5. Costs and Estimated Earnings in Excess of Billings

12 Months Ended

Apr. 30, 2019

Long-term Contracts or Programs Disclosure [Text Block]

5. Costs and Estimated Earnings in Excess of Billings

At April 30, 2019 and 2018, costs and estimated earnings in excess of billings, net, consisted of the following (in thousands):

	2019			2018
Costs and estimated earnings in excess of billings	$	8,278		$	5,266
Billings in excess of costs and estimated earnings		(1,608	)		(172	)
Net asset	$	6,670		$	5,094

Such amounts represent revenue recognized on long-term contracts that had not been billed at the balance sheet dates or represent a liability for amounts billed in excess of the revenue recognized. Amounts are billed to customers pursuant to contract terms. In general, the recorded amounts will be billed and collected or revenue recognized within twelve months of the balance sheet date. Revenue on these long-term contracts is accounted for on the POC basis. During the years ended April 30, 2019 and 2018, revenue recognized under POC contracts was approximately $45.3 million and $16.7 million, respectively. If contract losses are anticipated, costs and estimated earnings in excess of billings are reduced for the full amount of such losses when they are determinable. Total contract losses at April 30, 2019 were approximately $136,000. There were no contract losses for the fiscal year ended April 30, 2018.