REVENUE |
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REVENUE | NOTE 4 - REVENUE The Company generates its revenues primarily from performance obligations completed under contracts with customers in three main market sectors: defense, energy and precision industrial. The period over which the Company performs is generally less than one year. The Company generally invoices and receives related payments based upon performance progress not less frequently than monthly. Revenue generally is recognized over time given the terms and conditions of the related contracts. The Company utilizes an estimated labor hours based input methodology to measure performance progress, which best depicts the transfer of control to the customer. The Company’s contract portfolio is comprised of fixed-price contracts. All of our contracts are fixed price. Our contracts provide for product type sales only, and our products are delivered to customers in one of our three market sectors, defense, energy or precision industrial. The following table presents net sales on a disaggregated basis by market and contract type:
As of June 30, 2018, the Company had $12.5 million of remaining performance obligations, of which $11.6 million were less than 50% complete. The Company expects to recognize all of its remaining performance obligations as revenue before the end of fiscal year 2019. We have been dependent in each year on a small number of customers who generate a significant portion of our business, and these customers change from year to year. The following table sets forth information as to net sales from customers who accounted for more than 10% of our net sales for the three months ended:
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