SOURCE: Woodward Governor Company

July 27, 2005 18:30 ET

Woodward Announces Dividend Increase

ROCKFORD, IL -- (MARKET WIRE) -- July 27, 2005 -- Woodward Governor Company (NASDAQ: WGOV) announced today that its Board of Directors has approved an increase in the quarterly cash dividend from $0.25 to $0.30 per share, beginning with the September 1, 2005 dividend payment. This increase raises the indicated annual dividend rate to $1.20, an increase of 20 percent.

"Our 65-year history of paying dividends represents the consistent value that Woodward offers to our shareholders," said Thomas A. Gendron, Woodward's president and chief executive officer. "This increase is an indication of the company's financial strength and solid growth potential."

About Woodward

Woodward is the world's largest independent designer, manufacturer, and service provider of energy control solutions for aircraft engines, industrial engines and turbines, and power generation and mobile industrial equipment. The company's innovative control, fuel delivery, and combustion systems help customers worldwide operate cleaner, more reliable, and cost effective equipment. Woodward is headquartered in Rockford, Illinois, and serves global power generation, transportation, process industries, and aerospace markets from locations worldwide. Visit our website at

The statements in this release concerning the company's future sales, earnings, business performance, prospects, and the economy in general reflect current expectations and are forward-looking statements that involve risks and uncertainties. Actual results could differ materially from projections or any other forward-looking statement and we have no obligation to update our forward-looking statements. Factors that could affect performance and could cause actual results to differ materially from projections and forward-looking statements are described in Woodward's Annual Report and Form 10-K/A for the year ended September 30, 2004. Woodward's Form 10-Q for the quarterly period ended June 30, 2005 is expected to be available by August 10, 2005.

Contact Information

    Stephen P. Carter
    Executive Vice President,
    Chief Financial Officer and Treasurer