Nintendo recently posted a loss that equated to over $1 billion dollars for the first half of the fiscal year and revised estimates for the full year downward from black ink to red ink. Much of this is due to the less than stellar launch of the 3DS and CEO Satoru Iwata seeks to correct that.

“We are planning to launch the Wii U, which is the successor to the Wii, during the next fiscal year,” said Iwata to investors in Japan. “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.”

“[I feel] greatly accountable for missing our financial forecast for the half year ended September and revising downward our forecast for the full year,” Iwata explained. “The company was unable to launch much-anticipated first-party titles for the Wii nor for the Nintendo 3DS in a timely fashion in the first half of the term. In the game platform business, creating momentum is very important, but the momentum was once lost, and it has had a large negative effect on our sales and profits.”