Note 4 - Costs and Estimated Earnings on Uncompleted Contracts

6 Months Ended

Jun. 30, 2015

Long-term Contracts or Programs Disclosure [Text Block]

. C

OSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

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

	June 30, 2015
	U.S
	Government		Commercial		Total

Costs incurred on uncompleted contracts	$	318,013,719	$	104,947,445	$	422,961,164
Estimated earnings		62,223,542		44,915,987		107,139,529
Sub-total		380,237,261		149,863,432		530,100,693
Less billings to date		328,958,180		111,057,919		440,016,099

Costs and estimated earnings in excess of billings on uncompleted contracts	$	51,279,081	$	38,805,513	$	90,084,594

	December 31, 2014
	U.S.
	Government		Commercial		Total
Costs incurred on uncompleted contracts	$	299,871,583	$	90,272,545	$	390,144,128
Estimated earnings		56,708,610		39,773,983		96,482,593
Sub-total		356,580,193		130,046,528		486,626,721
Less billings to date		313,441,471		94,324,761		407,766,232
Costs and estimated earnings in excess of billings on uncompleted contracts	$	43,138,722	$	35,721,767	$	78,860,489

The above amounts are included in the accompanying balance sheets under the following captions at June 30, 2015 and December 31, 2014:

	June 30, 2015			December 31, 2014
Costs and estimated earnings in excess of billings on uncompleted contracts	$	90,182,256		$	79,054,139
Billings in excess of costs and estimated earnings on uncompleted contracts		(97,662	)		(193,650	)

Totals	$	90,084,594		$	78,860,489

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 six months ended June 30, 2015, the effect of such revisions in total estimated contract profits resulted in an decrease to the total gross profit to be earned on the contracts of approximately $170,000 from that which would have been reported had the revised estimates been used as the basis of recognition of contract profits in prior years. During the six months ended June 30, 2014, 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 $41,820,000, 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 uncompleted open contracts, it is possible that additional significant costs could occur on contracts prior to completion.