Samsung Galaxy Note 5, S6 Edge+ launch expected in mid-August

After weeks of early launch rumors, reports suggest an August 12 debut for Samsung's newest phones; well before any updates to Apple's iPhone product line.

Amid falling profits, Samsung is reportedly seeking to get new handsets to market ahead of Apple's next iPhones.

Normally, the company refreshes some models at the IFA event in Berlin, which takes place this year in the first week of September.

It's looking more likely, however, that Samsung holds an August launch event for the Galaxy Note 5 and Galaxy 6 Edge+: SamMobile's sources say the phones will debut August 12, with sales to start August 21.

Also expected is the debut of Samsung Pay in some regions, such as the U.S. Samsung has previously said Samsung Pay would launch in conjunction with new flagship phones around September.

A leading Google Android device maker, Samsung has seen its smartphone profits dip tremendously since Apple debuted the larger iPhone 6 and 6 Plus handsets.

Samsung spearheaded the large-screened "phablet" phone -- I had a 5.5-inch Galaxy Note 2 back in 2012 -- but once Apple followed suit, Samsung lost some mojo. Apple says it is seeing a record number of switchers from Android to its new larger phones, for example.

Getting its new handsets out in front of the expected iPhone 6s and 6s Plus, combined with a big marketing push, might give Samsung a little financial relief.

With a blockbuster launch of its latest and greatest phones a good four to eight weeks before new iPhones, Samsung could set the tone for a good quarter. For some buyers, however, it might depend on if the new handsets regain removable batteries and microSD card expansion slots.