnology company, Chiron Corp., and a recent federal tax court decision, which in effect produced a 26 percent tax rate for the company in the first quarter.

*Dynalectron Corp. yesterday reported that first-quarter earnings doubled from $498,000 (5 cents a share) last year to $1.02 million (11 cents) this year.

The McLean company said revenue rose 14 percent to $161.9 million in the first quarter from $141.6 million a year ago.

A company spokesman attributed the improvement primarily to the initial effects of a corporate restructuring at the end of 1985 and a turnaround in specialty contracting.

*Trak Auto Corp., a part of Dart Group Corp., reported substantially lower net income for the fiscal year that ended Jan. 31.

Net income was $797,000 (13 cents a share) on sales of $97.8 million compared with $3.2 million (54 cents) a year earlier on sales of $73.8 million.

For the fourth quarter, net income fell to $520,000 (9 cents) on sales of $26.4 million, the Landover company announced yesterday. That compares with earnings of $255,000 (4 cents) in the same quarter last year.

The discount auto parts and accessories chain's loss was a result of low sales and high start-up and advertising costs in new locations, according to the company.