Federal Resources Corp. announced revenues of $56.35 million for the first nine months of 1988, compared to $20.53 million for the same period last year.

Net income for the period ending Sept. 30 was $2.04 million, or 6 cents a share, compared to $1.38 million, or 5 cents a share last year.For the third quarter, earnings were $527,000 on revenues of $25.53 million, compared to $865,000 on revenue of $10.99 million for the 1987 third period.

Federal Resources' revenues and earnings were boosted by the acquisition of Kenyon Home Furnishings Ltd. in May 1988 and strong performance of Mid-West Spring Manufacturing Co., Federal Resources president John P. Kotts said.