SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 FORM 10-QSB/A

       (X)    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                  For the quarterly period ended April 30, 1999

                                       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)

                    2111 CLARIDGE LANE, NORTHBROOK, IL 60062
               (Address of principal executive offices) (Zip Code)

                                 (847) 509-8657
                (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.


                  Class                          Outstanding at April 30, 1999
--------------------------------------        ----------------------------------
Common Stock, par value $.10 per share                  2,885,521 shares

                                                                         Page 1.

<PAGE>

                                    - INDEX -

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

ITEM 1.  Financial Statements

         Consolidated Condensed Balance Sheets - April 30, 1999 (Unaudited)
         and January 31, 1999                                                                  3.

         Consolidated Condensed Statements of Operations (Unaudited) -
         Three Months Ended April 30, 1999 and 1998                                            4.

         Consolidated Condensed Statements of Cash Flows (Unaudited) -
         Three Months Ended April 30, 1999 and 1998                                            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.

</TABLE>

EXHIBITS:

         Exhibit 27 - Financial Data Schedule

                                                                         Page 2.

<PAGE>

PART I.   FINANCIAL INFORMATION:

ITEM I.   FINANCIAL STATEMENTS:

                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS

                                   - ASSETS -

<TABLE>
<S>                                                                                 <C>                  <C>

                                                                                         APRIL 30,          January 31,
                                                                                           1999                 1999
                                                                                    ----------------     ----------------
                                                                                       (UNAUDITED)
CURRENT ASSETS:
    Cash                                                                            $        596,761     $       467,910
    Notes and accounts receivable - net of allowance for doubtful accounts
      of $20,000 at April 30, and January 31, 1999, respectively                             188,928             180,161
    Inventories                                                                               87,466              60,041
    Prepaid expenses                                                                          34,329              20,878
    Due from buyer (Note 2)                                                                   80,000                 -
    Net assets of discontinued operations (Note 2)                                                -              206,135
                                                                                    ----------------     ---------------
TOTAL CURRENT ASSETS                                                                         987,484             935,125
                                                                                    ----------------     ---------------
PROPERTY, PLANT AND EQUIPMENT, NET                                                           219,983             224,885
                                                                                    ----------------     ---------------
OTHER ASSETS:
    Due from buyer (Note 2)                                                                  120,000                 -
    Costs in excess of net assets acquired - net                                             159,024             162,621
    Other assets                                                                               4,404               4,404
                                                                                    ----------------     ---------------
                                                                                             283,428             167,025
                                                                                    ----------------     ---------------
                                                                                    $      1,490,895     $     1,327,035
                                                                                    ================     ===============

                    - LIABILITIES AND SHAREHOLDERS' EQUITY -
CURRENT LIABILITIES:
    Accounts payable                                                                $        158,306     $       143,899
    Accrued expenses                                                                         305,671             319,353
    Long-term liabilities - current portion                                                   16,944              23,745
                                                                                    ----------------     ---------------
TOTAL CURRENT LIABILITIES                                                                    480,921             486,997
                                                                                    ----------------     ---------------
LONG-TERM LIABILITIES - NET OF CURRENT PORTION                                               353,678             360,917
                                                                                    ----------------     ---------------

COMMITMENTS AND CONTINGENCIES  (NOTE 4)

SHAREHOLDERS' EQUITY:
    Common stock, $.10 par value; 20,000,000 shares authorized, 2,892,819
      shares issued at April 30, and January 31, 1999                                        289,282            289,282
    Capital in excess of par value                                                        10,546,048         10,546,048
    Accumulated deficit                                                                  (10,130,432)       (10,307,607)
                                                                                    ----------------     --------------
                                                                                             704,898            527,723
    Less: Common stock in treasury, 7,298 shares at cost at
          April 30, and January 31, 1999                                                     (48,602)           (48,602)
                                                                                    ----------------     --------------
                                                                                             656,296            479,121
                                                                                    ----------------     --------------
                                                                                    $      1,490,895     $    1,327,035
                                                                                    ================     ==============
</TABLE>

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

                                                                         Page 3.

<PAGE>

                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<S>                                                                                  <C>    <C>    <C>    <C>    <C>    <C>
                                                                                           For The Three Months
                                                                                             Ended April 30,
                                                                                       ---------------------------
                                                                                          1999             1998
                                                                                       -----------      ----------

NET SALES                                                                              $   346,533      $  388,368
                                                                                       -----------      ----------
COSTS AND EXPENSES:
    Cost of products sold                                                                  238,404         278,851
    Selling, general and administrative expenses                                           143,975         200,899
                                                                                       -----------      ----------
TOTAL COSTS AND EXPENSES                                                                   382,379         479,750
                                                                                       -----------      ----------
(LOSS) FROM OPERATIONS                                                                     (35,846)        (91,382)
                                                                                       -----------      ----------
OTHER INCOME (EXPENSES):
    Interest expense                                                                        (1,478)         (1,944)
    Interest and other income                                                                9,017           2,795
                                                                                       -----------      ----------
                                                                                             7,539             851
                                                                                       -----------      ----------

(LOSS) BEFORE PROVISION FOR INCOME TAXES                                                   (28,307)        (90,531)

    Provision for income taxes                                                                 -                -
                                                                                       -----------      ----------

(LOSS) FROM CONTINUING OPERATIONS                                                          (28,307)        (90,531)
                                                                                       -----------      ----------

DISCONTINUED OPERATIONS (NOTE 2):
    (Loss) income from operations of discontinued subsidiaries - net of taxes              (34,736)        (12,969)
    Gain on disposal of operating assets of discontinued subsidiary - net of taxes         240,218         233,000
                                                                                       -----------      ----------
                                                                                           205,482         220,031
                                                                                       -----------      ----------
NET INCOME                                                                             $   177,175      $  129,500
                                                                                       ===========      ==========

BASIC INCOME PER SHARE (NOTE 3):
    Continuing operations                                                              $      (.01)     $     (.03)
    Discontinued operations                                                                    .07             .08
                                                                                       -----------      ----------
                                                                                       $       .06      $      .05
                                                                                       ===========      ==========


WEIGHTED AVERAGE COMMON SHARES OUTSTANDING                                               2,885,521       2,790,954
                                                                                       ===========      ==========
</TABLE>


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

                                                                         Page 4.

<PAGE>

                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<S>                                                                                    <C>              <C>
                                                                                           For The Three Months
                                                                                             Ended April 30,
                                                                                       -----------------------------
                                                                                            1999            1998
                                                                                       --------------   ------------

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:

CASH FLOWS FROM OPERATING ACTIVITIES:
    Net income                                                                         $      177,175   $    129,500
    Adjustments to reconcile net income to cash used by operating activities:
       Depreciation and amortization                                                           15,137         31,715
       Gain on sale of assets                                                                (238,435)      (197,000)
    Change in assets and liabilities:
       (Increase) decrease in accounts and notes receivable                                   (56,356)        50,913
       Decrease (increase) in inventories                                                     164,984        (85,655)
       (Increase) in prepaid expenses and other assets                                         (5,684)       (14,700)
       (Decrease) in accounts payable, accrued expenses
          and accrued income taxes                                                           (117,135)       (12,576)
                                                                                       --------------   ------------
         NET CASH (USED) BY OPERATING ACTIVITIES                                              (60,314)       (97,803)
                                                                                       --------------   ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Proceeds from sale of assets                                                              200,000        197,000
    Capital expenditures                                                                       (6,926)       (26,576)
                                                                                        -------------   ------------
         NET CASH PROVIDED BY INVESTING ACTIVITIES                                            193,074        170,424
                                                                                        -------------   ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Net proceeds from sale of common stock                                                        -          124,192
    Payments of long-term debt                                                                 (3,909)       (22,312)
                                                                                        -------------   ------------
         NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES                                      (3,909)       101,880
                                                                                        -------------   ------------

NET INCREASE IN CASH AND CASH EQUIVALENTS                                                     128,851        174,501

CASH AND CASH EQUIVALENTS, AT BEGINNING OF YEAR                                               467,910        450,031
                                                                                        -------------   ------------

CASH AND CASH EQUIVALENTS, AT END OF PERIOD                                             $     596,761   $    624,532
                                                                                        =============   ============

</TABLE>

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


                                                                         Page 5.

<PAGE>

                      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, 1999 and the results of its operations
               and cash flows for the three month periods ended April 30, 1999
               and 1998.

               The accounting policies followed by the Company are set forth in
               Note 3 to the Company's consolidated financial statements
               included in its Annual Report on Form 10-KSB for the year ended
               January 31, 1999, 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, 1999 are not necessarily indicative of the results to be
               expected for the full year.


NOTE 2    -    DISCONTINUED OPERATIONS:

               On March 1, 1999, the Company completed the sale of the operating
               assets of Goodren Products Corporation ("Goodren") for a price of
               $400,000 plus the assumption of all trade payable liabilities.
               The payment terms are as follows: (i) $200,000 at closing, (ii)
               $30,000 to be paid 180 days after closing plus interest accrued
               at an annual rate of 7% (iii) $50,000 to be paid 360 days after
               closing plus interest accrued at an annual rate of 7%, (iv)
               $60,000 to be paid 540 days after closing plus interest accrued
               at an annual rate of 7% (v) $60,000 to be paid 720 days after
               closing plus interest accrued at an annual rate of 7%.

               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 $277,000 including
               inventory valued at the lower of cost or market.

               Certain reclassifications have been made to the 1998 financial
               statements in order to conform to the 1999 presentation. These
               reclassifications relate to the disposition of assets as
               disclosed above.


NOTE 3    -    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.

                                                                         Page 6.

<PAGE>

                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
          NOTES TO INTERIM CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 4    -    CONTINGENCY:

               Goodren 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. At 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 7.

<PAGE>

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION:

          INTRODUCTION:

          EAC Industries, Inc., the Company, is a holding company with currently
          one operating subsidiary, Flexible Printed Products, Inc.
          ("Flexible"). 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.

          In June 1998, the Company completed the sale of substantially all of
          the assets of Goodren Label Corporation (formerly Athena Packaging
          Inc.). Goodren Label Corporation ("Athena"), a wholly owned subsidiary
          of the Company, was in the business of producing printed, laminated,
          embossed and hot stamped labels, wraps, seals and decals for the
          cosmetics, pharmaceutical and health and beauty aids industries. The
          aggregate sales price of $277,000 included inventory valued at the
          lower of cost or market.

          On March 1, 1999, the Company completed the sale of the operating
          assets of Goodren Products Corporation ("Goodren"), a wholly-owned
          subsidiary of the Company, for a price of $400,000 plus the assumption
          of all trade payable liabilities. Goodren was in the business of
          designing and providing point-of-purchase advertising displays and
          wall decorations on semi-durable plastic.

          The financial information presented herein includes: (i) Consolidated
          condensed balance sheets as of April 30, 1999 and January 31, 1999;
          (ii) Consolidated condensed statements of operations for the three
          month periods ended April 30, 1999 and 1998 and (iii) Consolidated
          condensed statements of cash flows for the three month periods ended
          April 30, 1999 and 1998.

          RESULTS OF CONTINUING OPERATIONS:

          Sales for the three-month period ended April 30, 1999 were $347,000 as
          compared to $388,000 for the comparable period of the prior year,
          reflecting a decrease of $41,000 or 10.6%. Cost of sales as a
          percentage of sales was 68.8% for the three-month period ended April
          30, 1999 as compared to 71.8% for the three-month period ended April
          30, 1998.

          Selling, general and administrative expenses decreased by $57,000
          (from $201,000 to $144,000) when comparing the three-month periods
          ended April 30, 1999 and 1998.

          For the three months ended April 30, 1999 and 1998 the Company
          reflected a net loss from continuing operations of $28,307 and
          $90,531, respectively. This decrease in the operating loss was
          primarily due to the reduced operating overhead as mentioned above.

                                                                         Page 8.

<PAGE>

          DISCONTINUED OPERATIONS:

          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 sales price of $277,000 including inventory
          valued at the lower of cost or market. On March 1, 1999, the Company
          completed the sale of the operating assets of Goodren Products
          Corporation ("Goodren") for a price of $400,000 plus the assumption of
          all trade payable liabilities. See Note 2 of Notes to the Consolidated
          Financial Statements for a further description of these transactions.

          For the quarter ended April 30, 1999, Goodren reported a loss from
          operations of $34,736. The gain realized from the sale of the assets
          of Goodren during the current period aggregated $240,218. For the
          quarter ended April 30, 1998, Goodren and Athena reported a combined
          operating loss of $12,969 and recognized a gain from the sale of
          equipment of $233,000.

          LIQUIDITY AND CAPITAL RESOURCES:

          At April 30, 1999, the Company's working capital was $507,000 compared
          to working capital of $448,000 at its year ended January 31, 1999.
          Cash amounted to $597,000 at April 30, 1999 compared to $468,000 at
          January 31, 1998.

          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) has no planned capital expenditures for the next
          year.

          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>

                           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:

                 (27)     Financial Data Schedule

                                                                        Page 10.

<PAGE>


                                   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 30, 1999
                                        Peter B. Fritzsche
                                        Chief Executive Officer and Principal
                                        Accounting Officer

                                                                        Page 11.