COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

3 Months Ended

Mar. 31, 2015

COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS [Abstract]

COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

NOTE 6 – COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Costs and estimated earnings in excess of billings on uncompleted contracts arise in the consolidated balance sheets when revenues have been recognized but the amounts cannot be billed under the terms of the contracts. Such amounts are recoverable from customers upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract.

Costs and estimated earnings on uncompleted contracts and related amounts billed were as follows (in thousands):

	March 31, 2015	December 31, 2014
Costs incurred on uncompleted contracts	44,412	49,133
Estimated earnings, thereon	15,037	16,749
Total	59,449	65,882
Less: billings to date	43,247	54,701
Net	16,202	11,181

Such amounts were included in the accompanying consolidated balance sheets for 2015 and 2014 under the following captions (in thousands):

	March 31, 2015	December 31, 2014
Costs and estimated earnings in excess of billings on uncompleted contracts	$          23,253	$          20,083
Billings in excess of costs and estimated earnings on uncompleted contracts	(7,075)	(8,840)
Translation Adjustment	24	(62)
Net	$          16,202	$          11,181