<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(X)         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
                  For the quarterly period ended April 30, 1998

                                       OR

( )         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
          For the transition period from              to              

     Commission File Number: 1-4338


                              EAC INDUSTRIES, INC.
             (Exact name of registrant as specified in its charter)

          New York                                     21-0702336
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)

                    22 BLACKSTONE AVENUE, BRANFORD, CT 06405 
               (Address of principal executive offices) (Zip Code)

                                 (203) 315-8020
                (Issuer's telephone number, including area code)


Check whether the Issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. YES X   NO

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.


<TABLE>
<CAPTION>
               Class                                                       Outstanding at April 30, 1998
<S>                                                                       <C>
Common Stock, par value $.10 per share                                              3,030,588 shares
</TABLE>
<PAGE>   2
                                    - INDEX -



<TABLE>
<CAPTION>
                                                                                             PAGE(S)
                                                                                             -------
<S>            <C>                                                                          <C>
PART I.        Financial Information:

ITEM 1.        Financial Statements

               Consolidated Condensed Balance Sheets - April 30, 1998 (Unaudited)
               and January 31, 1998                                                            3.

               Consolidated Condensed Statements of Operations (Unaudited) -
               Three Months Ended April 30, 1998 and 1997                                      4.

               Consolidated Condensed Statements of Cash Flows (Unaudited) -
               Three Months Ended April 30, 1998 and 1997                                      5.

               Notes to Interim Consolidated Condensed Financial Statements (Unaudited)        6.


ITEM 2.        Management's Discussion and Analysis or Plan of Operation                       8.


PART II.       Other Information                                                              10.


SIGNATURES                                                                                    11.


EXHIBITS:

               Exhibit 11 - Earnings Per Share

               Exhibit 27 - Financial Data Schedule
</TABLE>

                                                                         Page 2.
<PAGE>   3
PART I.        FINANCIAL INFORMATION:

ITEM I.        FINANCIAL STATEMENTS:

                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                   - ASSETS -

                                                                                     APRIL 30,          January 31,
                                                                                       1998                1998
                                                                                       ----                ----
                                                                                    (UNAUDITED)
<S>                                                                                <C>                  <C>
CURRENT ASSETS:
  Cash                                                                             $    624,532         $    450,031
  Notes and accounts receivable - net of allowance for doubtful accounts
    of $45,566 at April 30, and January 31, 1998, respectively                          724,835              775,748
  Inventories                                                                           378,744              293,089
  Prepaid taxes and expenses                                                             52,540               42,244
                                                                                   ------------         ------------

TOTAL CURRENT ASSETS                                                                  1,780,651            1,561,112
                                                                                   ------------         ------------

PROPERTY, PLANT AND EQUIPMENT, NET                                                      472,884              472,291
                                                                                   ------------         ------------

OTHER ASSETS:
  Costs in excess of net assets acquired - net                                          263,537              269,269
  Other assets                                                                            8,586                4,182
                                                                                   ------------         ------------
                                                                                        272,123              273,451
                                                                                   ------------         ------------

                                                                                   $  2,525,658         $  2,306,854
                                                                                   ============         ============

                    - LIABILITIES AND SHAREHOLDERS' EQUITY -

CURRENT LIABILITIES:
  Accounts payable                                                                 $    538,239         $    434,383
  Accrued expenses                                                                      452,304              580,528
  Long-term liabilities - current portion                                                76,114               78,414
  Income taxes payable                                                                    2,200                2,200
                                                                                   ------------         ------------

TOTAL CURRENT LIABILITIES                                                             1,068,857            1,095,525
                                                                                   ------------         ------------

LONG-TERM LIABILITIES - NET OF CURRENT PORTION                                          384,977              393,197
                                                                                   ------------         ------------

COMMITMENTS AND CONTINGENCIES  (NOTE 3)

SHAREHOLDERS' EQUITY (NOTE 4):
  Common stock, $.10 par value; 20,000,000 shares authorized, 3,030,588 and
    2,319,285 shares issued at April 30, and January 31, 1998, respectively             303,059              231,929
  Capital in excess of par value                                                     10,506,842           10,504,380
  Accumulated deficit                                                                (9,738,077)          (9,867,577)
                                                                                   ------------         ------------
                                                                                      1,071,824              868,732
  Less:  Common stock in treasury, 0 and 7,598 shares at cost at
         April 30, and January 31, 1998, respectively                                      --                (50,600)
                                                                                   ------------         ------------
                                                                                      1,071,824              818,132
                                                                                   ------------         ------------

                                                                                   $  2,525,658         $  2,306,854
                                                                                   ============         ============
</TABLE>

  The accompanying notes are an integral part of these consolidated statements.

                                                                         Page 3.
<PAGE>   4
                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                    For The Three Months
                                                                       Ended April 30,
                                                                   ------------------------
                                                                   1998                1997
                                                                   ----                ----
<S>                                                             <C>                 <C>
NET SALES                                                       $ 1,334,397         $ 1,742,656
                                                                -----------         -----------

COSTS AND EXPENSES:
    Cost of products sold                                         1,035,740           1,240,253
    Selling, general and administrative expenses                    369,580             476,036
                                                                -----------         -----------
TOTAL COSTS AND EXPENSES                                          1,405,320           1,716,289
                                                                -----------         -----------

OPERATING (LOSS) INCOME                                             (70,923)             26,367
                                                                -----------         -----------

OTHER INCOME (EXPENSES):
    Gain on sale of fixed assets                                    197,000                --
    Interest expense                                                 (1,944)            (10,556)
    Interest and other income                                         5,367               2,136
                                                                -----------         -----------
                                                                    200,423              (8,420)
                                                                -----------         -----------

INCOME BEFORE INCOME TAXES                                          129,500              17,947

       Income taxes, net of operating loss carryforwards               --                  --
                                                                -----------         -----------

NET INCOME                                                      $   129,500         $    17,947
                                                                ===========         ===========

INCOME PER SHARE  (NOTE 2)                                      $       .05         $      (.01)
                                                                ===========         ===========
</TABLE>

  The accompanying notes are an integral part of these consolidated statements.

                                                                         Page 4.
<PAGE>   5
                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                              For The Three Months
                                                                                                 Ended April 30,
                                                                                             -----------------------
                                                                                             1998               1997
                                                                                             ----               ----
<S>                                                                                        <C>               <C>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:

CASH FLOWS FROM OPERATING ACTIVITIES:
    Net income                                                                             $ 129,500         $  17,947
    Adjustments to reconcile net income to cash provided from operating activities:
       Depreciation and amortization                                                          31,715            40,502
       Gain on sale of fixed assets                                                         (197,000)             --
    Change in assets and liabilities:
       Decrease (increase) in accounts and notes receivable                                   50,913          (139,542)
       (Increase) in inventories                                                             (85,655)          (67,282)
       (Increase) in prepaid expenses and other assets                                       (14,700)          (10,292)
       (Decrease) increase in accounts payable, accrued expenses
          and accrued income taxes                                                           (12,576)          167,224
                                                                                           ---------         ---------
         NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES                                    (97,803)            8,557
                                                                                           ---------         ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Proceeds from sale of fixed assets                                                       197,000              --
    Capital expenditures                                                                     (26,576)           (4,550)
                                                                                           ---------         ---------
         NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES                                    170,424            (4,550)
                                                                                           ---------         ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Net proceeds from sale of common stock                                                   124,192              --
    Net decrease in short-term debt                                                             --              (8,032)
    Payments of long-term debt                                                               (22,312)         (146,936)
                                                                                           ---------         ---------
         NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES                                    101,880          (154,968)
                                                                                           ---------         ---------

NET INCREASE (DECREASE ) IN CASH AND CASH EQUIVALENTS                                        174,501          (150,961)

CASH AND CASH EQUIVALENTS, AT BEGINNING OF YEAR                                              450,031           594,412
                                                                                           ---------         ---------

CASH AND CASH EQUIVALENTS, AT END OF PERIOD                                                $ 624,532         $ 443,451
                                                                                           =========         =========
</TABLE>

  The accompanying notes are an integral part of these consolidated statements.

                                                                         Page 5.
<PAGE>   6
                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
          NOTES TO INTERIM CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)



NOTE   1   -    BASIS OF PRESENTATION:

                In the opinion of management, the accompanying unaudited interim
                consolidated condensed financial statements of EAC Industries,
                Inc. (the "Company") and its subsidiaries, contain all
                adjustments necessary (consisting of normal recurring accruals
                or adjustments only) to present fairly the Company's financial
                position as of April 30, 1998 and the results of its operations
                and cash flows for the three month periods ended April 30, 1998
                and 1997.

                The accounting policies followed by the Company are set forth in
                Note 2 to the Company's consolidated financial statements
                included in its Annual Report on Form 10-KSB for the year ended
                January 31, 1998, which is incorporated herein by reference.
                Specific reference is made to this report for a description of
                the Company's securities and the notes to consolidated financial
                statements.

                The results of operations for the three-month period ended April
                30, 1998 are not necessarily indicative of the results to be
                expected for the full year.


NOTE   2   -    EARNINGS (LOSS) PER SHARE:

                Earnings per share has been computed on the basis of the
                weighted average number of common shares outstanding during each
                period presented, in accordance with the provisions of SFAS No.
                128.


NOTE   3   -    CONTINGENCY:

                Goodren Products Corp., a subsidiary of the Company, withdrew
                from participating in the District 65 Union Pension Plan (the
                "Plan"). This withdrawal resulted in the assessment of a
                withdrawal liability owed to the Plan by Goodren. During the
                year ended January 31, 1995, the Company accrued a reserve for
                an estimated liability of $560,000 which counsel to the Company
                believed would be payable over a period of approximately 22
                years beginning approximately one year from the withdrawal date.
                In March of 1996, the Company signed an agreement with the Plan
                whereby they will make quarterly payments of $7,548. On
                September 30, 1996, the Company and Goodren entered into a
                Settlement Agreement with the Trustees of the union pension plan
                whereby Goodren's pension fund liability was reduced to $360,000
                payable in 80 equal quarterly payments of $8,752 including
                annual interest at a rate of 8%. The Company applied for relief
                as a "hardship case" pursuant to the Settlement Agreement and
                received approval to reduce its quarterly obligations to $3,000
                until such time as the Company is out of hardship.

                                                                         Page 6.
<PAGE>   7
                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
          NOTES TO INTERIM CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 4 - COMMON STOCK:

         In November 1997, the Company filed a statement with the Securities and
         Exchange Commission to register 2,283,551 shares of its common stock to
         be issued upon exercise of the rights to subscribe for such shares,
         "the Rights Offering". Shareholders holding 100 shares of common stock
         or more at the close of business on November 10, 1997 (the record date)
         received one non-transferable Right for each share of common stock
         held. Each Right entitles the holder to purchase one share of Company
         common stock at an exercise price of $.22 per share. Simultaneously
         with the closing, the Company effected (i) a 100 to 1 reverse split of
         its common stock through a reclassification of its common stock and
         (ii) an immediate subsequent reclassification with a forward stock
         split pursuant to which each holder of the reclassified common stock
         would receive 99 additional shares of reclassified common stock. The
         effect of this was to eliminate all holders of less than 100 shares
         (pre-reverse split) of common stock, such stockholders receiving cash
         of $.28125 per share in lieu of their fractional interests.

         This offering was successfully consummated in February 1998. The
         Company issued 718,901 shares of common stock and realized net proceeds
         aggregating $124,192.

NOTE 5 - SUBSEQUENT EVENT:

         In June 1998, the Company completed the sale of substantially all of
         the assets of Goodren Label Corporation (formerly Athena Packaging
         Inc.) for an aggregate sale price of $229,000 plus inventory valued at
         the lower of cost or market. The buyer will pay the sales price as
         follows: (i) $167,000 at closing, (ii) buyer to pay for inventory 90
         days after the closing plus interest accrued at an annual rate of 7%
         and (iii) $62,500 to be received 180 days after closing plus accrued
         interest at 7% per annum.


                                                                         Page 7.
<PAGE>   8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION:

         INTRODUCTION:

         EAC Industries, Inc., the Company, is a holding company with three
         operating subsidiaries: Goodren Products Corporation ("Goodren"),
         Goodren Label Corporation, formerly Athena Packaging, Inc. ("Athena")
         and Flexible Printed Products, Inc. ("Flexible"). Goodren designs and
         provides point-of-purchase advertising displays and wall decorations on
         semi-durable plastic. In December 1997, the Company decided to cease
         Goodren's production operations and establish an outsourcing
         arrangement with another manufacturer. Goodren still continues to
         market and distribute these products. Athena produces printed,
         laminated embossed and hot-stamped labels, wraps, seals and decals for
         the cosmetics, pharmaceutical and health and beauty aids industries.
         Flexible produces and prints on plastic, pre-cure in-mold heat transfer
         labels for the identification and decoration of rubber and silicone
         hoses, belts and tire patches.

         See Note 5 of Notes to Financial Statements regarding subsequent sale
         of assets of Athena.

         The financial information presented herein includes: (i) Consolidated
         condensed balance sheets as of April 30, 1998 and January 31, 1998;
         (ii) Consolidated condensed statements of operations for the three
         month periods ended April 30, 1998 and 1997 and (iii) Consolidated
         condensed statements of cash flows for the three month periods ended
         April 30, 1998 and 1997.

         RESULTS OF OPERATIONS:

         Sales for the three-month period ended April 30, 1998 were $1,334,000
         as compared to $1,743,000 for the comparable period of the prior year,
         reflecting a decrease of $409,000 or 23%. Cost of sales as a percentage
         of sales was 77.6% for the three-month period ended April 30, 1998 as
         compared to 71.2% for the three-month period ended April 30, 1997. This
         decrease in sales and the resulting increase in cost of sales is a
         result (i) higher raw material and labor costs experienced by Flexible
         and (ii) Goodren shifting the focus of its operations from
         manufacturing to a sales oriented business.

         Selling, general and administrative expenses decreased by $106,000
         (from $476,000 to $370,000) when comparing the three-month periods
         ended April 30, 1997 and 1998. These expenses remained at a constant
         27% of sales for both periods.

         For the three-month period ended April 30, 1998, the Company realized a
         gain of $197,000 from the sale of manufacturing equipment no longer
         being used by Goodren.

         For the three months ended April 30, 1998 and 1997, the Company
         reflected net income of $129,500 and $17,947, respectively. This
         increase in earnings was primarily due to the gain on sale of fixed
         assets net of the decrease in gross profit and reduced operating
         overhead as mentioned above.

         LIQUIDITY AND CAPITAL RESOURCES:

         At April 30, 1998, the Company's working capital was $712,000 compared
         to working capital of $466,000 at its year ended January 31, 1998. Cash
         amounted to $625,000 at April 30, 1998 compared to $450,000 at January
         31, 1997.


                                                                         Page 8.
<PAGE>   9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
        (CONTINUED):

         LIQUIDITY AND CAPITAL RESOURCES (CONTINUED):

         During the three-month period ended April 30, 1998, the Company
         successfully completed an offering of its shares of common stock and
         realized net proceeds of approximately $124,000.

         See Note 4 of Notes to Financial Statements.

         The Company believes that its cash on hand will be sufficient to fund
         planned operations for at least the next 12-month period. The Company
         (primarily Flexible) is anticipating capital expenditures of
         approximately $50,000, during the next year. Management believes that
         these expenditures can be funded from existing resources.

         OTHER:

         This report contains forward-looking statements and information that is
         based on management's beliefs and assumptions, as well as information
         currently available to management. When used in this document, the
         words "anticipate," "estimate," "expect," "intend" and similar
         expressions are intended to identify forward-looking statements.
         Although the Company believes that the expectations reflected in such
         forward-looking statements are reasonable, it can give no assurance
         that such expectations will prove to be correct. Such statements are
         subject to certain risks, uncertainties and assumptions. Should one or
         more of these risks or uncertainties materialize, or should the
         underlying assumptions prove incorrect, actual results may vary
         materially from those anticipated, estimated or expected. Among the key
         factors that may have a direct bearing on the Company's operating
         results are fluctuations in the economy, the degree and nature of
         competition, the risk of delay in product development and release dates
         and acceptance of, and demand for, the Company's products.


                                                                         Page 9.
<PAGE>   10
                           PART II. OTHER INFORMATION

Item 1. Legal Proceedings

         None

Item 2. Changes in Securities

         None

Item 3. Defaults upon Senior Securities

         None

Item 4. Submission of Matters to a Vote of Security Holders

         None

Item 5. Other Information

         None

Item 6. Exhibits and Reports

    (a) Exhibits:

        (11)     Computation of Earnings per Common Share

        (27)     Financial Data Schedule


                                                                        Page 10.
<PAGE>   11
                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                                     EAC INDUSTRIES, INC.
                                                     Registrant

                                                     /s/ Peter B. Fritzsche
Date:  June 19, 1998
                                                     Peter B. Fritzsche
                                                     Chief Executive Officer and
                                                     Principal
                                                     Accounting Officer


                                                                        Page 11.