The movie was such a financial disaster for New Line that it doesn't surprise me that they wouldn't bother with pouring more money into an extended cut.
I don't think a worldwide gross of 321 million dollars could be categorised as a financial disaster. Its a decent overall profit. I think the production budget was 180 million dollars. Sure the greedy execs wanted more - they probably were thinking all of their movies will do LOTR grosses. It did ok worldwide.
Wow! I just confirmed this at imdb.com...holy sheet, sell the rights off to all the areas that don't consider the series controversial, but keep ahold of them in Puritan-strangled America. Bright bulbs over there at New Line...
I think the point to consider here is that New Line may not get any of the international theatrical gross, but they didn't give those rights away. New Line did receive money for those international rights. I don't know how much, but I'm pretty sure it was more than the price of a hot dog and Coke at Tail 'o The Pup.
As for a sequel, New line may well green light a sequel based on worldwide gross, or even based on video revenue, even though they did get the international receipts because they do know how to read, and they know $321 million does indicate some interest.
Well, as it has already been stated, I'm sure they didn't sell them for nothing, but these types of decisions on the part of New Line don't make news like this surprising: