COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS

9 Months Ended

Sep. 30, 2016

COSTS AND ESTIMATED EARNINGS 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):

	September 30, 2016		December 31, 2015
Costs incurred on uncompleted contracts	$	24,441	$	34,400
Estimated profits, thereon		8,189		13,119
Total		32,630		47,519
Less: billings to date		18,269		33,422
Net	$	14,361	$	14,097

Such amounts were included in the accompanying condensed consolidated balance sheets for 2016 and 2015 under the following captions (in thousands):

	September 30, 2016			December 31, 2015
Costs and estimated profits in excess of billings on uncompleted contracts	$	16,836		$	22,045
Billings in excess of costs and estimated profits on uncompleted contracts		(2,474	)		(8,021	)
Translation adjustment		(1	)		73
Net	$	14,361		$	14,097