Sale of Irvine’s Core Inc. Subject of Talks

Core Inc. of Irvine said Wednesday that it is in negotiations for its possible sale. The company, which manages disability and employee absence services, would not elaborate on the negotiations.

Core also said it is in technical violation of its credit arrangement with Fleet National Bank, although it continues to make timely payments.

Meanwhile, William E. Nixon has resigned as chief financial officer, treasurer and executive vice president, Core said. Nixon accepted a position with another company but agreed to remain with Core through April 1.

Controller and chief accounting officer Bradley J. Timon will serve as acting chief financial officer after Nixon departs.

The company said it turned a profit of $412,420, or 5 cents a share, in the fourth quarter, compared with a net loss of $1.4 million, or 18 cents a share, a year ago. Revenue declined 2% to $16 million.

For the year, Core posted a net loss of $722,851, or 8 cents a share, contrasted with profit of $1.7 million, or 21 cents a share, for 1999. Revenue was down slightly to $64 million from $64.1 million.