ACCOUNTS RECEIVABLE AND CONTRACT COSTS

12 Months Ended

Sep. 30, 2012

ACCOUNTS RECEIVABLE AND CONTRACT COSTS

ACCOUNTS RECEIVABLE AND CONTRACT COSTS

4.ACCOUNTS RECEIVABLE AND CONTRACT COSTS

Accounts receivable are net of allowances for doubtful accounts of $45,000 and $70,000 as of September 30, 2012 and 2011, respectively.  Included in accounts receivable are contract retainage balances of $307,000 and $324,000 as of September 30, 2012 and 2011, respectively.  The retainage balance as of September 30, 2012 is expected to be collected within one year, generally within 45 days after the related contracts have received final acceptance and approval.

Costs and estimated (loss) earnings on uncompleted contracts are as follows:

	September 30,
	2012				2011
Costs incurred on uncompleted contracts		$	2,373,000			$	1,315,000
Estimated (loss) earnings			(238,000	)			169,000
			2,135,000				1,484,000
Less billings to date			2,331,000				1,403,000
		$	(196,000	)		$	81,000

Costs and estimated (loss) earnings on uncompleted contracts are included in the Consolidated Balance Sheets as follows:

	September 30,
	2012				2011
Costs and estimated earnings in excess of billings on uncompleted contracts (included in other current assets)		$	321,000			$	444,000
Billings in excess of costs and estimated earnings on uncompleted contracts (included in other current liabilities)			(517,000	)			(363,000	)
		$	(196,000	)		$	81,000