ACCOUNTS RECEIVABLES

12 Months Ended

Dec. 31, 2012

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLES

Accounts receivable consist of the following:

	(In thousands)
Accounts Receivable	December 31, 2012		December 31, 2011
Billed AR	$	40,689	$	25,717
Unbilled AR	17,793		14,913
Total AR	$	58,482	$	40,630

Unbilled amounts represent revenue recognized which could not be billed by the period end based on contract terms. The majority of the unbilled amounts were billed subsequent to period end. Retainages typically exist at the end of a project and/or if there is a disputed item on an invoice received by a customer. At December 31, 2012 and December 31, 2011, retained amounts are insignificant and are expected to be collected subsequent to the balance sheet date.

As part of the acquisitions in 2012, an allowance for doubtful accounts was acquired in the amount of $351,000. The accounts receivable recorded in the acquisition accounting were net of this reserve. This reserve comprises both a specific and generic accounts receivable reserve which are evaluated at each quarter end.

Most of the Company's revenues are derived from contracts with the U.S. Government, in which we are either the prime contractor or a subcontractor, depending on the award.