Costs, Estimated Earnings and Billings on Uncompleted Contracts

6 Months Ended

Jul. 31, 2012

Costs, Estimated Earnings and Billings on Uncompleted Contracts [Abstract]

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

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

The Company’s billing practices are governed primarily by the contract terms of each project based on the achievement of milestones, pre-agreed schedules or progress towards completion approved by the project owner. Billings do not necessarily correlate with net revenues recognized under the percentage-of-completion method of accounting. Contract costs include all direct costs, such as material and labor, and those indirect costs related to contract performance such as payroll taxes, insurance, job supervision and equipment charges. The amounts of costs and estimated earnings in excess of billings are expected to be billed and collected in the normal course of business.

The tables below set forth the aggregate amounts of costs incurred and earnings accrued on uncompleted contracts compared with the billings for those contracts through July 31, 2012 and January 31, 2012, and reconcile the net amounts of billings in excess of costs and estimated earnings to the amounts included in the condensed consolidated balance sheets at those dates.

	July 31, 2012		January 31, 2012
Costs incurred on uncompleted contracts	$	223,829,000	$	106,379,000
Estimated accrued earnings		32,815,000		12,121,000
		256,644,000		118,500,000
Less - Billings to date		332,133,000		183,723,000
Billings in excess of costs and estimated earnings on uncompleted contracts, net	$	75,489,000	$	65,223,000
Costs and estimated earnings in excess of billings	$	4,790,000	$	2,781,000
Billings in excess of costs and estimated earnings		80,279,000		68,004,000
Billings in excess of costs and estimated earnings on uncompleted contracts, net	$	75,489,000	$	65,223,000