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COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 12 Months Ended
Dec. 31, 2014
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS [Abstract]  
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
NOTE 6 – COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Costs and estimated earnings in excess of billings on uncompleted contracts arise in the consolidated balance sheets when revenues have been recognized but the amounts cannot be billed under the terms of the contracts. Such amounts are recoverable from customers upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract.
Costs and estimated earnings on uncompleted contracts and related amounts billed for 2014 and 2013 were as follows (in thousands):
 
Year Ended December 31,
 
2014
 
2013
Costs incurred on uncompleted contracts
 $      49,133
 
 $      10,678
Estimated earnings, thereon
         16,749
 
           2,043
Total
         65,882
 
         12,721
Less: billings to date
         54,701
 
           7,572
Net
 $      11,181
 
 $        5,149

Such amounts were included in the accompanying Consolidated Balance Sheets for 2014 and 2013 under the following captions (in thousands):

 
 Year Ended December 31,
 
2014
 
2013
Costs and estimated earnings in excess
of billings on uncompleted contracts
 $          20,083
 
 $            6,487
Billings in excess of costs and estimated
earnings on uncompleted contracts
            (8,840)
 
            (1,338)
Translation Adjustment
                 (62)
 
                      -
Net
 $          11,181
 
 $            5,149