COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET

3 Months Ended

Jul. 31, 2012

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET

NOTE C – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET

At July 31, 2012 and April 30, 2012, costs and estimated earnings in excess of billings, net, consist of the following:

	July 31, 2012			April 30, 2012
	(In thousands)
Costs and estimated earnings in excess of billings	$	10,372		$	9,552
Billings in excess of costs and estimated earnings		(1,723	)		(2,345	)
Net asset	$	8,649		$	7,207

Such amounts represent revenue recognized on long-term contracts that had not been billed at the balance sheet dates or represent a liability for amounts billed in excess of the revenue recognized. Amounts are billed to customers pursuant to contract terms, whereas the related revenue is recognized on the percentage of completion basis at the measurement date. In general, the recorded amounts will be billed and collected or revenue recognized within twelve months of the balance sheet date. Revenue on these long-term contracts is accounted for on the percentage of completion basis. During the three months ended July 31, 2012 and 2011, revenue recognized under percentage of completion contracts was approximately $8.6 million and $8.3 million, respectively.