NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS AND CUSTOMER ADVANCES

3 Months Ended

Dec. 31, 2012

Notes to Financial Statements

NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS AND CUSTOMER ADVANCES

NOTE 5 - COSTS & ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

1) Information relating to uncompleted contracts as of December 31, 2012 is as follows:

(000's omitted)

Costs incurred on uncompleted contracts	$	2,063
Estimated earnings		1,828
Subtotal		3,891
Less: Billings to date		3,144
Total Costs and estimated earnings in excess of billings on uncompleted contracts	$	747

Included in the accompanying condensed consolidated balance sheet at December 31, 2012 under the following captions:

Costs and estimated earnings in excess of billings on uncompleted contracts	$	747
Less: Billings in excess of costs and estimated earnings on uncompleted contracts		—
Total Costs and estimated earnings in excess of billings on uncompleted contracts	$	747

2) Customer advances consist of the following as of December 31, 2012:

	Total
Total Advances	$	7,282
Less: Advances on contracts under construction		3,144
Total customer advances	$	4,138