XML 43 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 3 Months Ended
Mar. 31, 2014
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS [Abstract]  
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
4. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Costs and estimated earnings in excess of billings on uncompleted contracts consist of:

 
March 31, 2014
 
U.S
   
 
Government
Commercial
Total
       
Costs incurred on uncompleted
     
contracts
$270,605,597
$68,163,669
$338,769,266
Estimated earnings
99,151,468
32,278,970
131,430,438
Sub-total
369,757,065
100,442,639
470,199,704
Less billings to date
281,858,400
69,315,449
351,173,849
Costs and estimated earnings
     
in excess of billings on
     
uncompleted contracts
$87,898,665
$31,127,190
$119,025,855

 
December 31, 2013
 
 
U.S.
   
 
Government
Commercial
Total
Costs incurred on uncompleted
     
contracts
$259,050,407
$62,502,116
$321,552,523
Estimated earnings
95,590,879
30,694,605
126,285,484
Sub-total
354,641,286
93,196,721
447,838,007
Less billings to date
272,783,120
62,733,921
335,517,041
Costs and estimated earnings in excess of billings on uncompleted contracts
$81,858,166
$30,462,800
$112,320,966

The above amounts are included in the accompanying balance sheets under the following captions at March 31, 2014 and December 31, 2013:

 
March 31, 2014
December 31, 2013
Costs and estimated earnings in excess of billings on
   
uncompleted contracts
$ 119,205,553
$ 112,597,136
Billings in excess of costs and estimated earnings on
   
uncompleted contracts
 (179,698)
 (276,170)
     
Totals
$ 119,025,855
$ 112,320,966

U.S. Government Contracts includes contracts directly with the U.S. Government and Government subcontracts.

Revisions in the estimated gross profits on contracts and contract amounts are made in the period in which the circumstances requiring the revisions occur. During the three months ended March 31, 2014 and 2013, the effect of such revisions in total estimated contract profits resulted in a decrease to the total gross profit to be earned on the contracts of approximately $1,477,000 and $1,377,000, respectively, from that which would have been reported had the revised estimates been used as the basis of recognition of contract profits in prior years.

Although management believes it has established adequate procedures for estimating costs to complete on uncompleted open contracts, it is possible that additional significant costs could occur on contracts prior to completion.