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10-K - FORM 10-K - FREQUENCY ELECTRONICS INCv319564_10k.htm
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v2.4.0.6
Costs and Estimated Earnings in Excess of Billings
12 Months Ended
Apr. 30, 2012
Costs and Estimated Earnings in Excess of Billings

3. Costs and Estimated Earnings in Excess of Billings

 

At April 30, 2012 and 2011, costs and estimated earnings in excess of billings, net, consist of the following:

 

    2012     2011  
    (in thousands)  
Costs and estimated earnings in excess of billings   $ 9,552     $ 3,711  
Billings in excess of costs and estimated earnings     (2,345 )     (1,302 )
Net asset   $ 7,207     $ 2,409  

 

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, 2012 and 2011, revenue recognized under percentage of completion contracts was approximately $36.1 million and $22.4 million, respectively.