Electronic Arts Inc. announced plans to cut 17% of its work force.

Electronic Arts Inc. announced unaudited condensed consolidated earnings results for the second quarter and six months ended September 30, 2009. GAAP net revenue for the quarter, which includes the impact of deferred net revenue adjustments, was $788 million as compared with $894 million for the prior year. Non-GAAP net revenue for the quarter was a record $1.147 billion, up 2% as compared with $1.126 billion for the prior year. Sales were driven by the launches of FIFA 10, Madden NFL 10, The Beatles(TM): Rock Band(R), Need for Speed(TM) SHIFT and NCAA Football 10. GAAP net loss for the quarter, including the impact of deferred net revenue, was $391 million as compared with a net loss of $310 million for the prior year. GAAP diluted loss per share was $1.21 as compared with GAAP diluted loss per share of $0.97 for the prior year. Non-GAAP net income was $19 million as compared with a non-GAAP net loss of $20 million a year ago. Non-GAAP diluted earnings per share was $0.06 as compared with a non-GAAP diluted loss per share of $0.06 for the prior year. For the period, the company reported operating loss of $417 million and loss before benefit from income taxes of $418 million against operating loss of $364 million and loss before benefit from income taxes of $391 million for the same period a year ago. Net cash provided by operating activities was $6 million against net cash used in operating activities of $124 million for the same period a year ago. Capital expenditures were $26 million against $32 million for the same period a year ago. Non-GAAP operating income was $19 million against non-GAAP operating loss of $35 million for the same period a year ago. For the six months, the company reported operating loss of $662 million, loss before benefit from income taxes of $676 million and net loss of $625 million or $1.93 per basic and diluted share on net revenue of $1,432 million against operating loss of $461 million, loss before benefit from income taxes of $478 million and net loss of $405 million or $1.27 per basic and diluted share on net revenue of $1,698 million for the same period a year ago. Net cash used in operating activities was $322 million against net cash used in operating activities of $415 million for the same period a year ago. Capital expenditures were $34 million against $63 million for the same period a year ago. For the year ending March 31, 2010, GAAP net revenue is expected to be between $3.6 and $3.9 billion; Non-GAAP net revenue is expected to be approximately $4.2 to $4.4 billion; GAAP diluted loss per share is expected to be between $1.20 and $2.05; Non-GAAP diluted earnings per share is expected to be between $0.70 and $1.00 and EA expects to be profitable in both third quarter and fourth quarter. The company has announced a plan to narrow its product portfolio to provide greater focus on titles with higher margin opportunities. This action will result in the closure of several facilities and a headcount reduction of approximately 1,500 positions, of which 1,300 are included in a restructuring plan. The majority of these actions will be completed by March 31, 2010. This plan will result in annual cost savings of at least $100 million and restructuring charges of $130 to $150 million.

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