BILLINGS IN EXCESS OF COSTS AND ESTIMATED EARNINGS

12 Months Ended

Dec. 31, 2010

Notes to Financial Statements

Note 17. BILLINGS IN EXCESS OF COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

The Company recognizes sales and cost of sales on long-term, fixed price contracts involving significant amounts of customization using the percentage of completion method based on costs incurred to date compared to total estimated costs at completion.  Such amounts are included in the accompanying consolidated balance sheets under the caption “Billings in excess of costs and estimated earnings on uncompleted contracts”.

Costs and estimated earnings on uncompleted contracts and related amounts billed under contract provisions as of December 31, 2010 and December 31, 2009 are as follows:

($ in thousands)	December 31,  2010			December 31,  2009
Costs incurred on uncompleted contract	$	539		$	302
Estimated earnings		980			665
		1,519			967
Less: billings to date		(1,760	)		(1,242	)
Billings in excess of costs and estimated earnings on uncompleted contract	$	(241	)	$	(274	)