NOTE 2: COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON UNCOMPLETED CONTRACTS

12 Months Ended

Dec. 31, 2011

Prerequisites for Billing, Long-term Contracts

NOTE 2:COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON UNCOMPLETED CONTRACTS

The components of costs and estimated earnings in excess of billings on uncompleted contracts are summarized below:

	December 31, 2011			December 31, 2010
Costs incurred on uncompleted contracts	$	473		$	319
Estimated earnings on uncompleted contracts		179			151
		652			470
Less: Billings to date on uncompleted contracts		(2,335	)		(916	)
	$	(1,683	)	$	(446	)
Included in the accompanying consolidated balance sheets under the following captions:
Costs and estimated earnings in excess of billings on uncompleted contracts	$	84		$	-
Billings in excess of costs and estimated earnings on uncompleted contracts		(1,767	)		(446	)
	$	(1,683	)	$	(446	)

The balances in billings in excess of costs and estimated earnings on uncompleted contracts at December 31, 2011 and December 31, 2010 consisted of milestone billings related to large fixed-price fabrication projects.