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The Hobbit Pushed Back to 2012?

In an article at Variety, New Line Cinema executive Alan Horn revealed that the first of the two Hobbit films may not be released until late 2012, which would be a year longer than what was originally announced (December 2011 for The Hobbit: Part One and December 2012 for The Hobbit: Part Two):

Once the script for the second film is in — Jackson and his longtime collaborators Fran Walsh and Philippa Boyens are working on it with Del Toro — New Line will work up a budget for both films and start casting.

Horn won’t predict when the first of the two “Hobbit” films will be out, but says the most probable scenario would be a release in the fourth quarter of 2012.