With all of the recent updates about Guillermo Del Toro’s The Hobbit, it seemed things were looking up. According to Variety, that’s not entirely true. In an article about the present and future of New Line Cinema, head of Warner Bros, Alan Horn, dropped the bomb saying we may not see the first of the Hobbit films until 2012.

When New Line’s founder got the boot two years ago, the studio completely fell into the hands of Warner Bros. After a series of flops including Number 23 and The Golden Compass, the rule was that New Line would make about six films a year all of which should be generic and appeal to the masses. Those ideas would need to be approved by the head honchos at Warner Bros., Horn and Jeff Robinov. Since, New Line produced some solid hits like He’s Just Not That Into You and Sex and the City. The studio is back in fighting shape and is hoping to use the Hobbit movies to bring back the good ol’ days.

Well, the good ol’ days are still quite a ways off. Horn wasn’t sure exactly when the Hobbit films would arrive, but predicted that the first is likely to see a fourth quarter 2012 release. New Line is waiting for the second’s films script to come in before assembling the cast and a budget. New Line president Toby Emmerich explained, “It's a big bet for us. But it's one we think will pay off given the success of Lord of the Rings." He added, "This is one of the few movies it feels like people are waiting for."

New Line plans to hold us over with a 2010-slate consisting of five films: Valentine’s Day, Sex and the City 2, Going the Distance, Hall Pass and Nightmare on Elm Street. The studio’s top grosses of 2009 were a trio of romantic comedies and Friday the 13th, I can see why they’d stick with the romcoms topped with a horror reboot recipe.