Contract receivables

6 Months Ended

Jun. 30, 2011

Notes to Financial Statements [Abstract]

Contract Receivables

5.   Contract Receivables

 Contract receivables represent balances due from a broad base of both domestic and international customers.  All contract receivables are considered to be collectible within twelve months. Recoverable costs and accrued profit not billed represent costs incurred and associated profit accrued on contracts that will become billable upon future milestones or completion of contracts.  The components of contract receivables are as follows:

(in thousands)		June 30,	December 31,
		2011	2010
Billed receivables	$	5,884	$         7,733
Recoverable costs and accrued profit not billed		13,942	11,508
Allowance for doubtful accounts		(366)	(2,040)
Total contract receivables, net	$	19,460	$        17,201

 Recoverable costs and accrued profit not billed totaled $13.9 million and $11.5 million as of June 30, 2011 and December 31, 2010, respectively.  In July 2011, the Company invoiced $3.2 million of the unbilled amounts; the balance of the June 30, 2011 unbilled amounts is expected to be invoiced and collected within one year.

 During the first quarter of 2011, the Company wrote off $1.6 million of billed receivables related to the Emirates Simulation Academy LLC that had been fully reserved as of December 31, 2010.

 The following customers account for more than 10% of the Company’s consolidated net billed receivables for the indicated periods:

	June 30,	December 31,
	2011	2010
Westinghouse Electric Company	19.7%	0.0%
Emerson Process Management	13.9%	11.4%
KSG Kraftwerks-Simulator-GmbH	13.0%	2.8%
Exelon Generation Company, LLC	1.2%	23.8%

In July 2011, the Company collected 36.3% of the June 30, 2011 billed receivables; the balance of the net billed receivables is expected to be collected within one year.