Costs and Estimated Earnings in Excess of Billings, Net

12 Months Ended

Apr. 30, 2021

Contractors [Abstract]

Long-term Contracts or Programs Disclosure [Text Block]

3.           Costs and Estimated Earnings in Excess of Billings, Net

At April 30, 2021 and 2020, costs and estimated earnings in excess of billings, net, consisted of the following (in thousands):

	April 30, 2021			April 30, 2020
Costs and estimated earnings in excess of billings	$	12,640		$	10,460
Billings in excess of costs and estimated earnings		(10,692	)		(3,507	)
Net asset	$	1,948		$	6,953

Such amounts represent revenue recognized on long-term contracts that have 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.  In general, the recorded amounts will be billed and collected or revenue recognized within twelve months of the balance sheet dates.  Revenue on these long-term contracts is accounted for on the POC basis.  During the years ended April 30, 2021 and 2020, revenue recognized under POC contracts was approximately $50.2 million and $38.0 million, respectively.  If contract losses are anticipated, costs and estimated earnings in excess of billings are reduced for the full amount of such losses when they are determinable.  Total contract losses for the fiscal years ended April 30, 2021 and 2020 were approximately $1.0 million and $2.4 million, respectively.