COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS

6 Months Ended

Jun. 30, 2017

COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS [Abstract]

COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS

NOTE 7 – 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, 2017		December 31, 2016
Costs incurred on uncompleted contracts	$	24,974	$	25,214
Estimated profits, thereon		3,491		6,274
Total		28,465		31,488
Less: billings to date		11,968		15,864
Net	$	16,497	$	15,624

Such amounts were included in the accompanying condensed consolidated balance sheets for 2017 and 2016 under the following captions (in thousands):

	June 30, 2017			December 31, 2016
Costs and estimated profits in excess of billings on uncompleted contracts	$	19,218		$	18,421
Billings in excess of costs and estimated profits on uncompleted contracts		(2,719	)		(2,813	)
Translation adjustment		(2	)		16
Net	$	16,497		$	15,624