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ValleyCrest Holding Co. and Subsidiaries <br />Notes to Consolidated Financial Statements (continued) <br />6. Costs and Billings on Uncompleted Contracts <br />Costs and billings on uncompleted contracts are summarized as follows: <br />April 30, <br />2008 <br />Costs incurred and estimated earnings on <br />uncompleted contracts $ 1,226,446,000 <br />Less billings to date (1,266,945,000) <br />$ (40,499,000) <br />Included in accompanying consolidated balance <br />sheet under the following captions: <br />Costs and estimated earnings in excess of <br />billings on uncompleted contracts $ 6,061,000 <br />Billings in excess of costs and estimated <br />earnings on uncompleted contracts (46,560,000) <br />$ (40,499,000) <br />7. Golf Course Properties, Net, and Golf Course Operations <br />Golf course properties, net, include the property of Glen Annie Golf Club, LLC at April 30, 2008 <br />with a net book value of $6,580,000. Glen Annie Golf Club, LLC is owned through a joint <br />venture, which the Company controls. During the period ended April 30, 2008, Glen Annie Golf <br />Club, LLC recorded a loss of $1,768,000. <br />In November 2007, the Company successfully resolved the issues surrounding the possible <br />default under the Glen Annie Golf Club, LLC loan. The loan was amended to substitute <br />ValleyCrest Landscape Development, Inc. for E.I.I. Holding Co., both are wholly owned <br />subsidiaries of the Company. In addition, $2.0 million of a $4.0 million loan guaranty was paid <br />and, among other things, the maturity date of the loan was extended one year until May 2010. <br />The $2.0 million was first applied to interest and then to principal. At April 30, 2008, the <br />outstanding loan balance was $12,283,000. <br />�U -11-0 <br />X117 <br />ValleyCrest Landscape Maint. 15 <br />16,d00 N'V 127fiii Ave. <br />IVbrri, FL 33J1E -1051 <br />