U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
NOTIFICATION OF LATE FILING
FORM 12b-25
Sec. File Number 0-9624 Cusip Number 460491 80 6
[Check One]: [X] Form 10-K [ ]Form 20-F [ ]Form 11-K [ ]Form 10-Q [ ]Form -SAR
For the Period Ended: June 30, 2003
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[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form -SAR
For the Transition Period Ended _____________________
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Read Instructions (on back page) Before Preparing Form.
Please Print or Type
Nothing in this form shall be constructed to imply that the Commission has
verified any information contained herein
If the notification relates to a portion of the filing checked above,
identify the Item[s] to which the notification relates:
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PART I - REGISTRANT INFORMATION
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International Thoroughbred Breeders, Inc.
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Full Name of Registrant
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Former Name If Applicable
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211 Benigno Boulevard, Suite 210
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Address of Principal Executive Office (Street and Number)
Bellmawr, NJ 08031
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City, State and Zip Code
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PART II - RULES 12b-25[b] and [c]
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If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12-b-25[b],
the following should be completed.
[Check box if appropriate]
[X] [a] The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expenses;
[X] [b] The subject annual report, semi-annual report, transition report on
From 10-K, Form 2-F, Form 11-K, Form -SAR, or portion thereof, will be
filed on or before the fifteenth calendar day following the prescribed
due date; or the subject quarterly report or transition report on Form
10-Q, or portion thereof will be filed on or before the fifth calendar
day following the prescribed due date; and
[ ] [c] The accountant's statement or other exhibit required by Rule 12b-25[c]
has been attached if applicable.
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PART III - NARRATIVE
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State below in reasonable detail the reasons why the Form 10-K, 20-F, 11-K, 10-Q
or -SAR or the transition report or portion thereof, could not be filed within
the prescribed time period.{Attach Extra Sheet if Needed} SEE ATTACHED
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PART IV - OTHER INFORMATION
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[1] Name and telephone number of person to contact in regard to this
notification
Francis W. Murray 856 931-8163
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[Name] [Area Code] [Telephone No.]
[2] Have all other periodic reports required under Section 13 or 15[d] of
the Securities and Exchange Act of 1934 or Section 10 of the
Investment Company Act of 1940 during the preceding 12 months [or for
such shorter period that the registrant was required to file such
reports] been filed? If answer is no, identify report [s].
[ X ] Yes [ ] No
[3] It is anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject
report or portion thereof? [X] Yes [ ] No
If so, attach an explanation of the anticipated change both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
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International Thoroughbred Breeders, Inc.
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[Name of Registrant as Specified in Charter]
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date September 29, 2003 By/s/ Francis W. Murray
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President and CEO
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
[other than an executive officer], evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute
Federal Criminal Violation [See 18 U.S.C. 1001]
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 [17CFR 240.12b-25] of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and amendments
thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the
General Rules and Regulations under the Act. The information contained in
or filed with the form will be made a matter of the public record in the
Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of
the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25, but need
not restate information that has been correctly furnished. The form shall
be clearly identified as an amendment notification.
International Thoroughbred Breeders, Inc.
Form 12b-25
Form 10-K for Period Ended June 30, 2003
Part III - Narrative
As reported in the January 6, 2003 filing on Form 8-K, on January 3, 2003
the Company's subsidiary, ITG-Vegas, Inc. filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Court for the Southern District
of Florida, Palm Beach Division in re: ITG- Vegas, Inc., Case No. 03-30038
(BKC-PGH), January 3, 2003.
The Registrant is unable to complete the preparation of the Form 10-K
report on a timely basis due to the additional work required and preparation of
various additional accounting reports as a result of the bankruptcy filing.
Part IV - Other Information
(3) For the Fiscal year ended June 30, 2003, the Registrant anticipates
reporting income, subject to audit, in the range of $5,000,000 to $5,200,000 or
Net Income of between $0.51 and $0.53 per share as compared to Net Income
reported in Fiscal 2002 of $1,982,603 or $0.17 per share. The change from the
prior fiscal year is primarily the result of: (a) an increase of approximately
$4,000,000 in Net Income from the bareboat charter operation of an offshore
gaming vessel, the M/V Palm Beach Princess and (b) a decrease in corporate
general and administrative expenses of approximately $700,000, partially offset
by (a) approximately $850,000 for legal and administrative expenses in
connection with the Company's subsidiary bankruptcy filing; and (b) an increase
of approximately $1,000,000 for interest and financing expenses primarily in
connection with interest paid on the purchase of the ship mortgage from the
Chapter 11 Trustee of the Bankruptcy Estate of Robert E. Brennan.
The Company's continued operation of the Palm Beach Princess is subject to
the successful emergence from its subsidiary's Chapter 11 bankruptcy. On
September 12, 2003, the United States Bankruptcy Court for the Southern District
of Florida (Palm Beach Division) issued an order confirming the Amended Joint
Chapter 11 Plan of Reorganization (the "Plan") in the Chapter 11 Cases of ITG
Vegas, Inc., the Registrant's wholly owned subsidiary, and an affiliated entity,
MJQ Corporation (the sole stockholder of which is Francis W. Murray, the
Registrant's Chairman and Chief Executive Officer) as more fully described in
the Company's Form 8-K filed with the Commission on September 22, 2003.