Wii U Release Date: Console Re-Debut Set for E3 2012

For the summer season of 2012, Nintendo is preparing to re-introduce fans to its successor to the Nintendo Wii - the Nintendo Wii U.

The financial statement that was posted by Nintendo President Satoru Iwata on the company website indicates this.

"We are also planning to launch the Wii U, which is the successor to the Wii, during the next fiscal year," Iwata said. "We would like to show the final format of the Wii U at the E3 show next year. As we learned a bitter lesson with the launch of the Nintendo 3DS, we are trying to take every possible measure so that the Wii U will have a successful launch."

Nintendo's Wii U was shown for the first time at E3 earlier this year.

Nintendo of America President Reggie Fils-Aime described Wii U as "different from anything you have played before. It's infinitely complex, but perfectly simple."

The console sports a new wireless controller pad with a 6.2-inch touch-screen display that connects the world of console video games and the current wave of portable and tablet-based games.

According to PC Mag, the tablet and main console can be used together to show games on a TV or the tablet can be used on its own. The tablet can also be utilized as a portable web browser and a screen for video chat.

The video games that will come to the Wii U will finally sport high definition graphics, a first for the company.

The Wii U will not only feature games starring the company's iconic characters. but also third-party games such as "Batman: Arkham City," "Assassin's Creed" and 'Aliens: Colonial Marines."

No price details on the Wii U have been announced. The console is expected to hit stores in 2012.

E3 (Electronic Entertainment Expo) is scheduled to take place next year in June.

Iwata provided a final statement regarding the financial plans for his company: "With all of these efforts and plans I have mentioned so far, we are trying to get back to our previous profit level."