ACCOUNTS RECEIVABLE

3 Months Ended

Mar. 31, 2016

ACCOUNTS RECEIVABLE

RECEIVABLES

Receivables consist of the following:

	March 31, 2016		December 31, 2015
	(In thousands)
Receivables
Billed	$	37,587	$	36,278
Unbilled	13,740		16,833
Total Receivables	$	51,327	$	53,111

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 March 31, 2016 and December 31, 2015, 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.