COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

3 Months Ended

Apr. 30, 2017

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

NOTE 6 — COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

The table below sets forth the aggregate amounts of costs charged to and earnings accrued on uncompleted contracts compared with the billings on those contracts through April 30 and January 31, 2017.

	April 30,			January 31,
	2017			2017
Costs charged to uncompleted contracts	$	685,672		$	485,629
Estimated accrued earnings	112,003			78,708
	797,675			564,337
Less - billings to date	1,027,662			770,386
	$	(229,987	)	$	(206,049	)

Amounts above are included in the accompanying condensed consolidated balance sheets under the following captions:

	April 30,			January 31,
	2017			2017
Costs and estimated earnings in excess of billings	$	4,357		$	3,192
Billings in excess of costs and estimated earnings	234,344			209,241
	$	(229,987	)	$	(206,049	)

Costs charged to contracts include amounts billed to the Company for delivered goods and services where payments have been retained from subcontractors and suppliers. Retained amounts as of April 30, 2017, which were included in the Company’s balance of accounts payable as of that date, totaled $25.7 million. Generally, such amounts are expected to be paid prior to the completion of the applicable project.