<PAGE>   1





                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC  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 October 31, 1996

                                       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 
incorporation or organization)                             Identification No.)


                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.


             Class                             Outstanding at October 31, 1996  
--------------------------------------         -------------------------------
Common Stock, par value $.10 per share                  2,311,687 shares

<PAGE>   2
                                   - INDEX -



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

ITEM 1.  Financial Statements

         Consolidated Condensed Balance Sheets - October 31, 1996 (Unaudited)
         and January 31, 1996                                                                                3.

         Consolidated Condensed Statements of Operations (Unaudited) -
         Nine and Three Months Ended October 31, 1996 and 1995                                               4.

         Consolidated Condensed Statements of Cash Flows (Unaudited) -
         Nine and Three Months Ended October 31, 1996 and 1995                                               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                                                                                   9.


SIGNATURES                                                                                                  10.


EXHIBITS:

         Exhibit 11 - Earnings Per Share                                                                    11.

         Exhibit 27 - Financial Data Schedule                                                               12.
</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 -
                                                                                    OCTOBER 31,         JANUARY 31,
                                                                                       1996                1996  
                                                                                    -----------         -----------
                                                                                    (UNAUDITED)
<S>                                                                                 <C>                 <C>
CURRENT ASSETS:
   Cash                                                                             $   698,622         $    628,380
   Notes and accounts receivable - net of allowance for doubtful accounts
     of $35,566 and $45,980 at October 31, and January 31, 1996, respectively           835,414             996,132
   Inventories                                                                          244,059             302,840
   Prepaid taxes and expenses                                                           112,051             101,649
                                                                                    -----------         -----------
TOTAL CURRENT ASSETS                                                                  1,890,146           2,029,001
                                                                                    -----------         -----------
PROPERTY, PLANT AND EQUIPMENT, NET                                                      891,537             563,619
                                                                                    -----------         -----------
OTHER ASSETS:
   Costs in excess of net assets acquired - net                                         352,898             367,967
   Deferred income taxes                                                                510,000             510,000
   Other assets                                                                          60,651              52,500
                                                                                    -----------         -----------
                                                                                        923,549             930,467
                                                                                    -----------         -----------
                                                                                    $ 3,705,232         $ 3,523,087
                                                                                    ===========         ===========

                                         - LIABILITIES AND SHAREHOLDERS' EQUITY -
CURRENT LIABILITIES:
   Accounts payable                                                                 $   300,825         $   246,897
   Accrued expenses                                                                     458,446             571,960
   Long-term liabilities - current portion (Note 4)                                      87,286              34,232
   Acquisition note payable (Note 3)                                                    175,000              -
   Deferred income                                                                       18,817              75,268
   Income taxes payable                                                                  -                    6,359
                                                                                    -----------         -----------
TOTAL CURRENT LIABILITIES                                                             1,040,374             934,716
                                                                                    -----------         -----------
LONG-TERM LIABILITIES - NET OF CURRENT PORTION (NOTE 4)                                 750,271             608,474
                                                                                    -----------         -----------
COMMITMENTS AND CONTINGENCIES (NOTES 3 AND 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                                                               (8,771,122)         (8,705,812)
                                                                                    -----------         -----------
                                                                                      1,965,187           2,030,497
   Less: Common stock in treasury, 7,598 shares at cost                                 (50,600)            (50,600)
                                                                                    -----------         -----------
                                                                                      1,914,587           1,979,897
                                                                                    -----------         -----------

                                                                                    $ 3,705,232         $ 3,523,087
                                                                                    ===========         ===========

</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 Nine Months            For The Three Months   
                                                                Ended October 31,               Ended October 31,
                                                           --------------------------      ---------------------------- 
                                                              1996            1995             1996             1995 
                                                           ----------      ----------       ----------       ----------
<S>                                                        <C>            <C>              <C>              <C>
NET SALES                                                  $4,816,364      $6,049,980       $1,367,964       $1,683,325
                                                           ----------      ----------       ----------       ----------

COSTS AND EXPENSES:
   Cost of products sold                                    3,535,113       4,289,699          959,367        1,235,864
   Selling, general and administrative expenses             1,412,581       1,646,767          402,111          477,530
                                                           ----------      ----------       ----------       ----------
TOTAL COSTS AND EXPENSES                                    4,947,694       5,936,466        1,361,478        1,713,394
                                                           ----------      ----------       ----------       ----------

OPERATING EARNINGS (LOSS)                                    (131,330)        113,514            6,486          (30,069)
                                                           ----------      ----------       ----------       ---------- 

OTHER INCOME (EXPENSES):
   Interest expense                                           (11,641)        (13,860)          (9,202)          (2,452)
   Interest and other income                                   77,661         125,428           28,715           25,991
                                                           ----------      ----------       ----------       ----------
                                                               66,020         111,568           19,513           23,539
                                                           ----------      -----------      ----------       ----------

EARNINGS (LOSS) BEFORE INCOME TAXES                           (65,310)        225,082           25,999           (6,530)

   Income taxes, net of operating loss carryforwards           -               18,006           -                  (523)
                                                           ----------      ----------       ----------       ---------- 

NET INCOME (LOSS)                                          $  (65,310)     $  207,076       $   25,999       $   (6,007)
                                                           ==========      ==========       ==========       ========== 

INCOME (LOSS) PER SHARE  (NOTE 2)                               $(.03)           $.09            $ .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 Nine Months
                                                                                                  Ended October 31,    
                                                                                             -------------------------
                                                                                               1996             1995   
                                                                                             --------        ---------
<S>                                                                                           <C>             <C>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                                                                          $(65,310)       $ 207,076
   Adjustments to reconcile net income to cash provided from operating activities:
   Depreciation and amortization                                                                75,722           87,578
   Amortization of deferred rental income                                                      (56,451)         (85,122)
   Gain on disposal of fixed assets                                                             -               (21,277)
   Change in assets and liabilities:
   Decrease (increase) in accounts and notes receivable                                        160,717         (141,709)
   Decrease in inventories                                                                      58,781          118,177
   Decrease (increase) in prepaid expenses and other assets                                     24,186          (49,566)
   Increase (decrease) in accounts payable, accrued expenses and accrued
     income taxes                                                                              (95,887)        (128,575)
                                                                                              --------        ---------
         NET CASH PROVIDED (UTILIZED) BY OPERATING ACTIVITIES                                  101,758          (13,418)
                                                                                              --------        ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Proceeds from sale of fixed assets                                                           -                47,112
   Capital expenditures                                                                       (294,721)        (146,558)
                                                                                              --------        ---------
         NET CASH (USED BY) INVESTING ACTIVITIES                                              (294,721)         (99,446)
                                                                                              --------        ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Net decrease in bank loan                                                                    -              (150,000)
   Proceeds from short-term debt                                                               314,297           -
   Payments of long-term debt                                                                  (51,092)          (2,982)
                                                                                              --------        ---------
         NET CASH (USED BY) PROVIDED FINANCING ACTIVITIES                                      263,205         (152,982)
                                                                                              --------        ---------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                            70,242         (265,846)

CASH AND CASH EQUIVALENTS, AT BEGINNING OF YEAR                                                628,380          988,507
                                                                                              --------        ---------

CASH AND CASH EQUIVALENTS, AT END OF PERIOD                                                  $ 698,622        $ 722,661
                                                                                             =========        =========

</TABLE>

OTHER:

During the current period the company leased certain new equipment which has
been reflected as a capitalized lease.


 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
           October 31, 1996 and the results of its operations for the nine and
           three month periods ended October 31, 1996 and 1995, and its cash
           flows for the nine month periods ended October 31, 1996 and 1995.

           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,
           1996, 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 nine and three month periods ended
           October 31, 1996 are not necessarily indicative of the results to be
           expected for the full year.


NOTE   2  -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.


NOTE   3  -ACQUISITION:

           In September 1996, the Company acquired all of the issued and
           outstanding stock of Athena Packaging Inc., a manufacturer and
           marketer of sheet fed graphics.  Of the $350,000 purchase price,
           $175,000 was paid at closing with the balance due in March 1997.
           This acquisition has been accounted for using the purchase method of
           accounting.


NOTE   4  -LONG-TERM LIABILITIES:

           Goodren, in early 1995, withdrew from participating in the District
           65 Union Pension Plan (the "Plan"). The withdrawal has resulted in
           the assessment of a withdrawal liability owed to the Plan by
           Goodren.  In September 1996, based upon a settlement agreement
           between Goodren and the Plan, the Company reduced its reserve, for
           this liability, of $560,000 by $100,000. As per this settlement 
           agreement, Goodren is obligated to take quarterly payments of $8,303
           over a twenty-year (20) period.




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

NOTE   4  -LONG-TERM LIABILITIES (CONTINUED):

           Additionally, Goodren is potentially liable for its proportionate
           share (approximately $154,000) of the shortfall between the District
           65 Union Pension Plan's contributions and the federal minimum
           funding standards which the Plan's actuary estimates to be an
           aggregate of $34 million.  Goodren is also potentially liable to the
           Internal Revenue Service ("IRS") for excise taxes under paragraph
           4971 of the Internal Revenue Code.  The Plan is requesting a waiver
           from the IRS for both the shortfall and the excise taxes.  It will
           be several months before the IRS will issue its decision.  If a
           waiver is denied, Goodren must pay its proportionate share of the
           shortfall, and possibly a 5% excise tax on the amount of the
           deficiency for each plan year in violation.  To the extent the
           deficiencies are not timely corrected, the excise tax becomes 100%
           of the accumulated funding deficiency.  The Company has provided a
           reserve for this potential liability, which is included in long-term
           liabilities.





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

             RESULTS OF OPERATIONS:

             Sales for the nine month period ended October 31, 1996 were
             $4,816,000 as compared to $6,050,000 for the same period of the
             prior year, reflecting a decrease of $1,234,000 or 20%.

             Sales for the three month period ended October 31, 1996 were
             $1,368,000 as compared to $1,683,000 for the comparable period of
             the prior year, reflecting a decrease of $315,000 or 19%.
             Management attributes these decreases primarily to a decline in
             sales to certain of Goodren's customers.

             Costs of sales for the nine month period ended October 31, 1996
             was $3,535,000 (73% of sales) as compared to $4,290,000 (71% of
             sales) for the same period of the prior year.  Cost of sales for
             the three month period ended October 31, 1996 was $959,000 (70% of
             sales) as compared to $1,236,000 (73% of sales) for the same
             period of the prior year.  This increase in cost of sales as a
             percent of sales for the current nine month period is primarily
             due to higher raw material costs and the effect that lower sales
             have on certain fixed costs.

             Selling, general and administrative expenses decreased from
             $1,647,000 to $1,413,000 ($234,000 or 14%) for the nine month
             period ended October 31, 1996 when compared to the same period of
             the prior year.  The Company believes that the nine month decrease
             is due to cost reduction programs which were instituted earlier
             this year, as well as a $100,000 reduction in a reserve for a
             pension withdrawal liability incurred by Goodren.  For the three 
             months ended October 31, 1996, selling, general and administrative
             expenses decreased from $478,000 to $402,000 ($76,000 or 16%) when
             compared to the same period of the prior year.  This decrease is
             primarily attributable to the reduction in Goodren's reseve for a
             pension withdrawal liability net of expenses incurred by Athena
             Packaging Inc., a new subsidiary (discussed below).

             For the nine and three months ended October 31, 1996 the Company
             reflected a net loss of $65,310 ($.03 per share) and net income
             of $25,999 ($.01 per share), respectively.  For the nine and 
             three months ended October 31, 1995 the Company reflected net 
             income of $207,076 ($.09 per share) and a loss of $6,007 ($.00 
             per share), respectively.  These variances in earnings were 
             primarily due to the reduction in sales and lower gross profit 
             margins mentioned above.

             LIQUIDITY AND CAPITAL RESOURCES:

             At October 31, 1996, the Company's working capital was $850,000
             compared to a working capital of $1,094,000 at its year ended
             January 31, 1996.  Cash amounted to $699,000 at October 31, 1996
             compared to $628,000 at January 31, 1996.

             In September 1996, the Company acquired all of the issued and
             outstanding stock of Athena Packaging Inc., a manufacturer and
             marketer of sheet fed graphics.  Of the $350,000 purchase price,
             $175,000 was paid at closing with the balance due in March 1997.
             This acquisition has been accounted for using the purchase method
             of accounting.

             Management of the Company believes that its present resources and
             the resources it hopes to generate from future profitable
             operations, will be sufficient for at least the ensuing twelve
             month period.





                                                                         Page 8.
<PAGE>   9
                          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 9.
<PAGE>   10
                                   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:  December 9, 1996                Peter B. Fritzsche
                                       Chief Executive Officer and Principal
                                       Accounting Officer





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