Care Enterprises Officers to Manage Rebound : *Finances: The now-profitable nursing home chain operator won’t renew its contract with a management team brought in to rescue the company.

TUSTIN — Care Enterprises Inc., a nursing home chain operator, said Thursday that it will not renew its contract with a management team brought in two years ago to rescue the company from bankruptcy.

Instead, the company, which emerged from bankruptcy late last year, said it has named three officers to manage the now-profitable company.

“We’re maintenance-administration types,” said Gary Massimino, who has been named executive vice president.

He will retain the post of chief financial officer, which he has held for the last 18 months.

Massimino, an accountant, was part of the management team brought in to guide the company after it filed for a Chapter 11 bankruptcy reorganization in March, 1988.

Richard Matros, who was executive vice president of operations before the bankruptcy action, has been named president and chief operating officer.

John W. Adams, board chairman, was named to the additional post of chief executive officer.

The company’s long-term plans, Massimino said, include “more of the same. We’re just looking to solidify for the next couple of years.”

The 26-year-old company was once one of the 10 largest nursing-home owners in the country, with 126 facilities.

It has been selling its properties to reduce its debt and now owns 52 nursing homes in California, New Mexico, Ohio and West Virginia.

In May, Care said it planned to sell 10 more properties, but those plans changed because of new, higher state reimbursements for Medicare and MediCal patients, Massimino said.

He said that the company’s earnings have improved and that it may sell only one facility.

This week, the company reported second-quarter earnings of $492,000, contrasted with a loss of $22,000 for the corresponding 1990 period. Revenue declined 19% to $46.6 million from $57.3 million.