| x      | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|--------|------------------------------------------------------------------------------------------|
|   |                                                                                     |
|   | For the quarterly period ended February 28, 2011                                         |
|   |                                                                                     |
| Or     |
|   |                                                                                     |
| o      | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|   |                                                                                     |
|   | For the transition period to                                                             |

----

----

| Delaware                                                      |   | 22-3341267                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |
|                                                          |   |                                |
| 195 Clarksville RoadPrinceton Junction, New Jersey            |   | 08550                               |
| (Address of principal executive offices)                      |   | (Zip Code)                          |

----

|                                          | Large accelerated filer o |   | Accelerated filer o         |   |
|-----------------------------------------------|---------------------------|--------|-----------------------------|--------|
|                                          | Non-accelerated filer x   |   | Smaller reporting company o |   |
| (Do not check if a smaller reporting company) |                      |   |                        |

----

|                               |      |                                                                                                                |   | PAGE   |
|------------------------------------|-----------|---------------------------------------------------------------------------------------------------------------------|--------|--------|
| PART I—FINANCIAL INFORMATION |      |                                                                                                                |
|                               |      |                                                                                                                |   |   |
|                               | ITEM 1.   | Financial Statements                                                                                                |   | 2      |
|                               |      |                                                                                                                |   |   |
|                               |      | Unaudited Consolidated Balance Sheets as of February 28, 2011 and May 31, 2010                                      |   | 2      |
|                               |      |                                                                                                                |   |   |
|                               |      | Unaudited Consolidated Statements of Operations for the three and nine months ended February 28, 2011 and 2010      |   | 3      |
|                               |      |                                                                                                                |   |   |
|                               |      | Unaudited Consolidated Statement of Stockholders’ Equity for the nine months ended February 28, 2011 and 2010 |   | 4      |
|                               |      |                                                                                                                |   |   |
|                               |      | Unaudited Consolidated Statements of Cash Flows for the nine months ended February 28, 2011 and 2010                |   | 5      |
|                               |      |                                                                                                                |   |   |
|                               |      | Notes to Unaudited Consolidated Financial Statements                                                                |   | 6      |
|                               |      |                                                                                                                |   |   |
|                               | ITEM 2.   | Management’s Discussion and Analysis of Financial Condition and Results of Operations                         |   | 20     |
|                               |      |                                                                                                                |   |   |
|                               | ITEM 3.   | Quantitative and Qualitative Disclosures about Market Risk                                                          |   | 32     |
|                               |      |                                                                                                                |   |   |
|                               | ITEM 4.   | Controls and Procedures                                                                                             |   | 33     |
|                               |      |                                                                                                                |   |   |
| PART II—OTHER INFORMATION    |      |                                                                                                                |
|                               |      |                                                                                                                |   |   |
|                               | ITEM 1.   | Legal Proceedings                                                                                                   |   | 35     |
|                               |      |                                                                                                                |   |   |
|                               | ITEM 1.A. | Risk Factors                                                                                                        |   | 35     |
|                               |      |                                                                                                                |   |   |
|                               | ITEM 2.   | Unregistered Sales of Equity Securities and Use of Proceeds                                                         |   | 35     |
|                               |      |                                                                                                                |   |   |
|                               | ITEM 3.   | Defaults Upon Senior Securities                                                                                     |   | 35     |
|                               |      |                                                                                                                |   |   |
|                               | ITEM 5.   | Other Information                                                                                                   |   | 36     |
|                               |      |                                                                                                                |   |   |
|                               | ITEM 6.   | Exhibits                                                                                                            |   | 36     |
|                               |      |                                                                                                                |   |   |
| SIGNATURES                         |      | 37                                                                                                                  |
|                               |      |                                                                                                                |   |   |
| EXHIBIT INDEX                      |      | 38                                                                                                                  |

----

| ITEM 1. | Financial Statements (unaudited) |
|---------|----------------------------------|

Unaudited Consolidated Balance Sheets

|                                                                                                                                                                         |   | February 28, 2011 |    |   | May 31, 2010 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|---------|--------|--------------|--------|
| ASSETS                                                                                                                                                                       |   |              |    |   |         |   |
| Current Assets                                                                                                                                                               |   |              |    |   |         |   |
| Cash and cash equivalents                                                                                                                                                    |   | $                 | 6,560   |   |         | $      | 16,037 |   |
| Accounts receivable, net                                                                                                                                                     |   |              | 62,290  |   |         |   | 54,721 |   |
| Inventories, net                                                                                                                                                             |   |              | 10,285  |   |         |   | 8,736 |   |
| Deferred income taxes                                                                                                                                                        |   |              | 2,271   |   |         |   | 2,189 |   |
| Prepaid expenses and other current assets                                                                                                                                    |   |              | 5,622   |   |         |   | 5,292 |   |
| Total current assets                                                                                                                                                         |   |              | 87,028  |   |         |   | 86,975 |   |
| Property, plant and equipment, net                                                                                                                                           |   |              | 46,322  |   |         |   | 39,981 |   |
| Intangible assets, net                                                                                                                                                       |   |              | 19,317  |   |         |   | 16,088 |   |
| Goodwill                                                                                                                                                                     |   |              | 53,442  |   |         |   | 44,315 |   |
| Other assets                                                                                                                                                                 |   |              | 896     |   |         |   | 1,273 |   |
| Total assets                                                                                                                                                                 |   | $                 | 207,005 |   |         | $      | 188,632 |   |
|                                                                                                                                                                         |   |              |    |   |         |   |   |   |
| LIABILITIES, PREFERRED STOCK AND EQUITY                                                                                                                                      |   |              |    |   |         |   |   |   |
| Current liabilities                                                                                                                                                          |   |              |    |   |         |   |   |   |
| Current portion of long-term debt                                                                                                                                            |   | $                 | 4,769   |   |         | $      | 6,303 |   |
| Current portion of capital lease obligations                                                                                                                                 |   |              | 5,997   |   |         |   | 5,370 |   |
| Accounts payable                                                                                                                                                             |   |              | 4,733   |   |         |   | 4,640 |   |
| Accrued expenses and other current liabilities                                                                                                                               |   |              | 22,288  |   |         |   | 20,090 |   |
| Income taxes payable                                                                                                                                                         |   |              | 2,212   |   |         |   | 3,281 |   |
| Total current liabilities                                                                                                                                                    |   |              | 39,999  |   |         |   | 39,684 |   |
| Long-term debt, net of current portion                                                                                                                                       |   |              | 9,793   |   |         |   | 5,691 |   |
| Obligations under capital leases, net of current portion                                                                                                                     |   |              | 8,676   |   |         |   | 9,199 |   |
| Deferred income taxes                                                                                                                                                        |   |              | 3,526   |   |         |   | 2,087 |   |
| Other long-term liabilities                                                                                                                                                  |   |              | 1,058   |   |         |   | 1,417 |   |
| Total liabilities                                                                                                                                                            |   |              | 63,052  |   |         |   | 58,078 |   |
|                                                                                                                                                                         |   |              |    |   |         |   |   |   |
| Commitments and contingencies                                                                                                                                                |   |              |    |   |         |   |   |   |
| Preferred stock, 10,000,000 shares authorized                                                                                                                                |   |              | — |   |         |   | — |   |
| Equity                                                                                                                                                                       |   |              |    |   |         |   |   |   |
| Common stock, $0.01 par value, 200,000,000 shares authorized, 26,670,181 and 26,663,528 shares issued and outstanding as of February 28, 2011 and May 31, 2010, respectively |   |              | 267     |   |         |   | 267 |   |
| Additional paid-in capital                                                                                                                                                   |   |              | 164,764 |   |         |   | 162,054 |   |
| Accumulated deficit                                                                                                                                                          |   |              | (20,735 | )      |         |   | (30,448 | ) |
| Accumulated other comprehensive loss                                                                                                                                         |   |              | (707    | )      |         |   | (1,587 | ) |
| Total Mistras Group, Inc. stockholders’ equity                                                                                                                         |   |              | 143,589 |   |         |   | 130,286 |   |
| Noncontrolling interest                                                                                                                                                      |   |              | 364     |   |         |   | 268 |   |
| Total equity                                                                                                                                                                 |   |              | 143,953 |   |         |   | 130,554 |   |
| Total liabilities, preferred stock and equity                                                                                                                                |   | $                 | 207,005 |   |         | $      | 188,632 |   |

----

Unaudited Consolidated Statements of Operations

|                                                                     |   | Three months ended February 28, |    |   | Nine months ended February 28, |   |
|--------------------------------------------------------------------------|--------|---------------------------------|---------|--------|--------------------------------|--------|
|                                                                     |   | 2011                            |    |   | 2010                           |   |   | 2011 |   |   | 2010 |   |
| Revenues:                                                                |   |                            |    |   |                           |   |   |   |   |   |   |   |
| Services                                                                 |   | $                               | 72,411  |   |                           | $      | 57,966 |   |   | $ | 216,616 |   |   | $ | 176,484 |   |
| Products                                                                 |   |                            | 6,802   |   |                           |   | 6,390 |   |   |   | 19,844 |   |   |   | 15,860 |   |
| Total revenues                                                           |   |                            | 79,213  |   |                           |   | 64,356 |   |   |   | 236,460 |   |   |   | 192,344 |   |
| Cost of Revenues:                                                        |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Cost of services                                                         |   |                            | 50,696  |   |                           |   | 41,641 |   |   |   | 147,754 |   |   |   | 120,516 |   |
| Cost of goods sold                                                       |   |                            | 2,460   |   |                           |   | 2,343 |   |   |   | 7,804 |   |   |   | 6,184 |   |
| Depreciation of services                                                 |   |                            | 3,307   |   |                           |   | 2,547 |   |   |   | 9,252 |   |   |   | 7,262 |   |
| Depreciation of products                                                 |   |                            | 153     |   |                           |   | 198 |   |   |   | 467 |   |   |   | 589 |   |
| Total cost of revenues                                                   |   |                            | 56,616  |   |                           |   | 46,729 |   |   |   | 165,277 |   |   |   | 134,551 |   |
| Gross profit                                                             |   |                            | 22,597  |   |                           |   | 17,627 |   |   |   | 71,183 |   |   |   | 57,793 |   |
| Selling, general and administrative expenses                             |   |                            | 16,005  |   |                           |   | 14,110 |   |   |   | 47,099 |   |   |   | 40,929 |   |
| Research and engineering                                                 |   |                            | 514     |   |                           |   | 586 |   |   |   | 1,638 |   |   |   | 1,518 |   |
| Depreciation and amortization                                            |   |                            | 1,385   |   |                           |   | 1,299 |   |   |   | 3,889 |   |   |   | 3,558 |   |
| Legal reserve                                                            |   |                            | — |   |                           |   | — |   |   |   | 351 |   |   |   | (297 | ) |
| Income from operations                                                   |   |                            | 4,693   |   |                           |   | 1,632 |   |   |   | 18,206 |   |   |   | 12,085 |   |
| Other expenses                                                           |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                         |   |                            | 596     |   |                           |   | 744 |   |   |   | 1,957 |   |   |   | 2,825 |   |
| Loss on extinguishment of long-term debt                                 |   |                            | — |   |                           |   | — |   |   |   | — |   |   |   | 387 |   |
| Income before provision for income taxes and noncontrolling interest     |   |                            | 4,097   |   |                           |   | 888 |   |   |   | 16,249 |   |   |   | 8,873 |   |
| Provision for income taxes                                               |   |                            | 1,690   |   |                           |   | 123 |   |   |   | 6,562 |   |   |   | 3,692 |   |
| Net income                                                               |   |                            | 2,407   |   |                           |   | 765 |   |   |   | 9,687 |   |   |   | 5,181 |   |
| Net loss (income) attributable to noncontrolling interests, net of taxes |   |                            | 36      |   |                           |   | 9 |   |   |   | 26 |   |   |   | (30 | ) |
| Net income attributable to Mistras Group, Inc.                           |   |                            | 2,443   |   |                           |   | 774 |   |   |   | 9,713 |   |   |   | 5,151 |   |
| Accretion of preferred stock                                             |   |                            | — |   |                           |   | — |   |   |   | — |   |   |   | 6,499 |   |
| Net income attributable to common shareholders                           |   | $                               | 2,443   |   |                           | $      | 774 |   |   | $ | 9,713 |   |   | $ | 11,650 |   |
| Earnings per common share (See Note 4):                                  |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                    |   | $                               | 0.09    |   |                           | $      | 0.03 |   |   | $ | 0.36 |   |   | $ | 0.58 |   |
| Diluted                                                                  |   | $                               | 0.09    |   |                           | $      | 0.03 |   |   | $ | 0.36 |   |   | $ | 0.21 |   |
| Weighted average common shares outstanding:                              |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                    |   |                            | 26,667  |   |                           |   | 26,469 |   |   |   | 26,665 |   |   |   | 20,103 |   |
| Diluted                                                                  |   |                            | 26,919  |   |                           |   | 27,764 |   |   |   | 26,824 |   |   |   | 24,511 |   |

----

Unaudited Consolidated Statements of Stockholders’ Equity

|                                                                        |   |                |   |   |    |   |  Additionlpaid-incapital |   |  Retainedearnings(accumulateddeficit) |   |   |  Accumulatedothercomprehensiveloss |   |   | TotalMistras Group, Inc .Stockholders’Equity |    |   |  NoncontrollingInterest |   |    |  TotalEquity |   |
|-----------------------------------------------------------------------------|--------|---------------------|--------|--------|---------|--------|-------------------------------|--------|--------------------------------------------|--------|--------|-----------------------------------------|--------|--------|---------------------------------------------------------|---------|--------|------------------------------|--------|---------|-------------------|--------|
|                                                                        |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |
|                                                                        |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |
|                                                                        |   |   Common Stock |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |
|                                                                        |   | Shares              |   | Amount |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |
|                                                                        |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |   |                         |   |    |              |   |
| Nine months ended February 28, 2010:                                        |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |   |                         |   |    |              |   |
| Balance at May 31, 2009                                                     |   | 13,000              |   | $      | 130     |   |                          | $      | 917                                        |   | $      | (47,376                                 | )      |   | $                                                       | (1,583  | )      |                         | $      | (47,912 | )                 |   | $ | 245 |   |   | $ | (47,667 | ) |
|                                                                        |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |   |                         |   |    |              |   |   |   |   |   |   |   |   |
| Net income                                                                  |   | —             |   |   | — |   |                          |   | —                                    |   |   | 5,151                                   |   |   |                                                    | — |   |                         |   | 5,151   |              |   |   | 30 |   |   |   | 5,181 |   |
| Other comprehensive income, net of tax:                                     |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |   |                         |   |    |              |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment                                     |   | —             |   |   | — |   |                          |   | —                                    |   |   | —                                 |   |   |                                                    | 648     |   |                         |   | 648     |              |   |   | — |   |   |   | 648 |   |
| Comprehensive Income                                                        |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |   |                         |   | 5,799   |              |   |   | 30 |   |   |   | 5,829 |   |
| Accretion of preferred stock                                                |   | —             |   |   | — |   |                          |   | —                                    |   |   | 6,499                                   |   |   |                                                    | — |   |                         |   | 6,499   |              |   |   | — |   |   |   | 6,499 |   |
| Issuance of common stock upon conversion of class A & B preferred stock |   | 6,759               |   |   | 68      |   |                          |   | 84,416                                     |   |   | —                                 |   |   |                                                    | — |   |                         |   | 84,484  |              |   |   | — |   |   |   | 84,484 |   |
|                                                                        |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |   |                         |   |    |              |   |   |   |   |   |   |   |   |
| Issuance of common stock from initial public offering, net                  |   | 6,700               |   |   | 67      |   |                          |   | 73,950                                     |   |   | —                                 |   |   |                                                    | — |   |                         |   | 74,017  |              |   |   | — |   |   |   | 74,017 |   |
| Stock compensation                                                          |   | —             |   |   | — |   |                          |   | 1,860                                      |   |   | —                                 |   |   |                                                    | — |   |                         |   | 1,860   |              |   |   | — |   |   |   | 1,860 |   |
| Exercise of stock options                                                   |   | 55                  |   |   | 1       |   |                          |   | 20                                         |   |   |                                    |   |   |                                                    |    |   |                         |   | 21      |              |   |   |   |   |   |   | 21 |   |
| Other                                                                       |   | —             |   |   | (1      | )      |                          |   | —                                    |   |   | (7                                      | )      |   |                                                    | — |   |                         |   | (8      | )                 |   |   | (1 | ) |   |   | (9 | ) |
|                                                                        |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |   |                         |   |    |              |   |   |   |   |   |   |   |   |
| Balance at February 28, 2010                                                |   | 26,514              |   | $      | 265     |   |                          | $      | 161,163                                    |   | $      | (35,733                                 | )      |   | $                                                       | (935    | )      |                         | $      | 124,760 |              |   | $ | 274 |   |   | $ | 125,034 |   |
|                                                                        |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |   |                         |   |    |              |   |   |   |   |   |   |   |   |
| Nine months ended February 28, 2011:                                        |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |   |                         |   |    |              |   |   |   |   |   |   |   |   |
| Balance at May 31, 2010                                                     |   | 26,664              |   | $      | 267     |   |                          | $      | 162,054                                    |   | $      | (30,448                                 | )      |   | $                                                       | (1,587  | )      |                         | $      | 130,286 |              |   | $ | 268 |   |   | $ | 130,554 |   |
|                                                                        |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |   |                         |   |    |              |   |   |   |   |   |   |   |   |
| Net income                                                                  |   | —             |   |   | — |   |                          |   | —                                    |   |   | 9,713                                   |   |   |                                                    | — |   |                         |   | 9,713   |              |   |   | (26 | ) |   |   | 9,687 |   |
| Other comprehensive income, net of tax:                                     |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |   |                         |   |    |              |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment                                     |   | —             |   |   | — |   |                          |   | —                                    |   |   | —                                 |   |   |                                                    | 880     |   |                         |   | 880     |              |   |   | 5 |   |   |   | 885 |   |
| Comprehensive Income                                                        |   |                |   |   |    |   |                          |   |                                       |   |   |                                    |   |   |                                                    |    |   |                         |   | 10,593  |              |   |   | (21 | ) |   |   | 10,572 |   |
| Stock compensation                                                          |   | 1                   |   |   | — |   |                          |   | 2,680                                      |   |   | —                                 |   |   |                                                    | — |   |                         |   | 2,680   |              |   |   | — |   |   |   | 2,680 |   |
| Exercise of stock options                                                   |   | 5                   |   |   | — |   |                          |   | 30                                         |   |   | —                                 |   |   |                                                    | — |   |                         |   | 30      |              |   |   | — |   |   |   | 30 |   |
| Noncontrolling interest in subsidiary                                       |   | —             |   |   | — |   |                          |   | —                                    |   |   | —                                 |   |   |                                                    | — |   |                         |   | — |              |   |   | 117 |   |   |   | 117 |   |
| Balance at February 28, 2011                                                |   | 26,670              |   | $      | 267     |   |                          | $      | 164,764                                    |   | $      | (20,735                                 | )      |   | $                                                       | (707    | )      |                         | $      | 143,589 |              |   | $ | 364 |   |   | $ | 143,953 |   |

----

Unaudited Consolidated Statements of Cash Flows

|                                                                                   |   | Nine months ended February 28, |    |
|----------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                   |   | 2011                           |    |   | 2010 |   |
| Cash flows from operating activities                                                   |   |                           |    |   |   |   |
| Net income attributable to Mistras Group, Inc.                                         |   | $                              | 9,713   |   |   | $ | 5,151 |   |
| Adjustments to reconcile net income to net cash provided by operating activities       |   |                           |    |   |   |   |   |   |
| Depreciation and amortization                                                          |   |                           | 13,608  |   |   |   | 11,409 |   |
| Deferred income taxes                                                                  |   |                           | 171     |   |   |   | (60 | ) |
| Provision for doubtful accounts                                                        |   |                           | 45      |   |   |   | 1,032 |   |
| Loss on extinguishment of long-term debt                                               |   |                           | — |   |   |   | 387 |   |
| Gain on sale of assets                                                                 |   |                           | 38      |   |   |   | 78 |   |
| Amortization of deferred financing costs                                               |   |                           | 127     |   |   |   | 163 |   |
| Stock compensation expense                                                             |   |                           | 2,680   |   |   |   | 1,860 |   |
| Interest rate swap                                                                     |   |                           | (210    | ) |   |   | (398 | ) |
| Noncontrolling interest                                                                |   |                           | (26     | ) |   |   | 30 |   |
| Foreign currency gain                                                                  |   |                           | (310    | ) |   |   | (694 | ) |
| Changes in operating assets and liabilities, net of effect of acquisitions             |   |                           |    |   |   |   |   |   |
| Accounts receivable                                                                    |   |                           | (6,620  | ) |   |   | (10,379 | ) |
| Inventories                                                                            |   |                           | (1,377  | ) |   |   | (646 | ) |
| Prepaid expenses and other current assets                                              |   |                           | 979     |   |   |   | (1,200 | ) |
| Other assets                                                                           |   |                           | 971     |   |   |   | 2,322 |   |
| Accounts payable                                                                       |   |                           | 410     |   |   |   | 1,179 |   |
| Income taxes payable                                                                   |   |                           | (302    | ) |   |   | 2,822 |   |
| Accrued expenses and other current liabilities                                         |   |                           | 1,468   |   |   |   | (705 | ) |
| Net cash provided by operating activities                                              |   |                           | 21,365  |   |   |   | 12,351 |   |
| Cash flows from investing activities                                                   |   |                           |    |   |   |   |   |   |
| Purchase of property, plant and equipment                                              |   |                           | (6,051  | ) |   |   | (1,669 | ) |
| Purchase of intangible assets                                                          |   |                           | (398    | ) |   |   | (133 | ) |
| Acquisition of businesses, net of cash acquired                                        |   |                           | (18,301 | ) |   |   | (14,338 | ) |
| Proceeds from sale of equipment                                                        |   |                           | 170     |   |   |   | 237 |   |
| Net cash used in investing activities                                                  |   |                           | (24,580 | ) |   |   | (15,903 | ) |
| Cash flows from financing activities                                                   |   |                           |    |   |   |   |   |   |
| Repayment of capital lease obligations                                                 |   |                           | (4,631  | ) |   |   | (4,619 | ) |
| Repayments of long-term debt                                                           |   |                           | (6,808  | ) |   |   | (66,855 | ) |
| Net borrowings (repayments) from revolver                                              |   |                           | 5,000   |   |   |   | (15,505 | ) |
| Proceeds from borrowings of long-term debt                                             |   |                           | 42      |   |   |   | 25,000 |   |
| Debt issuance costs                                                                    |   |                           | — |   |   |   | (484 | ) |
| Net proceeds from issuance of common stock                                             |   |                           | — |   |   |   | 74,007 |   |
| Proceeds from the exercise of stock options                                            |   |                           | 30      |   |   |   | 21 |   |
| Net cash (used in) provided by financing activities                                    |   |                           | (6,367  | ) |   |   | 11,565 |   |
| Effect of exchange rate changes on cash and cash equivalents                           |   |                           | 105     |   |   |   | 28 |   |
| Net change in cash and cash equivalents                                                |   |                           | (9,477  | ) |   |   | 8,041 |   |
| Cash and cash equivalents                                                              |   |                           |    |   |   |   |   |   |
| Beginning of period                                                                    |   |                           | 16,037  |   |   |   | 5,668 |   |
| End of period                                                                          |   | $                              | 6,560   |   |   | $ | 13,709 |   |
| Supplemental disclosure of cash paid                                                   |   |                           |    |   |   |   |   |   |
| Interest                                                                               |   | $                              | 2,058   |   |   | $ | 3,126 |   |
| Income taxes                                                                           |   | $                              | 6,581   |   |   | $ | 1,303 |   |
| Noncash investing and financing                                                        |   |                           |    |   |   |   |   |   |
| Equipment acquired through capital lease obligations                                   |   | $                              | 3,678   |   |   | $ | 5,045 |   |
| Issuance of notes payable and other debt obligations primarily related to acquisitions |   | $                              | 1,637   |   |   | $ | 5,398 |   |

----

| 1. | Description of Business & Basis of Presentation |
|----|-----------------------------------------------------|

----

| 2. | Summary of Significant Accounting Policies |
|----|--------------------------------------------|

----

----

| 3. | Capitalization |
|----|----------------|

----

|                    |   | For the nine months ended February 28, |
|-------------------------|--------|----------------------------------------|
|                    |   | 2011                                   |   | 2010 |
|                    |   |                                   |   |   |   |   |
| Dividend yield          |   | 0.0                                    | % |   | 0.0 | % |
| Expected volatility     |   | 44                                     | % |   | 44 | % |
| Risk-free interest rate |   | 2.6                                    | % |   | 1.9-3.0 | % |
| Expected term (years)   |   | 6.3                                    |   |   | 4.0-6.3 |   |

|                                           |   | For the three and nine months ended February 28, |   |
|------------------------------------------------|--------|--------------------------------------------------|--------|
|                                           |   | 2011                                             |   |   | 2010 |   |
|                                           |   |                                             |   |   |   |   |
| Cash proceeds from options exercised           |   | $                                                | 30     |   |   | $ | 21 |   |
| Aggregate intrinsic value of options exercised |   |                                             | 43     |   |   |   | 762 |   |

----

| 4. | Earnings per share |
|----|--------------------|

|                                                  |   | Three months ended February 28, |    |   | Nine months ended February 28, |   |
|-------------------------------------------------------|--------|---------------------------------|---------|--------|--------------------------------|--------|
|                                                  |   | 2011                            |    |   | 2010                           |   |   | 2011 |   |   | 2010 |   |
|                                                  |   |                            |    |   |                           |   |   |   |   |   |   |   |
| Basic earnings per share                              |   |                            |    |   |                           |   |   |   |   |   |   |   |
| Numerator:                                            |   |                            |    |   |                           |   |   |   |   |   |   |   |
| Net income attributable to common shareholders        |   | $                               | 2,443   |   |                           | $      | 774 |   |   | $ | 9,713 |   |   | $ | 11,650 |   |
| Denominator                                           |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding            |   |                            | 26,667  |   |                           |   | 26,469 |   |   |   | 26,665 |   |   |   | 20,103 |   |
| Basic earnings per share                              |   | $                               | 0.09    |   |                           | $      | 0.03 |   |   | $ | 0.36 |   |   | $ | 0.58 |   |
|                                                  |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share:                           |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Numerator:                                            |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net income attributable to common shareholders        |   | $                               | 2,443   |   |                           | $      | 774 |   |   | $ | 9,713 |   |   | $ | 5,151 |   |
| Denominator                                           |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding            |   |                            | 26,667  |   |                           |   | 26,469 |   |   |   | 26,665 |   |   |   | 20,103 |   |
| Dilutive effect of stock options outstanding          |   |                            | 202     |   |                           |   | 1,295 |   |   |   | 137 |   |   |   | 1,214 |   |
| Dilutive effect of restricted stock units outstanding |   |                            | 50      |   |                           |   | — |   |   |   | 22 |   |   |   | — |   |
| Dilutive effect of conversion of preferred shares     |   |                            | — |   |                           |   | — |   |   |   | — |   |   |   | 3,194 |   |
| Total shares                                          |   |                            | 26,919  |   |                           |   | 27,764 |   |   |   | 26,824 |   |   |   | 24,511 |   |
| Diluted earnings per share                            |   | $                               | 0.09    |   |                           | $      | 0.03 |   |   | $ | 0.36 |   |   | $ | 0.21 |   |

| 5. | Acquisitions |
|----|--------------|

----

|                                  |   | Nine months ended February 28, |   |
|---------------------------------------|--------|--------------------------------|--------|
|                                  |   | 2011                           |   |   | 2010 |   |
|                                  |   |                           |   |   |   |   |
| Number of entities                    |   |                           | 4      |   |   |   | 3 |   |
|                                  |   |                           |   |   |   |   |   |   |
| Cash paid                             |   | $                              | 18,301 |   |   | $ | 14,350 |   |
| Subordinated notes issued             |   |                           | 1,637  |   |   |   | 5,399 |   |
| Debt assumed                          |   |                           | 1,100  |   |   |   | — |   |
| Contingent consideration              |   |                           | 697    |   |   |   | 687 |   |
|                                  |   |                           |   |   |   |   |   |   |
| Purchase price                        |   | $                              | 21,735 |   |   | $ | 20,436 |   |
|                                  |   |                           |   |   |   |   |   |   |
| Current net assets acquired           |   |                           | 127    |   |   |   | 939 |   |
| Property, plant and equipment         |   |                           | 6,341  |   |   |   | 5,124 |   |
| Deferred tax asset                    |   |                           | 41     |   |   |   | 1,067 |   |
| Intangibles, primarily customer lists |   |                           | 6,465  |   |   |   | 8,239 |   |
| Goodwill                              |   |                           | 8,878  |   |   |   | 5,067 |   |
| Less: noncontrolling interest         |   |                           | (117   | ) |   |   | — |   |
|                                  |   |                           |   |   |   |   |   |   |
| Net assets acquired                   |   | $                              | 21,735 |   |   | $ | 20,436 |   |

| 6. | Property, plant and equipment, net |
|----|------------------------------------|

|                                      |   | Useful Life |   |   | February 28, 2011 |    |   | May 31, 2010 |   |
|-------------------------------------------|--------|-------------|--------|--------|-------------------|---------|--------|--------------|--------|
|                                      |   | (Years)     |   |   |              |    |   |         |   |
| Land                                      |   |        |   |   | $                 | 2,209   |   |         | $      | 1,304 |   |
| Building and improvements                 |   | 30-40       |   |   |              | 12,411  |   |         |   | 10,240 |   |
| Office furniture and equipment            |   | 5-8         |   |   |              | 3,955   |   |         |   | 1,479 |   |
| Machinery and equipment                   |   | 5-7         |   |   |              | 79,040  |   |         |   | 68,238 |   |
|                                      |   |        |   |   |              | 97,615  |   |         |   | 81,261 |   |
| Accumulated depreciation and amortization |   |        |   |   |              | (51,293 | )      |         |   | (41,280 | ) |
|                                      |   |        |   |   | $                 | 46,322  |   |         | $      | 39,981 |   |

----

| 7. | Accounts Receivable and Allowance for Doubtful Accounts |
|----|---------------------------------------------------------|

| Balance, May 31, 2010           |   | $      | 1,661  |   |
|---------------------------------|--------|--------|--------|--------|
| Increase due to acquisitions    |   |   | 33     |   |
| Provision for doubtful accounts |   |   | (121   | )      |
| Write-offs, net of recoveries   |   |   | 88     |   |
| Foreign exchange valuation      |   |   | (12    | )      |
|                            |   |   |   |   |
| Balance, February 28, 2011      |   | $      | 1,649  |   |

| 8. | Inventories |
|----|-------------|

|            |   | As of             |   |   | As of        |   |
|-----------------|--------|-------------------|--------|--------|--------------|--------|
|            |   | February 28, 2011 |   |   | May 31, 2010 |   |
|            |   |              |   |   |         |   |
| Raw materials   |   | $                 | 2,879  |   |         | $      | 2,564 |   |
| Work in process |   |              | 2,458  |   |         |   | 2,252 |   |
| Finished goods  |   |              | 3,122  |   |         |   | 2,655 |   |
| Supplies        |   |              | 1,826  |   |         |   | 1,265 |   |
|            |   | $                 | 10,285 |   |         | $      | 8,736 |   |

| 9. | Accrued expenses and other current liabilities |
|----|------------------------------------------------|

|                                                  |   | As of             |   |   | As of        |   |
|-------------------------------------------------------|--------|-------------------|--------|--------|--------------|--------|
|                                                  |   | February 28, 2011 |   |   | May 31, 2010 |   |
|                                                  |   |              |   |   |         |   |
| Accrued salaries, wages and related employee benefits |   | $                 | 10,910 |   |         | $      | 8,158 |   |
| Other accrued expenses                                |   |              | 2,778  |   |         |   | 2,740 |   |
| Accrued worker compensation and health benefits       |   |              | 7,116  |   |         |   | 8,041 |   |
| Deferred revenues                                     |   |              | 1,484  |   |         |   | 1,151 |   |
|                                                  |   |              |   |   |         |   |   |   |
| Total                                                 |   | $                 | 22,288 |   |         | $      | 20,090 |   |

----

| 10. | Long-Term Debt |
|-----|----------------|

|                                      |   | As of             |   |   | As of        |   |
|-------------------------------------------|--------|-------------------|--------|--------|--------------|--------|
|                                      |   | February 28, 2011 |   |   | May 31, 2010 |   |
|                                      |   |              |   |   |         |   |
| Senior credit facility:                   |   |              |   |   |         |   |
| Revolver                                  |   | $                 | 5,000  |   |         | $      | — |   |
| Notes payable - acquisitions              |   |              | 8,729  |   |         |   | 11,023 |   |
| Other                                     |   |              | 833    |   |         |   | 971 |   |
|                                      |   |              | 14,562 |   |         |   | 11,994 |   |
| Less: Current maturities                  |   |              | 4,769  |   |         |   | 6,303 |   |
| Long-term debt, net of current maturities |   | $                 | 9,793  |   |         | $      | 5,691 |   |

----

| 11. | Fair Value Measurements |
|-----|-------------------------|

|              |   |    |   |     |   | Variable |   | Fixed    |   |         |   |
|-------------------|--------|---------|--------|----------|--------|----------|--------|----------|--------|--------------|--------|
|              |   |    |   | Notional |   | interest |   | interest |   | As of        |   |
| Contract date     |   | Term    |   | Amount   |   | rate     |   | rate     |   | May 31, 2010 |   |
| November 20, 2006 |   | 4 years |   | $   | 8,000  |     | LIBOR  |     | 5.17   | %            |   | $ | (210 | ) |
|              |   |    |   | $   | 8,000  |     |   |     |   |         |   | $ | (210 | ) |

| 12. | Commitments and Contingencies |
|-----|-------------------------------|

----

| 13. | Subsequent Event |
|-----|------------------|

| 14. | Segment Disclosure |
|-----|--------------------|

----

|                       |   | Three months ended February 28, |   |   | Nine months ended February 28, |   |
|----------------------------|--------|---------------------------------|--------|--------|--------------------------------|--------|
|                       |   | 2011                            |   |   | 2010                           |   |   | 2011 |   |   | 2010 |   |
|                       |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Revenues                   |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Services                   |   | $                               | 66,708 |   |                           | $      | 52,912 |   |   | $ | 198,098 |   |   | $ | 159,552 |   |
| Products and Systems       |   |                            | 5,436  |   |                           |   | 4,768 |   |   |   | 15,974 |   |   |   | 13,137 |   |
| International              |   |                            | 8,671  |   |                           |   | 8,092 |   |   |   | 27,062 |   |   |   | 23,322 |   |
| Corporate and eliminations |   |                            | (1,602 | )      |                           |   | (1,416 | ) |   |   | (4,674 | ) |   |   | (3,667 | ) |
|                       |   | $                               | 79,213 |   |                           | $      | 64,356 |   |   | $ | 236,460 |   |   | $ | 192,344 |   |

|                       |   | Three months ended February 28, |   |   | Nine months ended February 28, |   |
|----------------------------|--------|---------------------------------|--------|--------|--------------------------------|--------|
|                       |   | 2011                            |   |   | 2010                           |   |   | 2011 |   |   | 2010 |   |
|                       |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Gross profit               |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Services                   |   | $                               | 16,650 |   |                           | $      | 11,898 |   |   | $ | 53,404 |   |   | $ | 41,831 |   |
| Products and Systems       |   |                            | 3,049  |   |                           |   | 2,711 |   |   |   | 8,440 |   |   |   | 7,217 |   |
| International              |   |                            | 2,935  |   |                           |   | 3,222 |   |   |   | 9,466 |   |   |   | 9,212 |   |
| Corporate and eliminations |   |                            | (37    | )      |                           |   | (204 | ) |   |   | (127 | ) |   |   | (467 | ) |
|                       |   | $                               | 22,597 |   |                           | $      | 17,627 |   |   | $ | 71,183 |   |   | $ | 57,793 |   |

|                       |   | Three months ended February 28, |   |   | Nine months ended February 28, |   |
|----------------------------|--------|---------------------------------|--------|--------|--------------------------------|--------|
|                       |   | 2011                            |   |   | 2010                           |   |   | 2011 |   |   | 2010 |   |
|                       |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Income from operations     |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Services                   |   | $                               | 5,494  |   |                           | $      | 2,257 |   |   | $ | 19,591 |   |   | $ | 13,114 |   |
| Products and Systems       |   |                            | 1,213  |   |                           |   | 980 |   |   |   | 2,980 |   |   |   | 2,021 |   |
| International              |   |                            | 404    |   |                           |   | 527 |   |   |   | 2,514 |   |   |   | 2,597 |   |
| Corporate and eliminations |   |                            | (2,418 | )      |                           |   | (2,132 | ) |   |   | (6,879 | ) |   |   | (5,647 | ) |
|                       |   | $                               | 4,693  |   |                           | $      | 1,632 |   |   | $ | 18,206 |   |   | $ | 12,085 |   |

----

|                          |   | Three months ended February 28, |   |   | Nine months ended February 28, |   |
|-------------------------------|--------|---------------------------------|--------|--------|--------------------------------|--------|
|                          |   | 2011                            |   |   | 2010                           |   |   | 2011 |   |   | 2010 |   |
|                          |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Depreciation and amortization |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Services                      |   | $                               | 4,247  |   |                           | $      | 3,363 |   |   | $ | 11,855 |   |   | $ | 9,527 |   |
| Products and Systems          |   |                            | 206    |   |                           |   | 252 |   |   |   | 624 |   |   |   | 752 |   |
| International                 |   |                            | 350    |   |                           |   | 397 |   |   |   | 1,016 |   |   |   | 1,036 |   |
| Corporate and eliminations    |   |                            | 42     |   |                           |   | 32 |   |   |   | 113 |   |   |   | 94 |   |
|                          |   | $                               | 4,845  |   |                           | $      | 4,044 |   |   | $ | 13,608 |   |   | $ | 11,409 |   |

|                       |   | As of             |   |   | As of        |   |
|----------------------------|--------|-------------------|--------|--------|--------------|--------|
|                       |   | February 28, 2011 |   |   | May 31, 2010 |   |
|                       |   |              |   |   |         |   |
| Intangible assets, net     |   |              |   |   |         |   |
| Services                   |   | $                 | 16,892 |   |         | $      | 14,042 |   |
| Products and Systems       |   |              | 1,190  |   |         |   | 1,016 |   |
| International              |   |              | 801    |   |         |   | 504 |   |
| Corporate and eliminations |   |              | 434    |   |         |   | 526 |   |
|                       |   | $                 | 19,317 |   |         | $      | 16,088 |   |

|                 |   | As of             |    |   | As of        |   |
|----------------------|--------|-------------------|---------|--------|--------------|--------|
|                 |   | February 28, 2011 |    |   | May 31, 2010 |   |
|                 |   |              |    |   |         |   |   |   |
| Goodwill             |   |              |    |   |         |   |   |   |
| Services             |   | $                 | 51,738  |   |         | $      | 42,804 |   |
| Products and Systems |   |              | — |   |         |   | — |   |
| International        |   |              | 1,704   |   |         |   | 1,511 |   |
|                 |   | $                 | 53,442  |   |         | $      | 44,315 |   |
|                 |   |              |    |   |         |   |   |   |

|                       |   | As of             |    |   | As of        |   |
|----------------------------|--------|-------------------|---------|--------|--------------|--------|
|                       |   | February 28, 2011 |    |   | May 31, 2010 |   |
|                       |   |              |    |   |         |   |   |   |
| Total Assets               |   |              |    |   |         |   |   |   |
| Services                   |   | $                 | 171,934 |   |         | $      | 148,462 |   |
| Products and Systems       |   |              | 22,384  |   |         |   | 21,817 |   |
| International              |   |              | 22,997  |   |         |   | 19,163 |   |
| Corporate and eliminations |   |              | (10,310 | )      |         |   | (810 | ) |
|                       |   | $                 | 207,005 |   |         | $      | 188,632 |   |

----

|                          |   | Three months ended February 28, |   |   | Nine months ended February 28, |   |
|-------------------------------|--------|---------------------------------|--------|--------|--------------------------------|--------|
|                          |   | 2011                            |   |   | 2010                           |   |   | 2011 |   |   | 2010 |   |
|                          |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Revenues by geographic region |   |                            |   |   |                           |   |   |   |   |   |   |   |
| United States                 |   | $                               | 64,189 |   |                           | $      | 51,793 |   |   | $ | 191,309 |   |   | $ | 155,733 |   |
| Europe                        |   |                            | 6,448  |   |                           |   | 5,788 |   |   |   | 20,088 |   |   |   | 17,700 |   |
| Other Americas                |   |                            | 6,818  |   |                           |   | 4,490 |   |   |   | 18,960 |   |   |   | 12,966 |   |
| Asia-Pacific                  |   |                            | 1,758  |   |                           |   | 2,285 |   |   |   | 6,103 |   |   |   | 5,945 |   |
|                          |   | $                               | 79,213 |   |                           | $      | 64,356 |   |   | $ | 236,460 |   |   | $ | 192,344 |   |

----

| ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

----

|                                                                 |   | Three months ended February 28, |    |
|----------------------------------------------------------------------|--------|---------------------------------|---------|
|                                                                 |   | 2011                            |    |   | 2010 |   |
|                                                                 |   | (in thousands)                  |    |
| Statement of Operations Data                                         |   |                            |    |   |   |   |
| Revenues                                                             |   | $                               | 79,213  |   |   | $ | 64,356 |   |
| Cost of revenues                                                     |   |                            | 53,156  |   |   |   | 43,984 |   |
| Depreciation                                                         |   |                            | 3,460   |   |   |   | 2,745 |   |
| Gross profit                                                         |   |                            | 22,597  |   |   |   | 17,627 |   |
| Selling, general and administrative expenses                         |   |                            | 16,005  |   |   |   | 14,110 |   |
| Research and engineering                                             |   |                            | 514     |   |   |   | 586 |   |
| Depreciation and amortization                                        |   |                            | 1,385   |   |   |   | 1,299 |   |
| Legal reserve                                                        |   |                            | — |   |   |   | — |   |
| Income from operations                                               |   |                            | 4,693   |   |   |   | 1,632 |   |
| Interest expense                                                     |   |                            | 596     |   |   |   | 744 |   |
| Loss on extinguishment of long-term debt                             |   |                            | — |   |   |   | — |   |
| Income before provision for income taxes and noncontrolling interest |   |                            | 4,097   |   |   |   | 888 |   |
| Provision for income taxes                                           |   |                            | 1,690   |   |   |   | 123 |   |
| Net income                                                           |   |                            | 2,407   |   |   |   | 765 |   |
| Net loss attributable to noncontrolling interests, net of taxes      |   |                            | 36      |   |   |   | 9 |   |
| Net income attributable to Mistras Group, Inc.                       |   |                            | 2,443   |   |   |   | 774 |   |
| Accretion of preferred stock                                         |   |                            | — |   |   |   | — |   |
| Net income attributable to common shareholders                       |   | $                               | 2,443   |   |   | $ | 774 |   |

----

|                                           |   | Three months ended February 28, |   |
|------------------------------------------------|--------|---------------------------------|--------|
|                                           |   | 2011                            |   |   | 2010 |   |
| EBITDA and Adjusted EBITDA data                |   | (in thousands)                  |   |
| Net income attributable to Mistras Group, Inc. |   | $                               | 2,443  |   |   | $ | 774 |   |
| Interest expense                               |   |                            | 596    |   |   |   | 744 |   |
| Provision for income taxes                     |   |                            | 1,690  |   |   |   | 123 |   |
| Depreciation and amortization                  |   |                            | 4,845  |   |   |   | 4,044 |   |
| EBITDA                                         |   | $                               | 9,574  |   |   | $ | 5,685 |   |
| Stock compensation expense                     |   |                            | 903    |   |   |   | 827 |   |
| Adjusted EBITDA                                |   | $                               | 10,477 |   |   | $ | 6,512 |   |

----

----

|                       |   | Three months ended February 28, |   |
|----------------------------|--------|---------------------------------|--------|
|                       |   | 2011                            |   |   | 2010 |   |
|                       |   | (in thousands)                  |   |
| Revenues                   |   |                            |   |   |   |   |
| Services                   |   | $                               | 66,708 |   |   | $ | 52,912 |   |
| Products and Systems       |   |                            | 5,436  |   |   |   | 4,768 |   |
| International              |   |                            | 8,671  |   |   |   | 8,092 |   |
| Corporate and eliminations |   |                            | (1,602 | ) |   |   | (1,416 | ) |
|                       |   | $                               | 79,213 |   |   | $ | 64,356 |   |

|                        |   | Three months ended February 28, |   |
|-----------------------------|--------|---------------------------------|--------|
|                        |   | 2011                            |   |   | 2010 |   |
|                        |   | (in thousands)                  |   |
| Revenue growth              |   | $                               | 14,857 |   |   | $ | 17,355 |   |
| % Growth over prior year    |   |                            | 23.1   | % |   |   | 36.9 | % |
|                        |   |                            |   |   |   |   |   |   |
| Comprised of:               |   |                            |   |   |   |   |   |   |
| % of organic growth         |   |                            | 16.7   | % |   |   | 23.5 | % |
| % of acquisition growth     |   |                            | 6.2    | % |   |   | 10.9 | % |
| % foreign exchange increase |   |                            | 0.2    | % |   |   | 2.5 | % |
|                        |   |                            | 23.1   | % |   |   | 36.9 | % |

----

|                                                       |   | Three months ended February 28, |   |
|------------------------------------------------------------|--------|---------------------------------|--------|
|                                                       |   | 2011                            |   |   | 2010 |   |
|                                                       |   | (in thousands)                  |   |
| Gross profit                                               |   | $                               | 22,597 |   |   | $ | 17,627 |   |
|                                                       |   |                            |   |   |   |   |   |   |
| Gross profit % comprised of:                               |   |                            |   |   |   |   |   |   |
| Revenues                                                   |   |                            | 100.0  | % |   |   | 100.0 | % |
| Cost of revenues                                           |   |                            | 67.1   | % |   |   | 68.3 | % |
| Depreciation                                               |   |                            | 4.4    | % |   |   | 4.3 | % |
| Total                                                      |   |                            | 28.5   | % |   |   | 27.4 | % |
| Gross profit % increase (decrease) from prior year quarter |   |                            | 1.1    | % |   |   | (0.5 | %) |

|                       |   | Three months ended February 28, |   |
|----------------------------|--------|---------------------------------|--------|
|                       |   | 2011                            |   |   | 2010 |   |
|                       |   | (in thousands)                  |   |
| Gross profit               |   |                            |   |   |   |   |
| Services                   |   | $                               | 16,650 |   |   | $ | 11,898 |   |
| Products and Systems       |   |                            | 3,049  |   |   |   | 2,711 |   |
| International              |   |                            | 2,935  |   |   |   | 3,222 |   |
| Corporate and eliminations |   |                            | (37    | ) |   |   | (204 | ) |
|                       |   | $                               | 22,597 |   |   | $ | 17,627 |   |

----

|                       |   | Three months ended February 28, |   |
|----------------------------|--------|---------------------------------|--------|
|                       |   | 2011                            |   |   | 2010 |   |
|                       |   | (in thousands)                  |   |
| Income from operations     |   |                            |   |   |   |   |
| Services                   |   | $                               | 5,494  |   |   | $ | 2,257 |   |
| Products and Systems       |   |                            | 1,213  |   |   |   | 980 |   |
| International              |   |                            | 404    |   |   |   | 527 |   |
| Corporate and eliminations |   |                            | (2,418 | ) |   |   | (2,132 | ) |
|                       |   | $                               | 4,693  |   |   | $ | 1,632 |   |

----

|                                                                     |   | Nine months ended February 28, |    |
|--------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                     |   | 2011                           |    |   | 2010 |   |
|                                                                     |   | (in thousands)                 |    |
| Statement of Operations Data                                             |   |                           |    |   |   |   |
| Revenues                                                                 |   | $                              | 236,460 |   |   | $ | 192,344 |   |
| Cost of revenues                                                         |   |                           | 155,558 |   |   |   | 126,700 |   |
| Depreciation                                                             |   |                           | 9,719   |   |   |   | 7,851 |   |
| Gross profit                                                             |   |                           | 71,183  |   |   |   | 57,793 |   |
| Selling, general and administrative expenses                             |   |                           | 47,099  |   |   |   | 40,929 |   |
| Research and engineering                                                 |   |                           | 1,638   |   |   |   | 1,518 |   |
| Depreciation and amortization                                            |   |                           | 3,889   |   |   |   | 3,558 |   |
| Legal reserve                                                            |   |                           | 351     |   |   |   | (297 | ) |
| Income from operations                                                   |   |                           | 18,206  |   |   |   | 12,085 |   |
| Interest expense                                                         |   |                           | 1,957   |   |   |   | 2,825 |   |
| Loss on extinguishment of long-term debt                                 |   |                           | — |   |   |   | 387 |   |
| Income before provision for income taxes and noncontrolling interest     |   |                           | 16,249  |   |   |   | 8,873 |   |
| Provision for income taxes                                               |   |                           | 6,562   |   |   |   | 3,692 |   |
| Net income                                                               |   |                           | 9,687   |   |   |   | 5,181 |   |
| Net loss (income) attributable to noncontrolling interests, net of taxes |   |                           | 26      |   |   |   | (30 | ) |
| Net income attributable to Mistras Group, Inc.                           |   |                           | 9,713   |   |   |   | 5,151 |   |
| Accretion of preferred stock                                             |   |                           | — |   |   |   | 6,499 |   |
| Net income attributable to common shareholders                           |   | $                              | 9,713   |   |   | $ | 11,650 |   |

|                                           |   | Nine months ended February 28, |    |
|------------------------------------------------|--------|--------------------------------|---------|
|                                           |   | 2011                           |    |   | 2010 |   |
|                                           |   | (in thousands)                 |    |
| EBITDA and Adjusted EBITDA data                |   |                           |    |
| Net income attributable to Mistras Group, Inc. |   | $                              | 9,713   |   |   | $ | 5,151 |   |
| Interest expense                               |   |                           | 1,957   |   |   |   | 2,825 |   |
| Provision for income taxes                     |   |                           | 6,562   |   |   |   | 3,692 |   |
| Depreciation and amortization                  |   |                           | 13,608  |   |   |   | 11,409 |   |
| EBITDA                                         |   | $                              | 31,840  |   |   | $ | 23,077 |   |
| Legal reserve                                  |   |                           | 351     |   |   |   | (297 | ) |
| Large customer bankruptcy                      |   |                           | — |   |   |   | 767 |   |
| Stock compensation expense                     |   |                           | 2,680   |   |   |   | 1,860 |   |
| Loss on extinguishment of debt                 |   |                           | — |   |   |   | 387 |   |
| Adjusted EBITDA                                |   | $                              | 34,871  |   |   | $ | 25,794 |   |

| See explanation and definition of EBITDA and Adjusted EBITDA above on page 22. |
|--------------------------------------------------------------------------------|

----

|                       |   | Nine months ended February 28, |    |
|----------------------------|--------|--------------------------------|---------|
|                       |   | 2011                           |    |   | 2010 |   |
|                       |   |                           |    |   |   |   |
| Revenues                   |   |                           |    |   |   |   |
| Services                   |   | $                              | 198,098 |   |   | $ | 159,552 |   |
| Products and Systems       |   |                           | 15,974  |   |   |   | 13,137 |   |
| International              |   |                           | 27,062  |   |   |   | 23,322 |   |
| Corporate and eliminations |   |                           | (4,674  | ) |   |   | (3,667 | ) |
|                       |   | $                              | 236,460 |   |   | $ | 192,344 |   |

|                        |   | Nine months ended February 28, |   |
|-----------------------------|--------|--------------------------------|--------|
|                        |   | 2011                           |   |   | 2010 |   |
|                        |   | (in thousands)                 |   |
| Revenue growth              |   | $                              | 44,116 |   |   | $ | 39,061 |   |
| % Growth over prior year    |   |                           | 22.9   | % |   |   | 25.5 | % |
|                        |   |                           |   |   |   |   |   |   |
| Comprised of:               |   |                           |   |   |   |   |   |   |
| % of organic growth         |   |                           | 16.2   | % |   |   | 13.9 | % |
| % of acquisition growth     |   |                           | 6.8    | % |   |   | 12.1 | % |
| % foreign exchange decrease |   |                           | (0.1   | %) |   |   | (0.5 | %) |
|                        |   |                           | 22.9   | % |   |   | 25.5 | % |

----

|                                                      |   | Nine months ended February 28, |   |
|-----------------------------------------------------------|--------|--------------------------------|--------|
|                                                      |   | 2011                           |   |   | 2010 |   |
|                                                      |   | (in thousands)                 |   |
| Gross profit                                              |   | $                              | 71,183 |   |   | $ | 57,793 |   |
|                                                      |   |                           |   |   |   |   |   |   |
| Gross profit % comprised of:                              |   |                           |   |   |   |   |   |   |
| Revenues                                                  |   |                           | 100.0  | % |   |   | 100.0 | % |
| Cost of revenues                                          |   |                           | 65.8   | % |   |   | 65.9 | % |
| Depreciation                                              |   |                           | 4.1    | % |   |   | 4.1 | % |
| Total                                                     |   |                           | 30.1   | % |   |   | 30.0 | % |
| Gross profit % increase (decrease) from prior year period |   |                           | 0.1    | % |   |   | (3.4 | %) |

|                       |   | Nine months ended February 28, |   |
|----------------------------|--------|--------------------------------|--------|
|                       |   | 2011                           |   |   | 2010 |   |
|                       |   | (in thousands)                 |   |
| Gross profit               |   |                           |   |   |   |   |
| Services                   |   | $                              | 53,404 |   |   | $ | 41,831 |   |
| Products and Systems       |   |                           | 8,440  |   |   |   | 7,217 |   |
| International              |   |                           | 9,466  |   |   |   | 9,212 |   |
| Corporate and eliminations |   |                           | (127   | ) |   |   | (467 | ) |
|                       |   | $                              | 71,183 |   |   | $ | 57,793 |   |

----

|                       |   | Nine months ended February 28, |   |
|----------------------------|--------|--------------------------------|--------|
|                       |   | 2011                           |   |   | 2010 |   |
|                       |   | (in thousands)                 |   |
| Income from operations     |   |                           |   |   |   |   |
| Services                   |   | $                              | 19,591 |   |   | $ | 13,114 |   |
| Products and Systems       |   |                           | 2,980  |   |   |   | 2,021 |   |
| International              |   |                           | 2,514  |   |   |   | 2,597 |   |
| Corporate and eliminations |   |                           | (6,879 | ) |   |   | (5,647 | ) |
|                       |   | $                              | 18,206 |   |   | $ | 12,085 |   |

----

|                                    |   | Nine months ended February 28, |    |
|-----------------------------------------|--------|--------------------------------|---------|
|                                    |   | 2011                           |    |   | 2010 |   |
|                                    |   | (in thousands)                 |    |
| Net cash provided by (used in):         |   |                           |    |   |   |   |
| Operating Activities                    |   | $                              | 21,365  |   |   | $ | 12,351 |   |
| Investing Activities                    |   |                           | (24,580 | ) |   |   | (15,903 | ) |
| Financing Activities                    |   |                           | (6,367  | ) |   |   | 11,565 |   |
| Effect of exchange rate changes on cash |   |                           | 105     |   |   |   | 28 |   |
| Net change in cash and cash equivalents |   | $                              | (9,477  | ) |   | $ | 8,041 |   |

----

----

| ITEM 3. | Quantitative and Qualitative Disclosures about Market Risk |
|---------|------------------------------------------------------------|

----

| ITEM 4. | Controls and Procedures |
|---------|-------------------------|

----

----

| ITEM 1. | Legal Proceedings |
|---------|-------------------|

| ITEM 1.A. | Risk Factors |
|-----------|--------------|

| ITEM 2. | Unregistered Sale of Equity Securities and Use of Proceeds |
|---------|------------------------------------------------------------|

| ITEM 3. | Defaults Upon Senior Securities |
|---------|---------------------------------|

----

| ITEM 5. | Other Information |
|---------|-------------------|

| ITEM 6. | Exhibits |
|---------|----------|

----

|   | MISTRAS GROUP, INC. |
|--------|---------------------|
|   |                |   |
|   | By:                 | /s/ Francis T. Joyce |
|   |                | Francis T. Joyce |
|   |                | Chief Financial Officer |
|   |                | (Principal financial officer and duly authorized officer) |

----

| Exhibit No. |   | Description                                                                                                                                                                                                                                             |
|-------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |   |                                                                                                                                                                                                                                                    |
| 10.1        |   | Amended and Restated Credit Agreement (filed as exhibit 10.2 to the Registration Statement on Form S-1 (Amendment No. 6) filed on October 6, 2009 (Registration No. 333-151559) and incorporated herein by reference).                                  |
|        |   |                                                                                                                                                                                                                                                    |
| 10.2        |   | Second Amended and Restated Credit Agreement dated as of July 22, 2009 (filed as exhibit 10.3 to the Registration Statement on Form S-1 (Amendment No. 6) filed on October 6, 2009 (Registration No. 333-151559) and incorporated herein by reference). |
|        |   |                                                                                                                                                                                                                                                    |
| 31.1        |   | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.                                                                                                                                          |
|        |   |                                                                                                                                                                                                                                                    |
| 31.2        |   | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.                                                                                                                                          |
|        |   |                                                                                                                                                                                                                                                    |
| 32.1        |   | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                |

----