<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 July 31, 1997

                                      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 July 31, 1997
<S>                                                                       <C>
Common Stock, par value $.10 per share                                              2,311,687 shares
</TABLE>
<PAGE>   2
                                    - INDEX -



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

ITEM 1.        Financial Statements

               Consolidated Condensed Balance Sheets - July 31, 1997 (Unaudited)
               and January 31, 1997                                                                                  3.

               Consolidated Condensed Statements of Operations (Unaudited) -
               Three and Six Months Ended July 31, 1997 and 1996                                                     4.

               Consolidated Condensed Statements of Cash Flows (Unaudited) -
               Six Months Ended July 31, 1997 and 1996                                                               5.

               Notes to Interim Consolidated Condensed Financial Statements (Unaudited)                         6.   -   7.


ITEM 2.        Management's Discussion and Analysis or Plan of Operation                                        8.   -  10.


PART II.       Other Information                                                                                    11.


SIGNATURES                                                                                                          12.


EXHIBITS:

               Exhibit 11 - Earnings Per Share                                                                      13.

               Exhibit 27 - Financial Data Schedule                                                                 14.
</TABLE>

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

ITEM I.        FINANCIAL STATEMENTS:

                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS

                               - ASSETS (NOTE 2) -

<TABLE>
<CAPTION>
                                                                                 JULY 31,          January 31,
                                                                                  1997               1997
                                                                                  ----               ----
                                                                               (UNAUDITED)
<S>                                                                           <C>                <C>
CURRENT ASSETS:
  Cash                                                                        $    463,808       $    594,412
  Notes and accounts receivable - net of allowance for doubtful accounts
    of $45,566 at July 31, and January 31, 1997, respectively                      739,534            666,379
  Inventories                                                                      336,244            300,238
  Prepaid taxes and expenses                                                        69,560             50,907
                                                                              ------------       ------------

TOTAL CURRENT ASSETS                                                             1,609,146          1,611,936
                                                                              ------------       ------------

PROPERTY, PLANT AND EQUIPMENT, NET                                                 646,302            710,166
                                                                              ------------       ------------

OTHER ASSETS:
  Costs in excess of net assets acquired - net                                     432,985            453,601
  Deferred income taxes                                                            510,000            510,000
  Other assets                                                                      29,182             29,182
                                                                              ------------       ------------
                                                                                   972,167            992,783
                                                                              ------------       ------------

                                                                              $  3,227,615       $  3,314,885
                                                                              ============       ============

                    - LIABILITIES AND SHAREHOLDERS' EQUITY -

CURRENT LIABILITIES:
  Bank line of credit (Note 2)                                                $     35,000       $         --
  Accounts payable                                                                 257,360            247,152
  Accrued expenses                                                                 568,133            579,441
  Long-term liabilities - current portion                                           91,558            223,770
  Income taxes payable                                                               1,200              5,161
                                                                              ------------       ------------

TOTAL CURRENT LIABILITIES                                                          953,251          1,055,524
                                                                              ------------       ------------

LONG-TERM LIABILITIES - NET OF CURRENT PORTION                                     503,778            440,734
                                                                              ------------       ------------

COMMITMENTS AND CONTINGENCIES  (NOTE 4)

SHAREHOLDERS' EQUITY:
  Common stock, $.10 par value; 20,000,000 shares authorized,
    2,319,285 shares issued                                                        231,929            231,929
  Capital in excess of par value                                                10,504,380         10,504,380
  Accumulated deficit                                                           (8,915,123)        (8,867,082)
                                                                              ------------       ------------
                                                                                 1,821,186          1,869,227
  Less: Common stock in treasury, 7,598 shares at cost                             (50,600)           (50,600)
                                                                              ------------       ------------
                                                                                 1,770,586          1,818,627
                                                                              ------------       ------------
                                                                              $  3,227,615       $  3,314,885
                                                                              ============       ============
</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                For The Six Months
                                                                  Ended July 31,                      Ended July 31,
                                                              1997              1996              1997             1996
                                                              ----              ----              ----             ----
<S>                                                        <C>               <C>               <C>               <C>
NET SALES                                                  $ 1,429,473       $ 1,742,596       $ 3,172,129       $ 3,448,400
                                                           -----------       -----------       -----------       -----------

COSTS AND EXPENSES:
  Cost of products sold                                      1,032,142         1,381,521         2,272,395         2,575,746
  Selling, general and administrative expenses                 455,097           461,217           931,133         1,010,470
                                                           -----------       -----------       -----------       -----------
TOTAL COSTS AND EXPENSES                                     1,487,239         1,842,738         3,203,528         3,586,216
                                                           -----------       -----------       -----------       -----------

OPERATING (LOSS)                                               (57,766)         (100,142)          (31,399)         (137,816)
                                                           -----------       -----------       -----------       -----------

OTHER INCOME (EXPENSES):
  Interest expense                                              (8,629)           (2,296)          (19,185)           (2,439)
  Interest and other income                                        407            26,461             2,543            48,946
                                                           -----------       -----------       -----------       -----------
                                                                (8,222)           24,165           (16,642)           46,507
                                                           -----------       -----------       -----------       -----------

(LOSS) BEFORE INCOME TAXES                                     (65,988)          (75,977)          (48,041)          (91,309)

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

NET (LOSS)                                                 $   (65,988)      $   (75,977)      $   (48,041)      $   (91,309)
                                                           ===========       ===========       ===========       ===========

(LOSS) PER SHARE  (NOTE 3)                                 $      (.03)      $      (.03)      $      (.02)      $      (.04)
                                                           ===========       ===========       ===========       ===========
</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 Six Months
                                                                                             Ended July 31,
                                                                                         1997             1996
                                                                                         ----             ----

<S>                                                                                    <C>             <C>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net (loss)                                                                           $ (48,041)      $ (91,309)
  Adjustments to reconcile net (loss) to cash provided from operating activities:
    Depreciation and amortization                                                         81,530          53,424
    Amortization of deferred rental income                                                    --         (37,634)
  Change in assets and liabilities:
    (Increase) decrease in accounts and notes receivable                                 (73,155)         66,826
    (Increase) decrease in inventories                                                   (36,006)        120,292
    (Increase) in prepaid expenses and other assets                                      (22,614)         (2,081)
    Increase (decrease) in accounts payable, accrued expenses and accrued
       income taxes                                                                      107,997         (46,569)
                                                                                       ---------       ---------
    NET CASH PROVIDED FROM OPERATING ACTIVITIES                                            9,711          62,949
                                                                                       ---------       ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Capital expenditures                                                                  (1,520)        (12,853)
                                                                                       ---------       ---------
    NET CASH (USED BY) INVESTING ACTIVITIES                                               (1,520)        (12,853)
                                                                                       ---------       ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net borrowings from bank line of credit                                                 35,000              --
  Payments of long-term debt                                                            (173,795)        (13,579)
                                                                                       ---------       ---------
  NET CASH (USED BY) FINANCING ACTIVITIES                                               (138,795)        (13,579)
                                                                                       ---------       ---------

NET (DECREASE ) INCREASE IN CASH AND CASH EQUIVALENTS                                   (130,604)         36,517

CASH AND CASH EQUIVALENTS, AT BEGINNING OF YEAR                                          594,412         628,380
                                                                                       ---------       ---------

CASH AND CASH EQUIVALENTS, AT END OF PERIOD                                            $ 463,808       $ 664,897
                                                                                       =========       =========
</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 July 31, 1997, the results of its operations for
                the three and six month periods ended July 31, 1997 and 1996 and
                cash flows for the six month periods ended July 31, 1997 and
                1996.

                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, 1997, 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 and six month periods
                ended July 31, 1997 are not necessarily indicative of the
                results to be expected for the full year.


NOTE   2   -    BANK LINE OF CREDIT:

                In May 1997, Goodren entered into an agreement with its bank
                providing for a line of credit in the aggregate amount of
                $500,000 through March 31, 1998. Interest is payable at 2% above
                the bank's prime rate. Borrowings under this line are secured by
                all assets of Goodren, and guaranteed by EAC, Athena and
                Flexible.


NOTE   3  -     EARNINGS (LOSS) PER SHARE:

                Earnings (loss) per share has been computed on the basis of the
                weighted average number of common shares and common equivalent
                shares outstanding during each period presented.

                In February 1997, the Financial Accounting Standards Board
                issued SFAS No. 128 - Earnings Per Share, which pronouncement
                changes the method for calculating earnings per share. SFAS 128
                requires presentation of "basic " and "diluted" earnings per
                share as opposed to "primary" and "fully diluted" earnings per
                share, and is effective for periods ending after December 15,
                1997. Early adoption is not permitted. Management does not
                believe that SFAS 128 will result in earnings per share that is
                materially different from that currently reported.

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



NOTE   4  -     CONTINGENCY:

                Goodren has withdrawn 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
                has applied for a hardship case pursuant to the Settlement
                Agreement, whereby the Company would reduce its quarterly
                obligations to $3,000 until such time as the Company is out of
                hardship. Goodren is also potentially liable to the Internal
                Revenue Service ("IRS") for excise taxes of approximately $5,000
                under paragraph 4971 of the Internal Revenue Code.

                                                                         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"), Athena Packaging, Inc. ("Athena") and Flexible
                Printed Products, Inc. ("Flexible"). Goodren designs and prints
                point-of-purchase advertising displays and wall decorations on
                semi-durable plastic. 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.

                The financial information presented herein includes: (I)
                Consolidated condensed balance sheets as of July 31, 1997 and
                January 31, 1997; (ii) Consolidated condensed statements of
                operations for the three and six month periods ended July 31,
                1997 and 1996 and (iii) Consolidated condensed statements of
                cash flows for the six month periods ended July 31, 1997 and
                1996.

                RESULTS OF OPERATIONS:

                Consolidated sales for the three-month period ended July 31,
                1997 were $1,430,000 as compared to $1,743,000 for the
                comparable period of the prior year, reflecting a decrease of
                $313,000 or 18%. Consolidated sales for the six-month period
                ended July 31, 1997 were $3,172,000 as compared to $3,448,000
                for the comparable period of the prior year, reflecting a
                decrease of $276,000 or 8%. The primary reason for the decrease
                in sales was due to a decrease in the sales generated by the
                Goodren group, which now includes Athena.

                Combined sales for Goodren and Athena for the three and six
                month periods ended July 31, 1997 were $1,050,000 and
                $2,404,000, respectively. For the comparable periods of the
                previous year (prior to the acquisition of Athena by EAC), sales
                were $1,415,000 and $2,746,000, respectively. The decrease of
                $365,000 for the three-month period is due to a 60% drop in
                Goodren's sales to the wall decoration segment of its business
                net of a 38% increase in point-of-purchase sales. The decline in
                sales for the six-month period of $342,000 was due to decreased
                sales in both the point of purchase (31%) and wall decoration
                (26%) segments of Goodren's business.

                Sales for the Company's Flexible subsidiary for the three and
                six month periods ended July 31, 1997 were $379,000 and
                $769,000, respectively, as compared to $328,000 and $702,000,
                respectively, for the same periods of the prior year. Management
                believes that these increases were due to additional sales to
                existing customers.

                Consolidated gross profit as a percentage of sales for the
                three-month periods ended July 31, 1997 and 1996 was 27.8% and
                20.7%, respectively. Consolidated gross profit as a percentage
                of sales for the six-month periods ended July 31, 1997 and 1996
                was 28.4% and 25.3%, respectively.

                                                                         Page 8.
<PAGE>   9
                Combined gross profit percentage for Goodren and Athena for the
                three and six month periods ended July 31, 1997 were 24.1% and
                25.4%, respectively. For the comparable periods of the previous
                year (prior to the acquisition of Athena by EAC), gross profit
                percentages of Goodren were 19.6% and 24.5%, respectively.
                Management attributes this improvement in the gross profit
                percentages to lower material costs and reduced manufacturing
                labor costs associated with the reduced sales as mentioned
                above.

                Gross profit percentage realized by Flexible for the three and
                six month periods ended July 31, 1997 were 38.2% and 37.5%,
                respectively, as compared to 25.7% and 29.1%, respectively, for
                the same periods of the prior year. Management believes that the
                increased gross profit percentages experienced by Flexible were
                largely due to a decline in raw materials cost.

                Consolidated selling, general and administrative expenses
                decreased by $79,000 or 7.8% when comparing the six month
                periods ended July 31, 1997 to the same period in 1996. The
                Company reflected a small decrease of approximately 1% in
                selling, general and administrative expenses for the three-month
                period ended July 31, 1997 when compared to the three-month
                period ended July 31, 1996.

                Selling, general and administrative expenses for the combined
                operations of Goodren and Athena for the three and six month
                periods ended July 31, 1997 were $293,000 and $582,000,
                respectively. For the comparable periods of the prior year, such
                expenses were $294,000 and $662,000, respectively. The Company
                believes that this decrease is due a reduction in payroll and
                related costs resulting from the decreased sales as discussed
                above as well as the monitoring of costs more effectively.

                Selling, general and administrative expenses for Flexible for
                the three and six month periods ended July 31, 1997 were $82,000
                and $164,000, respectively. For the comparable periods of the
                prior year, such expenses were $100,000 and $216,000,
                respectively. These decreases are attributable to the monitoring
                of costs more effectively.

                For the three months ended July 31, 1997 and 1996, the Company
                reflected net losses of $65,988 ($.03 per share) and $75,977
                ($.03 per share), respectively. For the six months ended July
                31, 1997 and 1996, the Company reflected net losses of $48,041
                ($.02 per share) and $91,309 ($.04 per share), respectively.
                These decreases in the net loss were primarily due to the
                decrease in cost of sales and reduced operating overhead net of
                the decreases in sales as mentioned above.

                LIQUIDITY AND CAPITAL RESOURCES:

                At July 31, 1997, the Company's working capital was $656,000
                compared to working capital of $556,000 at its year ended
                January 31, 1997. Cash amounted to $464,000 at July 31, 1997
                compared to $594,000 at January 31, 1997.

                In May 1997, Goodren entered into an agreement with its bank
                providing for a line of credit in the aggregate amount of
                $500,000 through March 31, 1998. Interest is payable at 2% above
                the bank's prime rate. Borrowings under this line are secured by
                all assets of Goodren, and guaranteed by EAC, Athena and
                Flexible.

                                                                         Page 9.
<PAGE>   10
                The Company is anticipating capital expenditures of
                approximately $200,000, during the next year, in order to expand
                the operations of Goodren, Athena and Flexible. Management
                believes that these expenditures can be funded from existing
                resources.

                The Company believes that its cash flows from operations will be
                sufficient to meet its financial requirements over the next
                twelve months.

                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 10.
<PAGE>   11
                           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 11.
<PAGE>   12
                                   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: September 12, 1997           -----------------------------------------
                                   Peter B. Fritzsche
                                   Chief Executive Officer and Principal
                                   Accounting Officer

                                                                        Page 12.
<PAGE>   13


                                EXHIBIT INDEX
                                -------------



 EXHIBIT         DESCRIPTION
 -------         -----------

  (11)     Computation of Earnings per Common Share

  (27)     Financial Data Schedule