Yes, everything is still on track to start up initial filming on Guillermo Del Toro’s The Hobbit in June of this year, but will it not see the light of day until late in 2012? That’s what New Line Cinema president Toby Emmerich is saying to all of the Lord of the Rings fans out there. Variety was able to chat it up with the head of the production company, and through all of the good talk about upcoming features like Valentine’s Day, here’s what he said on The Hobbit.:

…but says the most probable scenario would be a release in the fourth quarter of 2012.

“It’s a big bet for us. But it’s one we think will pay off given the success of ‘Lord of the Rings,’” says Emmerich. “This is one of the few movies it feels like people are waiting for.”

There’s still clearly a strong following for Peter Jackson’s Lord of the Rings, despite the fact that Return of the King was released back in 2003. The possibility of there being a live action take of the popular prequel to the trilogy has been a thought that plenty of fans have drooled and contemplated over for years. Since it’s finally coming into fruition, will a few more months really hurt? Maybe this could be better for the two part prequel, since it will be heavy-set once more in CGI in order to create the beautiful and mystical world of Middle Earth.

Tags: Guillermo del Toro, lord of the rings, New Line Cinema, peter jackson, The Hobbit, The Lord of the Rings: Return of the King, Toby Emmerich