Restructuring Costs Lower Woodward Governor's Second-Quarter Profit by 37%

SUGAR LAND--April 24, 2009--Researched by Industrial Info Resources (Sugar Land, Texas)--The Woodward Governor Company (NASDAQ:WGOV) (Fort Collins, Colorado), a designer and manufacturer of energy control systems, has posted a second-quarter 2009 net income of $18.5 million, down 37.7% compared with $29.7 million a year ago, despite a 9% increase in quarterly sales. The decline in net income is attributed to special charges of about $16.6 million related to restructuring. "We are further consolidating operations into fewer facilities and reducing staffing in all of our businesses," said Thomas Gendron, Chairman, CEO and President. "Our total headcount, including temporary and contractor labor, is being reduced by over 1,000 people as a result of these initiatives. These actions are difficult but necessary given the current economic environment."

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