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4. Customer Concentrations and Accounts Receivable
Sales to Banking Production Centre (“BPC”), one of the Company’s Russian distributors, and Pumps and Service Company (“Pumps and Service”), one of the Company’s domestic distributors, accounted for 25% and 22%, respectively, of revenue for the three months ended September 30, 2011. Sales to Aquatec-Maxcon Pty Ltd., the Company’s Australian distributor, Pumps and Service and BPC accounted for 14%, 13% and 11% of revenue for the three months ended September 30, 2010, respectively.
BPC and Pumps and Service accounted for 23% and 15% of revenue, respectively, for the six months ended September 30, 2011. For the six months ended September 30, 2010, BPC and Pumps and Service accounted for 21% and 10% of revenue, respectively.
Additionally, BPC, Pumps and Service and Greenvironment plc, the Company’s Finnish distributor, accounted for 26%, 12% and 10% of accounts receivable, net, respectively, as of September 30, 2011. BPC and Verdesis S.A., the Company’s Belgian distributor, accounted for 26% and 10%, respectively of accounts receivable, net as of March 31, 2011.
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