COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS

6 Months Ended

Jun. 30, 2015

COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS [Abstract]

COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS

NOTE 6 – COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS

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

	June 30, 2015	December 31, 2014
Costs incurred on uncompleted contracts	$          46,502	$          49,133
Estimated profits, thereon	15,994	16,749
Total	62,496	65,882
Less: billings to date	44,667	54,701
Net	$         17,829	$         11,181

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

	June 30,  2015	December 31, 2014
Costs and estimated profits in excess of billings on uncompleted contracts	$         25,930	$          20,083
Billings in excess of costs and profits on uncompleted contracts	(8,106)	(8,840)
Translation adjustment	5	(62)
Net	$          17,829	$          11,181