A few days ago, Peter Jackson confirmed that filming for the two Hobbit films is being pushed to mid-summer 2010 from previously anticipated date of March. Now, TheWrap's WaxWord is suggesting that the theatrical release would also be pushed a year:

Executives close to the project said that Warner Bros. is now likely to release the first film at the end of 2012, and not at the end of 2011 as had been hoped for by the fans.

"While it is still possible that it could come out in December 2011, it looks more likely to be 2012," an executive close to the film told WaxWord.

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The Hobbit Sequel would now hit theaters sometime in 2013.

UPDATE: (12/7/09 11 AM PST)Collider spoke with Peter Jackson over the weekend and Jackson denied the rumor that the film will be released a year later, saying a 2011 release is still being planned for The Hobbit

Do you know the two years you guys are aiming for with The Hobbit to come out.

Jackson: Nothing has changed as far as I am concerned. Somebody wrote something on the internet and a lot of nonsense happened. You don't want to believe everything you read on the internet. We were due to deliver the scripts and be shooting sometime around April and now I think I said in an interview we were shooting in June. And somehow people are now saying the film is delayed. As far as I am aware, they are not delayed at all. I am not even sure when we are going to start shooting...we are delivering the scripts just after Christmas they'll be finished and we'll be shooting as soon as we possibly can. But you need a certain amount of time to finish the pre-production.

So you believe in December 2011 the first part is going to be in theaters.

Jackson: At this stage, that is certainly the plan. Yeah.