Annual report pursuant to Section 13 and 15(d)

Costs and Estimated Earnings on Uncompleted Contracts

v3.10.0.1
Costs and Estimated Earnings on Uncompleted Contracts
12 Months Ended
Sep. 30, 2018
Contractors [Abstract]  
Costs and Estimated Earnings on Uncompleted Contracts
Contracts Receivable Including Retainage, net
Contracts receivable including retainage, net consisted of the following at September 30, 2018 and September 30, 2017 (in thousands):

September 30,

2018
 
2017
Contracts receivable
$
104,541

 
$
109,538

Retainage
16,848

 
13,180


121,389

 
122,718

Allowance for doubtful accounts
(1,098
)
 
(1,734
)
Contracts receivable including retainage, net
$
120,291

 
$
120,984



 

The following is a summary of changes in the allowance for doubtful accounts balance during the fiscal years ended September 30, 2018 and September 30, 2017 (in thousands):

For the Fiscal Year Ended 
September  30,

2018
 
2017
Balance at beginning of period
$
1,734

 
$
1,039

Charged to bad debt expense
604

 
1,445

Write-off of contracts receivable including retainage
(1,240
)
 
(750
)
Balance at end of period
$
1,098

 
$
1,734



 


Retainage receivables have been billed, but are not due until contract completion and acceptance by the customer.
Costs and Estimated Earnings on Uncompleted Contracts
Costs and estimated earnings compared to billings on uncompleted contracts at September 30, 2018 and September 30, 2017 consisted of the following (in thousands):

September 30,

2018
 
2017
Costs on uncompleted contracts
$
743,322

 
$
489,661

Estimated earnings to date on uncompleted contracts
95,155

 
62,193


838,477

 
551,854

Billings to date on uncompleted contracts
(867,881
)
 
(579,370
)
Net billings in excess of costs and estimated earnings on uncompleted contracts
$
(29,404
)
 
$
(27,516
)


 


Reconciliation of net billings in excess of costs and estimated earnings to amounts reflected on the Company’s Consolidated Balance Sheets at September 30, 2018 and September 30, 2017 is follows (in thousands):

September 30,

2018
 
2017
Costs and estimated earnings in excess of billings on uncompleted contracts
$
9,334

 
$
4,592

Billings in excess of costs and estimated earnings on uncompleted contracts
(38,738
)
 
(32,108
)
Net billings in excess of costs and estimated earnings on uncompleted contracts
$
(29,404
)
 
$
(27,516
)