1992-1993 Results Hubbard and Randall were moderately pleased with 1992 results. managed to increase particularly difficult one for some of Enager's competitors, yet Enager had its return on assets from 5.2 percent to 5.7 percent, gross return from 9.3 percent to 9.5 and its percent on the general manager of the Industrial At the end of 1992, the president put pressure was not Products Division to improve its return on investment, suggesting that this division saying the "carrying its share of the load." The division manager had bristled at this comment, Products division could get a higher return "if we had a lot of old machines the way Consumer division does." The president had responded that he did not understand the relevance of the than manager's remark, adding, "I don't see why the return on an old asset should be higher that on a new asset, just because the old one cost less Randall. Return on assets fell from The 1993 results both disappointed and puzzled Carl At the 5.7 percent to 5.4 percent, and gross return dropped from 9.5 percent to 9.4 percent. percent same time, return on sales (net income divided by sales) rose from 5.1 percent to 5.5 Services and return on owners' equity also increased, from 9.1 to 9.2 percent. The Professional 4) Division easily exceeded the 12 percent gross return target; Consumer Products' (see Exhibit on assets was 10.8 percent; but Industrial Products' return was only 6.9 percent These results prompted Randall to say to Hubbard