Contract Receivables

9 Months Ended

Sep. 30, 2012

Contract Receivables [Abstract]

Contract Receivables

4.   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)	September 30,  2012		December 31, 2011
Billed receivables	$	7,858	$         8,258
Recoverable costs and accrued profit not billed		11,719	12,234
Allowance for doubtful accounts		(136)	(136)
Total contract receivables, net	$	19,441	$      20,356

Recoverable costs and accrued profit not billed totaled $11.7 million and $12.2 million as of September 30, 2012 and December 31, 2011, respectively.  During October 2012, the Company invoiced $1.8 million of the unbilled amounts.

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

	September 30,2012		December 31, 2011
Slovenské elektrárne, a.s.		15.7%	24.2%
Shandong Nuclear Power Co. Ltd.		15.3%	5.0%
Kraftwerkesschule E.V.		12.4%	7.9%

In May 2012, Slovenské elektrárne, a.s. (“SE”) notified the Company of its decision to suspend work under the contract due to changes in the Slovakian regulation requiring SE to redesign certain aspects of the plant.  The Company and SE are currently discussing amendments to the existing contract addressing (i) substantial additional scope of work for the Company,  (ii) costs related to suspension of the contract and its restart,  (iii) the Company’s continued support of the project during the suspension period and (iv) withdrawal of  SE outstanding claims.  At September 30, 2012, the Company had a $188,000 outstanding invoice included in accounts receivable, $2.9 million of recoverable costs and accrued profit not billed, and a $2.9 million performance bond in place to secure completion of the contract.