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Earnings

November 17, 1987

US Facilities Corp., a Costa Mesa holding company for underwriting management and reinsurance firms, posted a consolidated net loss of $787,000 for the third quarter, contrasted with $71,000 earned last year. Quarterly revenues nearly tripled to $7 million from $2.6 million last year. For the first nine months, the company's net loss was $333,000, contrasted with a $670,000 net income last year. Total revenues for the period more than doubled, to $20.7 million from $8.75 million. Intense price competition and continued high inflation in the health care field caused declines in commissions and fees for one subsidiary, which recently increased prices and is writing more new business, the company said. Expenses from a new line of insurance and customer purchases of lower-cost, higher-deductible coverage at the other subsidiary temporarily hurt earnings, the company said.

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