It’s time to take one last look at the “mini-majors,” those studio arms that produce and distribute so-called independent films. Most studios look to their “independent arms” for the prestige pictures that might win them not only a little gold statue, but a sleeper hit, as well. How have these companies fared in 2007? Do any of them have an end-of-the-year wildcard that could pull off a major coup? Let's review six big ones.

Fox Searchlight
The Highs: Once, a very low budget musical/romance for the art house crowd produced a domestic gross of nearly $10 million. Waitress was a solid sleeper hit taking in more than $19 million with stellar reviews.

The Lows: Danny Boyle’s sci-fi flop, Sunshine, intended to be a melding of sci-fi drama and art-house sensibilities. It failed with both demographics, with a weak U.S. gross of $3.7 million. Doing just $12.5 million domestically, Chris Rock’s I Think I Love my Wife was not loved by the audiences.

The Wildcards: Juno looks to be this year’s Little Miss Sunshine, already picking up four nominations for the Independent Spirit Awards. The Savages is heavy Oscar-bait with Phillip Seymour Hoffman and Laura Linney in the lead roles.

Paramount Vantage (formerly Paramount Classics)
The Highs: No Country for Old Men (produced with Miramax) was named the best film of the year by the National Board of Review and has a very respectable domestic gross of over $28 million to date.

The Lows: Despite a cast including Samuel L. Jackson, Christina Ricci, and Justin Timberlake, Black Snake Moan was a critical and commercial flop. A Mighty Heart sank like a stone at the box office, but awards buzz surrounds Angelina Jolie’s performance in the lead role.

The Wildcards: The Kite Runner, based on the popular novel, should do solid business and not be forgotten come awards time. Paul Thomas Anderson’s There Will Be Blood (also produced with Miramax) was named the best film of the year by the Los Angeles Film Critics Association and should get heavy Oscar consideration.

Warner Independent
The Highs: It was a tough year for Warner Independent. With no financial winners to boast about, they are forced to depend on a long-shot Oscar nomination for either of their documentaries, Darfur Now or The 11th Hour.

The Lows: In the Valley of Elah, from Oscar winning writer-director, Paul Haggis. Intended to be their prestige picture that also did solid box office numbers, it had a disappointing run that saw it come and go from theaters by Thanksgiving.

The Wildcards: They have nothing on the near horizon that looks poised to pull them from their slump.

Focus Features
The Highs: Scored modest art-house hits with Talk to Me and Lust, Caution. Being looked at as a major awards contender is Atonement with Keira Knightley and James McAvoy tipped for special recognition.

The Lows: Evening, a tearjerker with a big-name cast received harsh reviews and tanked with a domestic haul of just over $12 million. Eastern Promises, while critically well received, flopped at the box office with a gross of just over $17 million on a budget estimated at over $50 million.

The Wildcard: With no other new films for the rest of the year, they are relying on Atonement to bring home the awards and be a strong box office presence.

Miramax
The Highs: Becoming Jane racked up a domestic gross of almost $19 million in the waning days of this summer’s blockbusters. No Country for Old Men (see above, Paramount).

The Lows: Gone Baby Gone, while adored by the critics, was largely ignored by the movie going public. It has taken in just over $20 million domestically to barely earn back its budget. Despite the commercial disappointment, it remains a favorite to score at least a couple of Oscar nominations.

The Wildcard: There Will Be Blood (see above, Paramount).

Sony Pictures Classics
The Highs: Though both were released overseas in 2006, The Lives of Others and Black Book were sleeper hits in the U.S. in 2007.

The Lows: Sleuth, the remake of the 1972 mini-masterpiece, failed to impress critics or audiences who stayed away in droves.

The Wildcards: France’s entry for this year’s foreign language Oscar, Persepolis could be a sleeper hit with its unique animation and timely story. Francis Ford Coppola’s first movie in ten years, Youth Without Youth might bring in viewers curious to see what the reclusive filmmaker is offering.

Will any of these films be the breakout hit that the studios are looking for? With less than a couple of weeks left in the year, the answer is upon us.