<SEC-DOCUMENT>0001171843-16-007241.txt : 20160119
<SEC-HEADER>0001171843-16-007241.hdr.sgml : 20160118
<ACCEPTANCE-DATETIME>20160119160511
ACCESSION NUMBER:		0001171843-16-007241
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160119
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160119
DATE AS OF CHANGE:		20160119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Woodward, Inc.
		CENTRAL INDEX KEY:			0000108312
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				361984010
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08408
		FILM NUMBER:		161348374

	BUSINESS ADDRESS:	
		STREET 1:		1000 EAST DRAKE ROAD
		CITY:			FORT COLLINS
		STATE:			CO
		ZIP:			80525
		BUSINESS PHONE:		970-482-5811

	MAIL ADDRESS:	
		STREET 1:		1000 EAST DRAKE ROAD
		CITY:			FORT COLLINS
		STATE:			CO
		ZIP:			80525

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WOODWARD GOVERNOR CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_011916.htm
<DESCRIPTION>FORM 8-K
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE
        COMMISSION</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Washington, D.C. 20549</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">____________________________</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CURRENT REPORT</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Pursuant to Section 13 or 15(d) of the</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Securities Exchange
        Act of 1934</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date of Report: January 19, 2016</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Date of earliest event
        reported)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Woodward, Inc.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant
        as specified in its charter)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 33%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>DE</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(State or other jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">of incorporation)</P></TD>
    <TD STYLE="width: 34%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>000-8408</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 33%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>36-1984010</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Identification Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; text-align: center"><B>1000 East Drake Road, Fort Collins, Colorado</B></TD>
    <TD STYLE="width: 50%; text-align: center"><B>80525</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">(Address of principal
        executive offices)</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>970-482-5811</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant's telephone
        number, including area code)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Not Applicable</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former Name or Former
        Address, if changed since last report)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.02. Results of Operations and Financial Condition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January 19, 2016, Woodward, Inc. (the &quot;Registrant&quot;)
reported its results of operations for its first quarter fiscal 2016. A copy of the news release issued by the Registrant concerning
the foregoing results is furnished herewith as Exhibit 99.1 and is incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(a) Financial statements:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(b) Pro forma financial information:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(c) Shell company transactions:&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(d) Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>99.1 Press Release of Woodward, Inc. dated January 19, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp; &nbsp; &nbsp; Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: January 19, 2016</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WOODWARD, INC.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;/s/ A. Christopher Fawzy</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>A. Christopher Fawzy</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><I>Corporate Vice President, General Counsel, Corporate
        Secretary and Chief Compliance Officer</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt; text-decoration: underline; text-align: center"><B><U>Exhibit No.</U></B></TD>
    <TD STYLE="width: 90%; font-size: 10pt; text-decoration: underline; text-align: center"><B><U>Description</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">99.1</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Press Release of Woodward, Inc. dated January 19, 2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>

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<p style="text-align: right;"><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>EXHIBIT 99.1</b></font></p>

<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Woodward
Reports First Quarter Fiscal Year 2016 Results</b></font></p>

<p style="text-align: center;"><p style="margin-top: 0pt; margin-bottom: 0pt"><p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">FORT
                                         COLLINS, Colo., Jan. 19, 2016 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported
                                         financial results for its first quarter of fiscal year 2016 ending December 31, 2015.
                                         (All per share amounts are presented on a fully diluted basis.)<br></font></p>

<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>First
Quarter Fiscal 2016 Highlights</b></font></p><ul type="disc">

<li><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Net sales for the first quarter of 2016 were $445
million, a decrease of 9 percent from the first quarter of last year.<br><br></font></li>

<li><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Earnings per share were $0.40 in the first quarter
of 2016, compared to $0.66 in the first quarter of last year. This quarter included special charges totaling $0.16 related to
the company&#8217;s efforts to consolidate facilities, reduce costs and address current market conditions. Excluding these special
charges, earnings per share would have been $0.56 in the quarter.<br><br></font></li>

<li><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total EBIT<sup>1</sup> for the quarter was $34 million.
Excluding the special charges in the quarter, EBIT would have been $51 million, compared to $63 million in the first quarter of
the prior year.<br><br></font></li>

<li><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Free cash flow<sup>1 </sup>was $4 million for the
quarter, an increase of $13 million from an outflow of $9 million for the first quarter of the prior year.</font></li></ul>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#8220;We delivered a solid first quarter from an
operational perspective, as both segments performed in line with our expectations despite the challenging macro-economic backdrop.
Our results reflect continued focus on delivering our new program wins and cost control,&#8221; said Thomas A. Gendron, Chairman
and Chief Executive Officer.</font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#8220;We continue to take strategic actions to further
enhance long term profitability by rationalizing our global footprint, reducing costs and addressing global economic conditions.
The special charges we took this quarter will be largely offset by the savings we expect during the remainder of the fiscal year,
and as a result, we are maintaining our full year outlook.&#8221;</font></p>

<p align="center"><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>&#160;Company Results</b></font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Net sales for the first quarter of 2016 were $445
million, compared to $488 million for the first quarter of 2015, primarily impacted by lower sales in Woodward&#8217;s Industrial
segment, partially offset by higher sales in the company&#8217;s Aerospace segment. Foreign currency exchange rates had an unfavorable
impact of approximately $13 million on net sales for the first quarter of 2016.</font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">EBIT was $34 million for the first quarter of 2016,
compared to $63 million for the first quarter of 2015. Excluding the special charges in the current quarter, EBIT would have been
$51 million, a decrease of $12 million compared to the prior year quarter. EBIT was negatively impacted in the quarter by the
special charges, lower sales volume and approximately $3 million of unfavorable impacts from foreign currency exchange rate fluctuations.&#160;</font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Net earnings for the first quarter of 2016 were $26
million, or $0.40 per share, compared to $44 million, or $0.66 per share in the first quarter of 2015. Excluding the special charges
in the current quarter, net earnings would have been $36 million, or $0.56 per share. Foreign currency exchange rates had a negative
impact on net earnings of approximately $2 million, or $0.04 per share.</font></p>

<p align="center"><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Segment Results</b></font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Aerospace</b><br><b> </b>Aerospace segment net
sales for the first quarter of fiscal 2016 were $269 million, an increase of 5 percent from $256 million for the first quarter
a year ago. Segment earnings for the first quarter of 2016 were $43 million, compared to $36 million for the same quarter a year
ago. Segment earnings as a percent of segment net sales were 16.2 percent this quarter, compared to 14.0 percent in the same quarter
of the prior year.</font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">The increased segment sales for the quarter were
primarily due to strong growth in defense sales and commercial aftermarket. Segment earnings were primarily impacted by the higher
sales volume and strong aftermarket.</font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Industrial</b><br><b> </b>Industrial segment net
sales for the first quarter of 2016 were $177 million, a decrease of $55 million, or 24 percent, from $232 million in last year&#8217;s
first quarter. On a constant currency basis<sup>1</sup>, segment sales would have been $189 million, a decrease of 18 percent
compared to the prior year quarter. Segment earnings for the first quarter of 2016 were $22 million, compared to $39 million for
last year&#8217;s first quarter. Segment earnings as a percent of segment net sales were 12.2 percent this quarter, compared to
16.9 percent in the same quarter of the prior year. On a constant currency basis, segment earnings as a percent of sales would
have been 13.1 percent this quarter.</font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Compared to an unusually strong first quarter of
the prior year, sales were negatively impacted by ongoing weakness in the natural gas truck market in Asia, foreign currency exchange
rates, and overall economic pressure, mainly in China. Segment earnings for the quarter were negatively impacted by sales volume
and foreign currency exchange rates. Foreign currency exchange rate fluctuations had an unfavorable impact of $3 million on segment
earnings.</font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Nonsegment</b><br> Nonsegment expenses totaled
$31 million for the first quarter of 2016, or 6.9 percent of consolidated net sales, compared to $12 million, or 2.5 percent of
sales, for the same quarter last year. Nonsegment expenses included special charges totaling $16 million for facility rationalization
and workforce management to achieve operational improvements. Excluding the special charges, nonsegment expenses would have been
3.3 percent of sales for the first quarter of 2016.</font></p>

<p align="center"><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Cash Flow and Financial Position</b></font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Net cash generated from operating activities was
$37 million for the first quarter of fiscal 2016, compared to $38 million for the first quarter of fiscal 2015. Free cash flow
was $4 million for the first quarter of fiscal 2016, compared to a $9 million outflow for the first quarter of fiscal 2015. Payments
for property, plant, and equipment for the first quarter of fiscal 2016 were $33 million, compared to $47 million for the first
quarter of fiscal 2015.</font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total debt was $887 million at December 31, 2015,
compared to $852 million at September 30, 2015.&#160; The ratio of debt to debt-plus-equity was 43.7 percent at December 31, 2015,
compared to 42.5 percent at September 30, 2015.</font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">The effective tax rate for the first quarter of fiscal
2016 was 8.4 percent, compared to 23.3 percent for the first quarter of fiscal 2015. The decrease in the income tax rate was primarily
due to the retroactive impact of the research and experimentation tax credit reinstatement on lower earnings before income taxes,
compared to the prior year quarter. Both the current and prior year quarters included a $5 million credit for the retroactive
portion related to the research and experimentation tax credit reinstatement. The company&#8217;s expected full year tax rate
of 28 percent anticipated this reinstatement and is therefore unchanged.</font></p>

<p align="center"><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Outlook</b></font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">For fiscal 2016, Woodward&#8217;s guidance is unchanged
and net sales are expected to increase one to two percent over fiscal 2015, earnings before interest and taxes to be up approximately
5 percent and earnings per share to be between $2.75 and $2.95. The special charges will be largely offset by the anticipated
savings during the year and therefore there is no impact on the full year outlook.</font></p>

<p align="center"><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Conference Call</b></font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Woodward will hold an investor conference call at
4:30 p.m. EST, January 19, 2016 to provide an overview of the financial performance for the first quarter, business highlights,
and outlook for fiscal 2016. You are invited to listen to the live webcast of our conference call, or a recording, and view or
download accompanying presentation slides at our website, www.woodward.com.&#160;</font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">You may also listen to the call by dialing 1-866-206-6154
(domestic) or 1-703-639-1107 (international).&#160; Participants should call prior to the start time to allow for registration;
the Conference ID is 1667357. An audio replay will be available by telephone from 7:30 p.m. EST on January 19, 2016 until 11:59
p.m. EST on February 2, 2016. The telephone number to access the replay is 1-888-266-2081 (domestic) or 1-703-925-2533 (international),
reference access code 1667357.</font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">A webcast presentation will be available on the website
by clicking the Investors tab, then the Calendar of Events menu selection and associated webcast link. The call and presentation
will remain accessible at the website for 14 days.</font></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>About Woodward, Inc. </b><br>Woodward is an independent
designer, manufacturer, and service provider of control solutions for the aerospace and industrial markets. The company&#8217;s
innovative fluid, combustion, electrical, and motion control systems help customers offer cleaner, more reliable, and more efficient
equipment. Our customers include leading original equipment manufacturers and end users of their products. Woodward is a global
company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com, and connect with us at www.facebook.com/woodwardinc.<sup>2</sup></font></p>

<p align="justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><sup>1</sup><u>Non-U.S. GAAP Financial
Measures:</u> EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization)
and free cash flow are financial measures not prepared and presented in accordance with accounting principles generally accepted
in the United States of America (U.S. GAAP). We have also presented certain financial measures net of special charges taken in
the quarter. Management uses EBIT to evaluate Woodward&#8217;s operating performance without the impacts of financing and tax
related considerations. Management uses EBITDA in evaluating Woodward&#8217;s operating performance, making business decisions,
including developing budgets, managing expenditures, forecasting future periods, and evaluating capital structure impacts of various
strategic scenarios. Management uses free cash flow, which is derived from net cash provided by operating activities less payments
for property, plant, and equipment, in reviewing the financial performance of Woodward&#8217;s various business segments and evaluating
cash generation levels. Management presented financial measures net of special charges because such charges are not part of the
Company&#8217;s usual operations and therefore, management used such amounts to review the Company&#8217;s core operational performance.
Securities analysts, investors, and others frequently use EBIT, EBITDA and free cash flow in their evaluation of companies, particularly
those with significant property, plant, and equipment, and intangible assets that are subject to amortization. The use of any
of these non-U.S. GAAP financial measures is not intended to be considered in isolation of, or as a substitute for, the financial
information prepared and presented in accordance with U.S. GAAP. Because EBIT and EBITDA exclude certain financial information
compared with net earnings, the most comparable U.S. GAAP financial measure, users of this financial information should consider
the information that is excluded. Free cash flow does not necessarily represent funds available for discretionary use and is not
necessarily a measure of our ability to fund our cash needs. Management&#8217;s calculations of EBIT, EBITDA, and free cash flow
may differ from similarly titled measures used by other companies, limiting their usefulness as comparative measures. We refer
to certain financial measures excluding the impact of currency exchange rate fluctuations as &#8220;constant currency basis&#8221;.
We calculate financial measures on a constant currency basis by removing any realized or unrealized currency gains or losses on
working capital from the particular measure in the current period and then converting our current period local currency financial
results using the foreign currency exchange rates in effect during the prior year period. The financial measures, when calculated
on a constant currency basis, are intended to supplement our reported operating results and, when considered in conjunction with
the corresponding GAAP measures, facilitate a better understanding of changes in the metrics from period to period and the core
operations of the Company.</font></p>

<p align="justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><sup>2</sup><u>Website, Facebook,
Twitter:</u> Woodward has used, and intends to continue to use, its Investor Relations website, its Facebook page and its Twitter
handle as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation
FD.</font></p>

<p align="justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Cautionary Statement </b><br>Information
in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties, including, but not limited to, statements regarding our strategic actions and their
proposed effect, savings in the remainder of the fiscal year as a result of special charges in the quarter, future sales, earnings,
liquidity, tax rate, and relative profitability, expectations regarding our markets and the impact of economic conditions and
downturns on Woodward. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks,
uncertainties, and assumptions that are difficult to predict. Factors that could cause actual results and the timing of certain
events to differ materially from the forward-looking statements include, but are not limited to, a decline in business with, or
financial distress of, Woodward&#8217;s significant customers; global economic uncertainty and instability in the financial markets;
Woodward&#8217;s ability to manage product liability claims, product recalls or other liabilities associated with the products
and services that Woodward provides; Woodward&#8217;s ability to obtain financing, on acceptable terms or at all, to implement
its business plans, complete acquisitions, or otherwise take advantage of business opportunities or respond to business pressures;
Woodward&#8217;s long sales cycle, customer evaluation process, and implementation period of some of its products and services;
Woodward&#8217;s ability to implement and realize the intended effects of any restructuring and alignment efforts; Woodward&#8217;s
ability to successfully manage competitive factors, including prices, promotional incentives, competitor product development,
industry consolidation, and commodity and other input cost increases; Woodward&#8217;s ability to manage expenses and product
mix while responding to sales increases or decreases; the ability of Woodward&#8217;s subcontractors to perform contractual obligations
and its suppliers to provide Woodward with materials of sufficient quality or quantity required to meet Woodward&#8217;s production
needs at favorable prices or at all; Woodward&#8217;s ability to monitor its technological expertise and the success of, and/or
costs associated with, its product development activities; Woodward&#8217;s ability to integrate acquisitions and manage costs
related thereto; Woodward&#8217;s debt obligations, debt service requirements, and ability to operate its business, pursue its
business strategies and incur additional debt in light of covenants contained in its outstanding debt agreements; Woodward&#8217;s
ability to manage additional tax expense and exposures; risks related to Woodward&#8217;s U.S. Government contracting activities,
including liabilities resulting from legal and regulatory proceedings, inquiries, or investigations related to such activities;
the potential of a significant reduction in defense sales due to decreases in the amount of U.S. Federal defense spending or other
specific budget cuts impacting defense programs in which Woodward participates; changes in government spending patterns, priorities,
subsidy programs and/or regulatory requirements; future impairment charges resulting from changes in the estimates of fair value
of reporting units or of long-lived assets; future results of Woodward&#8217;s subsidiaries; environmental liabilities related
to manufacturing activities and/or real estate acquisitions; Woodward&#8217;s continued access to a stable workforce and favorable
labor relations with its employees; physical and other risks related to Woodward&#8217;s operations and suppliers, including natural
disasters, which could disrupt production; Woodward&#8217;s ability to successfully manage regulatory, tax, and legal matters;
risks related to Woodward&#8217;s common stock, including changes in prices and trading volumes; risks from operating internationally,
including the impact on reported earnings from fluctuations in foreign currency exchange rates, and compliance with and changes
in the legal and regulatory environments of the United States and the countries in which Woodward operates; fair value of defined
benefit plan assets and assumptions used in determining Woodward&#8217;s retirement pension and other postretirement benefit obligations
and related expenses; industry risks, including increases in natural gas prices, unforeseen events that may reduce commercial
aviation and increasing emissions standards; Woodward&#8217;s operations may be adversely affected by information systems interruptions
or intrusions; certain provisions of Woodward&#8217;s charter documents and Delaware law that could discourage or prevent others
from acquiring the company; and other risk factors described in Woodward's Annual Report on Form 10-K for the year ended September
30, 2015, and any subsequently filed Quarterly Report on Form 10-Q.</font></p>

<table style="border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; ">
<tr>
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<tr>
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    CONSOLIDATED&#160; STATEMENTS&#160; OF&#160; EARNINGS</b>&#160;</font></td></tr>
<tr>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td colspan="3" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><i>&#160;</i></font></td>
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    <td colspan="7" style="vertical-align: bottom ; text-align: center ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><i>Three-Months
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<tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
    <td colspan="2" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><i>(Unaudited
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    <td style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><i>&#160;</i></font></td>
    <td style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><i>&#160;</i></font></td>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><i>&#160;</i></font></td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td></tr>
<tr>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</font></td>
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    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td></tr>
<tr>
    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Costs
    and expenses:</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
    <td style="font: 12px Arial;   vertical-align: bottom;   text-align: left;   padding-left: 10.0px; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Cost
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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<tr>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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<tr>
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    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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<tr>
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<tr>
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<tr>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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<tr>
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    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;
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<tr>
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    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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<tr>
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<tr>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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    <td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Aerospace</font></td>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</font></td>
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    <td style="padding-left: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;
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<tr>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Industrial</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;
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    <td style="padding-left: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;
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    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td></tr>
<tr>
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    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;
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    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;
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    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td></tr>
<tr>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td></tr>
<tr>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Aerospace</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;
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    <td style="padding-left: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;
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    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td></tr>
<tr>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><i>&#160;</i></font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><i>&#160;</i></font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><i>&#160;</i></font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><i>&#160;</i></font></td>
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<tr>
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    <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;
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<tr>
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;
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    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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    <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;
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    <td style="padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</font></td>
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<tr>
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    <td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
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<tr>
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    <td style="border-bottom: double black 3pt ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-bottom: double black 3pt ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-bottom: double black 3pt ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-bottom: double black 3pt ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</font></td>
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    3,981</font></td>
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    <td style="border-bottom: double black 3pt ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</font></td>
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<tr>
    <td style="vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>&#160;</b></font></td>
    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td colspan="3" style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td>
    <td colspan="3" style="text-align: left ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</font></td></tr>
</table>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;<br></font></p></p>

<p><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">CONTACT:<br>Don&#160;Guzzardo<br>Director,&#160;Investor&#160;Relations
&amp; Treasury&#160;&#160;<br>970-498-3580<br>Don.Guzzardo@woodward.com</font></p>
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