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

9 Months Ended

Jan. 31, 2015

Contractors [Abstract]

Long-term Contracts or Programs Disclosure [Text Block]

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

At January 31, 2015 and April 30, 2014, costs and estimated earnings in excess of billings, net, consist of the following:

	January 31, 2015			April 30, 2014
	(In thousands)
Costs and estimated earnings in excess of billings	$	13,161		$	11,965
Billings in excess of costs and estimated earnings		(792	)		(1,526	)
Net asset	$	12,369		$	10,439

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 nine and three months ended January 31, 2015, revenue recognized under percentage of completion contracts was approximately $35.3 million and $10.8 million, respectively.  During the nine and three months ended January 31, 2014, such revenue was approximately $30.2 million and $10.8 million, respectively.