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 806
[Check One]
[ ] Form 10-K [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q [ ] Form -SAR
For the Period Ended: September 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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Full Name of Registrant International Thoroughbred Breeders, Inc.
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Former Name If Applicable
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Address of Principal Executive Office (Street and Number)
211 Benigno Boulevard, Suite 210
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City,State and Zip Code Bellmawr, NJ 08031
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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.
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 November 14, 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-Q for Period Ended September 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-Q
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
The Registrant anticipates reporting income of approximately $850,000, or
$.10 per share, for the three months ending September 30, 2003 as compared to a
net income of $413,115, or $.04 per share for the three months ending September
30, 2002. The increase in net income from the prior three months ending
September 30, 2002 is primarily the result of an increase in revenue which
resulted in an increase in net income from the bareboat charter operation of the
offshore gaming vessel, the M/V Palm Beach Princess offset by increased expenses
for costs associated with the bankruptcy filing and financing fees associated
with the vessel.