In recent news about their financial sitution Nintendo dropped a big shock, they plan to show their new console at E3 2004, and launch it that year. The following is taken from GameSpot.

TOKYO-- Nintendo stated today that it suffered a 2.9 billion yen (US$26.8 million) loss in the first half of its fiscal year, between April and September 2003. The company previously reported profits of 19 billion yen (US$175.5 million) for the same period last year. This is the first time that Nintendo will be in the red for the mid-term since it went public in 1962.

Nintendo, which warned in October that it would be going into the red for the first half of its fiscal year, was dragged down by declining sales of the GameCube console prior to lowering its price worldwide. The company's sales figures rose by 1.6 percent to 211 billion yen (US$1.9 billion) due to the strong performance of its Game Boy Advance and SP consoles. Although their Game Boy sales increased by 44.3 percent to 8.34 million units, the GameCube staggered the company's performance, selling only 890,000 units--a 69.1 percent decline from the same period last year. The console's price cut was announced at the end of September, so the effect will not be seen until the second half of the company's fiscal year. Nintendo also suffered 40 billion yen (US$369.6 million) in investment losses due to the yen's rise. However, the company is still sticking to its full year forecast of a 60 billion yen (US$554.3 million) profit, which was announced together with its warning of losses in October. Nintendo reported a profit of 67.3 billion yen (US$621.8 million) last year.

The rest of the article can be found at GameSpot. At the bottom of the article it said the following:

Nintendo also revealed today that it plans to unveil its next-generation console at E3 in May next year. Nintendo's executive director Jinyou Mori stated that the company hopes to release the unannounced next-generation onsole during the next fiscal year in Japan, and also commented that a imultaneous worldwide release would be ideal.

UPDATE: 14-11-2003 8.34

Gamespot has now reported the report is false as they have misinterpreted the information. Instead, Jinyou Mori clarified with some of the press that Nintendo would unveil a new product "different from the traditional machines."

Mori said that: "We hope to present a new product in America's expo [E3] next year, which will be completely different from the traditional [machines]. We hope we can release it within the year in Japan", said Mori. "It would be ideal if we can release it simultaneously overseas."

When asked if the new product was a new handheld or gaming console in line after the GameCube, Mori commented that it would be neither.

Unfortunately, we might not see the new GameCube or GBA presented, but Nintendo assured us we will be in for quite a ride with this new product it is announcing. Of course, Cube-Europe will keep you posted!