ACCOUNTS RECEIVABLE AND CONTRACT COSTS

12 Months Ended

Sep. 30, 2013

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 $43,000 and $45,000 as of September 30, 2013 and 2012, respectively. Included in accounts receivable are contract retainage balances of $52,000 and $307,000 as of September 30, 2013 and 2012, respectively. The retainage balance as of September 30, 2013 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 earnings (loss) on uncompleted contracts are as follows:

	September 30,
	2013				2012
Costs incurred on uncompleted contracts		$	2,457,000			$	2,373,000
Estimated earnings (loss)			(251,000	)			(238,000	)
			2,206,000				2,135,000
Less billings to date			1,629,000				2,331,000
		$	577,000			$	(196,000	)

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

	September 30,
	2013				2012
Costs and estimated earnings in excess of billings on uncompleted contracts (included in other current assets)		$	1,011,000			$	321,000
Billings in excess of costs and estimated earnings on uncompleted contracts (included in other current liabilities)			(434,000	)			(517,000	)
		$	577,000			$	(196,000	)