ACCOUNTS RECEIVABLE

9 Months Ended

Sep. 30, 2015

ACCOUNTS RECEIVABLE

RECEIVABLES

Receivables consist of the following:

	September 30, 2015		December 31, 2014
	(In thousands)
Receivables
Billed	$	32,787	$	35,294
Unbilled	20,733		21,667
Total Receivables	$	53,520	$	56,961

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 September 30, 2015 and December 31, 2014, retained amounts are insignificant and are expected to be collected subsequent to the balance sheet date.

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