April 26, 2012, Kyoto-based video game maker Nintendo reported its first ever loss.

Nintendo officials say they lost $530 million USD in fiscal year 2011.  Japan’s fiscal year ends in March.

2011 sales crashed 36%.  However, total sales was still about $7.9 billion USD.

Company officials blame the sales crash on the high asking price for their 3DS system.  They dropped the price in August, hoping to increase sales.  By dropping the price they ended up cutting their profits.

Today’s reported loss is the first loss for Nintendo since 1981!

Nintendo has a new game system that will be for sale in Europe, North America and Japan, before December 2012.