3.
Costs and
Estimated Earnings in Excess of Billings
At
April 30, 2013 and 2012, costs and estimated earnings in
excess of billings, net, consist of the following:
|
|
|
2013
|
|
|
2012
|
|
|
|
|
(in
thousands)
|
|
|
Costs
and estimated earnings in excess of billings
|
|
$
|
10,228
|
|
|
$
|
9,552
|
|
|
Billings
in excess of costs and estimated earnings
|
|
|
(1,611
|
)
|
|
|
(2,345
|
)
|
|
Net
asset
|
|
$
|
8,617
|
|
|
$
|
7,207
|
|
Such
amounts represent revenue recognized on long-term contracts
that had not been billed at the balance sheet dates or
represent a liability for amounts billed in excess of the
revenue recognized. Amounts are billed to
customers pursuant to contract terms. In general,
the recorded amounts will be billed and collected or revenue
recognized within twelve months of the balance sheet
date. Revenue on these
long-term contracts is accounted for on the percentage of
completion basis. During the years ended April 30,
2013 and 2012, revenue recognized under percentage of
completion contracts was approximately $35.6 million and
$36.1 million, respectively.
us-gaap:LongTermContractsOrProgramsDisclosureTextBlock