EX-99.1

Woodward Governor Company
1000 East Drake Road
Fort Collins, Colorado 80525, USA
Tel: 970-482-5811
Fax: 970-498-3058

Fort Collins, Colo., January 22, 2009—Woodward Governor Company (Nasdaq: WGOV)
announced today that its Board of Directors has approved a quarterly cash
dividend of $0.06 per share, payable on March 2, 2009 to shareholders of record
as of the close of business on February 16, 2009.
About Woodward
Woodward is an independent designer, manufacturer, and service provider of
energy control and optimization solutions for commercial and military aircraft,
turbines, reciprocating engines, and electrical power system equipment. The
company’s innovative fluid energy, combustion control, electrical energy, and
motion control systems help customers offer cleaner, more reliable, and more
cost-effective equipment. Leading original equipment manufacturers use our
products and services in aerospace, power and process industries, and
transportation. Woodward is headquartered in Fort Collins, Colo., USA and
serves global markets in aerospace, power and process industries, and
transportation. Visit our website at www.woodward.com.

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 for the year
ended September 30, 2008 and Form 10-Q for the quarter ended December 31,
2008.