Nintendo is on par to record their first annual loss in over 30 years. The once dominate gaming company has since fallen on hard times, posting a loss for the first three quarters of their 12-month reporting period with even greater losses likely on the horizon. The potential saving grace for Nintendo, the Wii U, isn’t scheduled to arrive in time to help this year's income.

For the nine month period ending December 31, 2011, Nintendo posted a 48.3 billion yen (roughly $625 million) net loss. During the same reporting period in 2010, the company generated a profit of 49.6 billion yen (roughly $641 million). Nintendo did not break down the profit / loss statement into quarters.

A previous forecast saw the company losing around 20 billion yen (roughly $258 million) for the full year but that figure has now been modified to 65 billion yen (around $840 million).

Poor sales of the Nintendo 3DS, a glasses-free 3D handheld gaming system, are to blame for the pending annual loss. The company launched the portable system in February / March 2011 at $249.99 (North America) but the system failed to generate worthwhile sales. The price was then slashed to $169.99 which did spur sales a little bit but by that point, it was too little, too late.

While 2011 may very well be a loss, 2012 seems promising as Nintendo president Satoru Iwata told reporters today that the company will be launching the Wii U in time for the lucrative 2012 holiday season.