NU Online News Service, May 7, 2:18 p.m. – Cobalt Corp., Milwaukee, is reporting $23 million in net income for the first quarter on $381 million in revenue, compared with $1.7 million in net income on $410 million in revenue for the first quarter of 2001.

Cobalt is the parent company of the insurer that holds the Blue Cross and Blue Shield licenses for Wisconsin.

The company’s latest net results include $9.4 million in earnings from a behavioral health subsidiary, Innovative Resource Group L.L.C., that was sold to APS Healthcare of Bethesda Inc., Bethesda, Md. in March for $27 million.

Excluding the results for Innovative, Cobalt’s income increased to $13 million, from $1.6 million, Cobalt says.