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Percentage of Completion
 12 Months Ended
Sep. 30, 2013
Percentage of Completion

7. Percentage of Completion:

The Company utilizes the POC Method to recognize revenues under a contract with a customer.  The balance sheets reflect cost and estimated earnings in excess of billings as follows (in thousands):

 

 

AS OF SEPTEMBER 30,

 

 

2013

 

 

2012

 

Contract revenues earned             

$

  109,565

  

 

$

--

  

Less contract billings             

 

  97,165

 

 

 

--

 

Costs and estimated earnings in excess of billings

$

  12,400

  

 

$

--