NOTE 4: BILLINGS IN EXCESS OF COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS AND DEFERRED REVENUES

3 Months Ended

Mar. 31, 2012

Prerequisites for Billing, Long-term Contracts

NOTE 4: BILLINGS IN EXCESS OF COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS AND DEFERRED REVENUES

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

	March 31, 2012			December 31, 2011
Costs incurred on uncompleted contracts	$	1,320		$	473
Estimated earnings on uncompleted contracts		654			179
		1,974			652
Less: Billings to date on uncompleted contracts		(3,506	)		(2,335	)
	$	(1,532	)	$	(1,683	)
Included in the accompanying condensed consolidated balance sheets under the following captions:
Costs and estimated earnings in excess of billings on uncompleted contracts	$	315		$	84
Billings in excess of costs and estimated earnings on uncompleted contracts		(1,847	)		(1,767	)
	$	(1,532	)	$	(1,683	)

The balance in billings in excess of costs and estimated earnings on uncompleted contracts at March 31, 2012 and December 31, 2011 consisted of significant unearned milestone billings on fixed-price contracts.