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 N-SAR
For the Period Ended: September 30, 1997
[ ] 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 N-SAR
For the Transition Period Ended
_____________________
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:
PART I - REGISTRANT INFORMATION
Full Name of Registrant International Thoroughbred Breeders,Inc.
Former Name If Applicable
Address of Principal Executive Office (Street and Number)
Haddonfield Road and Route 70
City, State and Zip Code Cherry Hill, New Jersey 08034
PART II - RULES 12b-25[b] and [c]
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]
[a] The reasons described in reasonable detail in
Part III of this form could not be eliminated
without unreasonable effort or expenses;
[b] The subject annual report, semi-annual report,
transition report on From 10-K, Form 2-F, Form
11-K, Form N-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
State below in reasonable detail the reasons why the Form 10-K,
20-F, 11-k, 10-Q or N-SAR or the transition report or portion
thereof, could not be filed within the prescribed time period.
{Attach Extra Sheet if Needed} See Attached
PART IV - OTHER INFORMATION
[1] Name and telephone number of person to contact in regard
to this notification
William Warner 609 488-3625
[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]. [ ] Yes [ X ] No
Form 10-K June 30, 1997
[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.
International Thoroughbred Breeders, Inc.
[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 12, 1997 By/s/William H. Warner
William H. Warner,
Principal Financial Officer
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, 1997
Part III - Narrative
As a result of delays in engaging an accounting firm to
undertake an audit of the Registrant's financial statements
for the year ended June 30, 1997, the Registrant has not
filed the Form 10-K report for the year then ended. On
October 14, 1997, the Company engaged BDO Seidman, LLP to
audit its financial statements for the fiscal year ended
June 30, 1997. The Company and BDO Seidman have been
working diligently since such date in order to complete the
June 30, 1997 audit and file the required Form 10-K report.
As a result of the delay in completing and filing the Form
10-K, the Company anticipates that the Form 10-Q will also
be filed after its due date. The Company does, however,
anticipate filing the Form 10-Q shortly after it files its
Form 10-K.
Part IV - Other Information
(3) For the three months ended September 30, 1996 the
Registrant reported a net loss of $530,488. For the three
months ended September 30, 1997 the Registrant anticipates
reporting a net loss of approximately $100,000 to $200,000
primarily as a result of the net effect of decreased
racetrack operating costs and an increase in amortization
of debt financing costs.
