Original Story: Redwood City-based megapublisher EA reported its second quarter fiscal year 2008 results today, revealing a net loss of $195 million for the quarter ending September 30. During the same period last year, the company posted profits of $22 million.

The announcement also contained details of a reorganization plan, approved just three days ago by EA's board of directors. EA estimates the plan will save the company $25 million to $30 million, but unfortunately involves both branch closures and downsizing.

Within the next 24 months, the company will be "closing certain facilities," with a specific mention of EA's facility in Chertsey, England, and "relocating and/or eliminating certain job positions."

The quarter's loss brings the company's year-to-date losses to $328 million. The company's revenues for the quarter were down 18% to $640 million.

Despite the heavy losses, EA has raised its sales expectations by $150 million for the entire fiscal year to a range of $3.35 billion to $3.65 billion. The company expects its strong holiday lineup of sports titles and EA-published games like Flagship's Hellgate: London, Harmonix's Rock Band, and Crytek's Crysis to bring in massive revenue.