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]
[ ] Form 10-K [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q [ ] Form -SAR
For the Period Ended: March 31, 2006
[ ] 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)
1105 N. Market St., Suite 1300
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City, State and Zip Code
Wilmington, DE 19899
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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
[X][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 302 427-7599
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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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has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date May 15, 2006 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 10Q for Period Ended March 31, 2006
Part III - Narrative
On February 1, 2006 the Company removed the Big Easy vessel from service
and the Registrant is unable to complete the preparation of the Form 10-Q report
on a timely basis due to additional and unusual operational and administrative
work loads as a result of the removal of the vessel M/V Big Easy from service.
Part IV - Other Information
The Registrant anticipates reporting a Net (Loss) in the range of
$(2,600,000) to $(2,800,000) for the three months ending March 31, 2006 as
compared to a Net Income of $649,117 for the comparative three month period of
2005.
The Net (Loss) was primarily caused by 1) the operating loss of the Big
Easy during the month of January 2005 and the continuing carrying costs after
taking the vessel out of service ; 2) a decrease in revenues of the Palm Beach
Princess of approximately $1 million or 10%, resulting in a decrease in Income
before taxes of approximately $775,000, or 28%, as compared to last year; and 3)
Interest expense on the approximately $30 million of debt due to our primary
lender.
During the quarter ended March 31, 2005 the Palm Beach Princess operation
included 14 weeks of operations as compared to 13 weeks of operations for the
three months ended March 31, 2006.