Blue Cross of California: The Woodland Hills-based...

Blue Cross of California: The Woodland Hills-based health insurer reported a 1988 loss of $9.1 million, considerbly less than the $56-million loss it reported a year ago. For the fourth quarter, Blue Cross posted a $15.9-million profit, compared to $41.9 million in the 1987 period, which included an extraordinary gain from the sale of a building. Leonard D. Schaeffer, president and chief executive, hailed the results as a turnaround, which he attributed to “increasing sales, improving customer service and reducing staffing, administrative expenses and claims processing time.”