Costs, Estimated Earnings and Billings on Uncompleted Contracts

9 Months Ended

Oct. 31, 2011

Costs, Estimated Earnings and Billings on Uncompleted Contracts [Abstract]

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

NOTE 6 — COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

The Company’s billing practices are governed primarily by the contract terms of each project based on the achievement of milestones, pre-agreed schedules or progress towards completion approved by the owner. Billings do not necessarily correlate with net revenues recognized under the percentage-of-completion method of accounting.

The tables below set forth the aggregate amount of costs incurred and earnings accrued on uncompleted contracts compared with the billings on those contracts through October 31 and January 31, 2011, and reconcile the net amounts of billings in excess of costs and estimated earnings to the amounts included in the consolidated balance sheets at those dates.

	October 31,			January 31,
	2011			2011
Costs incurred on uncompleted contracts	$	58,113,000		$	439,227,000
Estimated accrued earnings		5,793,000			26,884,000
		63,906,000			466,111,000
Less — Billings to date		(112,100,000	)		(474,584,000	)
	$	(48,194,000	)	$	(8,473,000	)
Costs and estimated earnings in excess of billings	$	5,661,000		$	1,443,000
Billings in excess of costs and estimated earnings		(53,855,000	)		(9,916,000	)
	$	(48,194,000	)	$	(8,473,000	)

Contract costs include all direct costs, such as material and labor, and those indirect costs related to contract performance such as payroll taxes, insurance, job supervision and equipment charges. The amounts of costs and estimated earnings in excess of billings are expected to be billed and collected in the normal course of business.