The production/distribution company, which has had its first breakout smash with TWILIGHT (total gross as of the end of this past weekend: over $138 million) is anxious to have NEW MOON, based on the second in Stephenie Meyer’s book series, in theaters by the end of 2009 or early 2010. Meyer, however, wanted more time to prepare the film and to develop the screenplay by returning scribe Melissa Rosenberg, who turned in a NEW MOON draft the weekend the first movie debuted. Part of the concern involved how to expand the role of vampire Edward Cullen (breakout heartthrob Robert Pattinson) who leaves heroine Bella (played by Kristen Stewart; both actors will be back) in the novel, which focuses more on werewolf characters than bloodsuckers.

“I am sorry that due to timing I will not have the opportunity to direct NEW MOON,” Hardwicke tells the trade. “Directing TWILIGHT has been one of the great experiences of my life, and I am grateful to the fans for their passionate support of the film. I wish everyone at Summit the best with the sequel—it is a great story.”

“Catherine did an incredible job in helping us to launch the TWILIGHT franchise,” Summit’s Erik Feig said, “and we thank her for all of her efforts and we very much hope to work with her on future Summit projects. We as a studio have a mandate to bring the next installment in the franchise to the big screen in a timely fashion so that fans can get more of Edward, Bella and all of the characters that Stephenie Meyer has created. We are able to pursue an aggressive time frame as we have the luxury of only adapting the novels into screenplays as opposed to having to create a storyline from scratch.”

Hardwicke, who officially departed NEW MOON on Saturday, can take comfort in the fact that TWILIGHT set a record for biggest opening weekend at the box office for a film directed by a woman. We’ll keep you posted on her replacement.