COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

6 Months Ended

Jul. 31, 2017

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

NOTE 6 — COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

The table below sets forth the aggregate amounts of costs charged to and earnings accrued on uncompleted contracts compared with the billings on those contracts through July 31, 2017 and January 31, 2017.

	July 31,			January 31,
	2017			2017
Costs charged to uncompleted contracts	$	879,218		$	485,629
Estimated accrued earnings	151,324			78,708

	1,030,542			564,337
Less - billings to date	1,212,929			770,386

	$	(182,387	)	$	(206,049	)

Amounts above are included in the accompanying condensed consolidated balance sheets under the following captions:

	July 31,			January 31,
	2017			2017
Costs and estimated earnings in excess of billings	$	8,194		$	3,192
Billings in excess of costs and estimated earnings	190,581			209,241

	$	(182,387	)	$	(206,049	)

Costs charged to contracts include amounts billed to the Company for delivered goods and services where payments have been retained from subcontractors and suppliers. Retained amounts as of July 31, 2017 and January 31, 2017, which were included in the Company’s balance of accounts payable as of those dates, totaled $30.3 million and $17.2 million, respectively. Generally, such amounts are expected to be paid prior to the completion of the applicable project.