ORANGE COUNTY EARNINGS
Core Inc.: The Irvine provider of health care and disability management services posted net income of $820,097, or 10 cents a share, for the fourth quarter, compared with net income of $364,813, or 5 cents a share, for the like period last year. Revenue was up 33% to $10.9 million from $8.2 million. Net income for the year rose to $2.8 million, or 35 cents a share, from $144,025, or 2 cents a share, for 1996. The 1996 figures include a nonrecurring write-off of $109,683 related to the acquisition of AmHealth in the fourth quarter and $1.9 million for the year. Revenue increased 34% to $38.5 million from $28.8 million.
Core also said it plans to buy the operating assets of Transcend Case Management, a unit of Transcend Services Inc., for stock to be determined by the unit’s future revenue performance.
Transcend Case Management, with 1997 revenue of $1.7 million, provides workers’ compensation case management services in Texas, Florida and Georgia.
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