US Facilities Corp. reported a 1987 net...

US Facilities Corp. reported a 1987 net loss of $1.8 million, contrasted with net income of $2 million in 1986. Revenues totaled $28 million, a 6% increase from $26.3 million in 1986. For the fourth quarter, the Costa Mesa-based insurance and reinsurance holding company posted a loss of $1.5 million, contrasted with net income of $1.3 million for the comparable period in 1986. Revenues dropped 58%, to $7.4 million from $17.6 million. George Kadonada, chairman, said 1987 earnings were affected by higher-than-anticipated claims and a provision for uncollectible reinsurance in the fourth quarter. Two other factors affecting earnings, Kadonada said, were lack of earned premiums due to delays in receiving approval of the company’s USF Re Insurance subsidiary as a reinsurer and continuing intense competition in the medical stop-loss business of the company’s US Benefits subsidiary.