NU Online News Service, Nov. 9, 11:12 a.m. – Cobalt Corp., Milwaukee, a health insurance company, is reporting $1.1 million in net income for the third quarter on $425 million in revenue, up from a net loss of $31 million on $360 million in revenue for the third quarter of 2000.

Cobalt, formerly known as United Wisconsin Services Inc., holds the Blue Cross and Blue Shield licenses for Wisconsin.

The core Blue Cross subsidiary earned $11 million on $193 million for the quarter, up from a loss of $24 million on $167 million in revenue.

Cobalt is trying to improve its profitability further by getting out of the federal Medicare health maintenance organization program and dropping some unprofitable blocks of commercial HMO business, the company says.