Woodward designs, manufactures, and services energy control systems  and components for aircraft and industrial engines, turbines, and other power  equipment. Leading OEMs (original equipment manufacturers) throughout  the world use our products and services in the power generation, process  industries, transportation, and aerospace markets. Financial Highlights 1  To Our Shareholders 2 Board of Directors 5 Market Drivers Shape Our Strategy 6 Financial Review 17 Officers and Investor Information 47 Contents Business Description