I had a screenwriter asking about his follow up with a production company. His email went something like this (I’ve edited his text a bit for brevity):
“I submitted a script to a company and it took them 5 months to review my script and I had to prompt them for an update. They said they enjoyed my work and would read a revised draft. A week later I tried to submit the rewritten screenplay and they refused to review it for some unknown reason.”
In my experience when a company says something like “We liked your script and we would be willing to read a re-written version at a later time” they’re politely saying “no thanks” and they really mean “no thanks now and forever.” In a few cases I’ve rewritten a script and tried to resubmit it but it’s never worked out with a script sale or even an option.
In every case when I’ve optioned or sold a script the producers thought the script needed rewrites. It’s the nature of screenwriting. All scripts need to be rewritten. If a producer really thinks that the script is only one rewrite away from something they want to pursue they will most likely option it from you.
In your specific case, I think you would have been better off waiting a month before resubmitting it. They probably felt that you did the rewrite so quickly that you couldn’t have changed too much.
Sadly, I don’t think your experience with this company is out of the ordinary and you should get used to this sort of treatment (or worse) if you ever expect to succeed in this business.