Mad Catz released the financial figures for its first quarter ending in June 2010. It saw a 11% loss in net sales compared to the same time last year. In addition to a loss in sales, Mad Catz also reported a rise in operating costs. The result of which ended up costing Mad Catz an additional $0.8 million. The primary reason behind the loss in sales? Street Fighter IV.

Videogames albeit fun, are big business. The changes the industry is currently going through is unlike anything experienced before. If you want to hear what some of the biggest developers of the industry have to say about the evolution of gaming, you may want to check out Game Theory with Scott Steinberg.

With the global economy going through hard times, most markets have been affected and unfortunately video games are not the exception. Sales are falling behind this year compared to 2008 and the holiday season is sure to bring a fierce price battle amongst the main retailers.

Not even the big companies are being spared from the effects of the economy. Video game giant Electronic Arts has decided to close Pandemic Studios, one of its recently acquired studios. This decision was part of a plan to cut 1,500 jobs in an effort to restructure the company.

When I last spoke with Zach Wigal, founder of Gamers Outreach Foundation, he was just finishing up a Halo 3 tournament in January to raise funds for his community.

I caught up with Wigala few weeks ago and learned he has just earned the Microsoft MVP (Most Valuable Professional) award.

Wigal said he only became aware of the program a few months ago after doing an interview with Chris Erickson of 360StyleCast podcast and added that…