Costs and Estimated Earnings in Excess of Billings

9 Months Ended

Jun. 30, 2016

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Costs and Estimated Earnings in Excess of Billings

Note 4 – Costs and Estimated Earnings in Excess of Billings

Costs and estimated earnings in excess of billings on uncompleted contracts as of June 30, 2016 and September 30, 2015 consist of the following:

	June 30, 2016		September 30, 2015
Costs incurred on uncompleted contracts	$	11,259,000	$	4,547,000
Estimated earnings		4,008,000		1,114,000
		15,267,000		5,661,000
Billings to date		5,530,000		3,265,000
Costs and estimated earnings in excess of billings	$	9,737,000	$	2,396,000

Costs and estimated earnings in excess of billings of $9,737,000 is due to several large percentage-of-completion jobs which were near completion at June 30, 2016. A significant portion of this amount was billed and collected subsequent to quarter-end as the products shipped.