It’s possible, according to Warner Brothers president Alan Horn, that despite underperforming massively, the franchise isn’t quite dead in the water yet.

The gusher of red ink is especially painful for a studio so used to success. In 18 of the last 20 years, Warner has ranked among Hollywood’s top three distributors in box-office revenue.

In an interview in his office on the Warner lot, Horn spoke frankly about the cold streak, his most disappointing since joining the studio seven years ago after running the production outfit Castle Rock Entertainment. Even the profitable “Superman Returns,” which Warner hoped would be one of the summer’s biggest blockbusters, underperformed by Horn’s own admission.

I’m not sure where the term “profitable” fits in with SR, especially after the statements made in the following pull quote, where the movie’s figures are over $309 million to produce and market, and it’s hoping to gross $400 worldwide. Once you cut it in half, traditionally the amount the studios actually see after theaters take their cut, that still leaves Warners in the red. But hey, Hollywood accounting never actually makes real world sense.

It hasn’t helped Warner that none of the six profitable movies it has released this year — including “V for Vendetta” and “Superman Returns” — has been a blockbuster. Horn said the half-dozen would make “from a lot to a little” money.

Horn declined to divulge figures, but a person familiar with the studio’s internal projections said Warner’s cut of the “Superman Returns” profit was expected to be $50 million to $60 million. The film cost $209 million to produce and more than $100 million to market worldwide.

Horn expects “Superman Returns” to eventually gross about $400 million worldwide, more than last year’s hit “Batman Begins.” Nonetheless, “Superman” fell at least $100 million short of his expectations.

“I thought it was a very successful movie, but I think it should have done $500 million worldwide,” Horn said. “We should have had perhaps a little more action to satisfy the young male crowd.”

Still, he’s betting Warner has firmly reestablished the “Superman” franchise and is planning another installment for summer 2009.

Movie/TV, Comics