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 July 31, 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 July 31, 1999
Common Stock, par value $.10 per share                 2,885,521 shares

<PAGE>

                                    - INDEX -

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

ITEM 1.   Financial Statements

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

          Consolidated Condensed Statements of Operations (Unaudited) -
          Three and Six Months Ended July 31, 1999 and 1998                             4.

          Consolidated Condensed Statements of Cash Flows (Unaudited) -
          Six Months Ended July 31, 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                                                            11.


SIGNATURES                                                                             12.

EXHIBITS:

          Exhibit 27 - Financial Data Schedule
</TABLE>

                                                                         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>
                                                                                                 JULY 31,              January 31,
                                                                                                  1999                    1999
                                                                                            ----------------         ---------------
                                                                                               (UNAUDITED)
CURRENT ASSETS:
    Cash                                                                                    $     621,419           $    467,910
    Notes and accounts receivable - net of allowance for doubtful accounts
      of $20,000 at July 31, and January 31, 1999, respectively                                   196,280                180,161
    Inventories                                                                                    62,460                 60,041
    Prepaid expenses                                                                               31,092                 20,878
    Due from buyer (Note 2)                                                                        80,000                    -
    Net assets of discontinued operations (Note 2)                                                   -                   206,135
                                                                                            -------------           ------------
TOTAL CURRENT ASSETS                                                                              991,251                935,125
                                                                                            -------------           ------------

PROPERTY, PLANT AND EQUIPMENT, NET                                                                213,167                224,885
                                                                                            -------------           ------------

OTHER ASSETS:
    Due from buyer (Note 2)                                                                       120,000                   -
    Costs in excess of net assets acquired - net                                                  155,427                162,621
    Other assets                                                                                    4,404                  4,404
                                                                                            -------------          -------------
                                                                                                  279,831                167,025
                                                                                            $   1,484,249          $   1,327,035
                                                                                            =============          =============
                    - LIABILITIES AND SHAREHOLDERS' EQUITY -
CURRENT LIABILITIES:
    Accounts payable                                                                        $     155,031          $     143,899
    Accrued expenses                                                                              304,951                319,353
    Long-term liabilities - current portion                                                        19,160                 26,142
                                                                                            -------------          -------------
TOTAL CURRENT LIABILITIES                                                                         479,142                489,394
                                                                                            -------------          -------------
LONG-TERM LIABILITIES - NET OF CURRENT PORTION                                                    152,583                158,520
                                                                                            -------------          -------------
COMMITMENTS AND CONTINGENCIES  (NOTE 4)

SHAREHOLDERS' EQUITY:
    Common stock, $.10 par value; 20,000,000 shares authorized, 2,892,819
      shares issued at July 31, and January 31, 1999                                              289,282                289,282
    Capital in excess of par value                                                             10,546,048             10,546,048
    Accumulated deficit                                                                        (9,934,204)           (10,107,607)
                                                                                            -------------          -------------
                                                                                                  901,126                727,723
    Less: Common stock in treasury, 7,298 shares at cost at
          July 31, and January 31, 1999                                                           (48,602)               (48,602)
                                                                                            -------------          -------------
                                                                                                  852,524                679,121
                                                                                            -------------          -------------

                                                                                            $   1,484,249          $   1,327,035
                                                                                            =============          =============
 The accompanying notes are an integral part of these consolidated statements.

</TABLE>

                                                                         Page 3.

<PAGE>

                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
<TABLE>
<S>                                                            <C>               <C>              <C>               <C>

                                                                    For The Three Months               For The Six Months
                                                                      Ended July 31,                     Ended July 31,
                                                                   1999             1998              1999              1998
                                                               -----------       -----------      -----------       -----------

NET SALES                                                      $   408,215       $   390,503      $   754,748       $   778,871
                                                               -----------       -----------      -----------       -----------

COSTS AND EXPENSES:
  Cost of products sold                                            248,955           265,640          487,359           544,491
  Selling, general and administrative expenses                     174,131           185,082          318,106           385,981
                                                               -----------       -----------      -----------       -----------
TOTAL COSTS AND EXPENSES                                           423,086           450,722          805,465           930,472
                                                               -----------       -----------      -----------       -----------

OPERATING (LOSS)                                                   (14,871)          (60,219)         (50,717)         (151,601)
                                                               -----------       -----------      -----------       -----------

OTHER INCOME (EXPENSES):
  Interest expense                                                  (1,352)          (20,598)          (2,830)          (22,542)
  Interest and other income                                         19,582             1,916           21,468             4,711
                                                               -----------       -----------      -----------       -----------
                                                                    18,230           (18,682)          18,638           (17,831)
                                                               -----------       -----------      -----------       -----------

INCOME (LOSS) BEFORE INCOME TAXES                                    3,359           (78,901)         (32,079)         (169,432)

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

INCOME (LOSS) FROM CONTINUING OPERATIONS                             3,359           (78,901)         (32,079)         (169,432)
                                                               -----------       -----------      -----------       -----------

DISCONTINUED OPERATIONS (NOTE 2):
  (Loss) from operations of discontinued subsidiaries
     - net of taxes                                                    -             (88,096)         (34,736)         (101,065)
  Gain on disposal of operating assets of
     discontinued subsidiary - net of taxes                            -                 -            240,218           233,000
                                                               -----------       -----------      -----------       -----------
                                                                       -             (88,096)         205,482           131,935
                                                               -----------       -----------      -----------       -----------

NET INCOME (LOSS)                                              $     3,359          (166,997)     $   173,403       $   (37,497)
                                                               ===========       ===========      ===========       ===========

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

WEIGHTED AVERAGE COMMON SHARES
  OUTSTANDING                                                    2,885,521         2,885,521        2,885,521         2,815,569
                                                               ===========       ===========      ===========       ===========

</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>

                                                                                                      For The Six Months
                                                                                                        Ended July 31,
                                                                                                     1999            1998
                                                                                                  ----------      ----------

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:

CASH FLOWS FROM OPERATING ACTIVITIES:
    Net income (loss)                                                                             $  173,403      $  (37,497)
    Adjustments to reconcile net income to cash used by operating activities:
       Depreciation and amortization                                                                  26,410          36,985
       Gain on sale of assets                                                                       (238,435)       (270,855)
    Change in assets and liabilities:
       (Increase) in accounts and notes receivable                                                   (63,708)        (51,174)
       Decrease in inventories                                                                       189,990           5,781
       (Increase) in prepaid expenses and other assets                                                (2,447)        (31,256)
       (Decrease) increase in accounts payable, accrued expenses
          and accrued income taxes                                                                  (116,999)         94,082
                                                                                                  ----------      ----------
         NET CASH (USED) BY OPERATING ACTIVITIES                                                     (31,786)       (253,934)
                                                                                                  ----------      ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Proceeds from sale of assets                                                                     200,000         385,100
    Capital expenditures                                                                              (7,786)        (27,678)
                                                                                                  ----------      ----------
         NET CASH PROVIDED BY INVESTING ACTIVITIES                                                   192,214         357,422
                                                                                                  ----------      ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Net proceeds from sale of common stock                                                              -            101,019
    Payments of long-term debt                                                                        (6,919)       (106,027)
                                                                                                  ----------      ----------
         NET CASH (USED) BY FINANCING ACTIVITIES                                                      (6,919)         (5,008)
                                                                                                  ----------      ----------

NET INCREASE IN CASH AND CASH EQUIVALENTS                                                            153,509          98,480

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

CASH AND CASH EQUIVALENTS, AT END OF PERIOD                                                       $  621,419      $  548,511
                                                                                                  ==========      ==========

</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 July
          31, 1999 and the results of its operations for the three and six month
          periods ended July 31, 1999 and 1998, and its cash flows for the six
          month periods ended July 31, 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 and six month periods ended
          July 31, 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% and (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.

          The accompanying financial statements have been presented to reflect
          the results of the discontinued subsidiaries separately. The following
          is a summary of the results of operations of Goodren and Athena for
          the periods ended July 31, 1999 and 1998.

<TABLE>
          <S>                                          <C>
                                                       For The Six Months Ended July 31,
                                                           1999                 1998
                                                           ----                 ----
          Goodren Products Corp.:
               Revenues                                     $181,928          $1,465,514
               Income (loss) from operations                 (28,922)            102,387
               Gain on sale of assets                        240,218                -
               Net income                                    211,296             102,387
               Income per share                                 $.07                $.04
</TABLE>

                                                                         Page 6.

<PAGE>

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

                                   (UNAUDITED)


NOTE 1 -  DISCONTINUED OPERATIONS (CONTINUED):

<TABLE>
          <S>                                                    <C>
                                                       For The Six Months Ended July 31,
                                                           1999                 1998
                                                           ----                 ----
          Goodren Label Corp. (Athena):
               Revenues                                $     -               $320,685
               Loss from operations                      (5,814)             (203,452)
               Gain on sale of assets                        -                233,000
               Net income (loss)                         (5,814)               29,548
               Income (loss) per share                     $ -                   $.01

</TABLE>

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.


NOTE 4 -  CONTINGENCY:

          Goodren withdrew from participating in the District 65 Union Pension
          Plan (the "Plan"), which 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%. In December 1997, the
          Company entered into a Hardship Settlement Agreement with the Trustees
          whereby it was able to reduce its quarterly payments/obligations to
          $3,000 because of the Company's poor financial condition. If the
          Company's financial condition should improve so that there would be no
          hardship in making future payments (i.e. payment of the withdrawal
          liability does not impede its ability to operate), then the Plan may
          terminate the Hardship Settlement and require the Company to make all
          payments due after the date of such improvement in accordance with the
          original Settlement Agreement. Should this occur, then the Company's
          quarterly payment would revert back to $8,752. The Company continues
          to make quarterly payments of $3,000.

                                                                         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 July 31, 1999 and January 31, 1999;
          (ii) Consolidated condensed statements of operations for the three and
          six month periods ended July 31, 1999 and 1998 and (iii) Consolidated
          condensed statements of cash flows for the six month periods ended
          July 31, 1999 and 1998.

          RESULTS OF CONTINUING OPERATIONS:

          Sales for the three-month period ended July 31, 1999 were $408,000 as
          compared to $390,000 for the comparable period of the prior year,
          reflecting an increase of $18,000 or 4.6%. Cost of sales as a
          percentage of sales was 61.0% for the three-month period ended July
          31, 1999 as compared to 68.0% for the three-month period ended July
          31, 1998. Sales for the six-month period ended July 31, 1999 were
          $755,000 as compared to $779,000 for the comparable period of the
          prior year, reflecting a decrease of $24,000 or 3.1%. Cost of sales as
          a percentage of sales was 64.6% for the six-month period ended July
          31, 1999 as compared to 69.9% for the three-month period ended July
          31, 1998.

          Selling, general and administrative expenses decreased by $11,000 and
          $68,000 when comparing the three and six month periods ended July 31,
          1999 and 1998. These decreases result from the implementation of cost
          saving methods.

          For the three months ended July 31, 1999 the Company reflected net
          income from continuing operations of $3,359 compared to a net loss of
          $78,901 for the comparative period of the prior year. However, the
          Company continued to operate at a loss for the quarter, with higher
          interest income and lower interest expense the principal factors for
          the small net gain for the quarter. For the six month periods ended
          July 31, 1999 and 1998, the Company reflected a net loss from
          operations of $32,079 and $169,432, 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. The gain recognized on the sale
          of these assets aggregated $233,000. 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 Company realized a gain of $240,218
          upon the sale of Goodren's assets. See Note 2 of Notes to the
          Consolidated Financial Statements for a further description of these
          transactions.

          For the six month period ended July 31, 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 six month period ended July 31, 1998, Goodren and Athena reported
          a combined operating loss of $101,065 and recognized a gain from the
          sale of equipment of $233,000.

          LIQUIDITY AND CAPITAL RESOURCES:

          At July 31, 1999, the Company's working capital was $512,000 compared
          to working capital of $446,000 at its year ended January 31, 1999.
          Cash amounted to $621,000 at July 31, 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 planned capital expenditures for the next
          year in the amount of approximately $50,000, which can be funded from
          existing resources.

          YEAR 2000 ISSUES:

          The Year 2000 ("Y2K") problem is the result of computer programs being
          written using two digits (rather than four) to define the applicable
          year. Any of the Company's programs that have time-sensitive software
          may recognize a date using "00" as the year 1900 rather than the year
          2000, which could result in miscalculations or system failures. The
          Company has instituted a Y2K compliance program, the objective of
          which is to determine and assess the risks of the Y2K issue, and plan
          and institute mitigating actions to minimize those risks. The
          Company's standard for compliance requires that, for a computer system
          or business process to be Y2K compliant, it must be designed to
          operate without error in date and date-related data prior to, on and
          after January 1, 2000. The Company's computer's hardware is Y2K
          compliant and it has purchased an "off-the-shelf" business software
          program, for internal use, which is also Y2K compliant. The Company
          has spent less than $10,000 to date and expects that any further
          expenditures will be minimal.

          CONTINGENCY PLANS:

          The Company's management is in the process of developing a "worst-case
          scenario" with respect to Y2K noncompliance and to develop contingency
          plans designed to minimize the effects of such scenario. Although
          management believes that it is very unlikely that any of these
          worst-case scenarios will occur, contingency plans will be developed
          and will address both IT system and non-IT system failure.

          The Company intends to request assurances of Y2K readiness from its
          telephone and electrical suppliers. However, management has been
          informed that some suppliers have either declined

                                                                         Page 9.

<PAGE>

          to provide the requested assurances, or have limited the scope of
          assurances that they are willing to give. If suppliers of services
          that are critical to the Company's operations were to experience
          business disruptions as a result of their lack of Y2K readiness, their
          problems could have a material adverse effect on the financial
          position and results of operations of the Company. The impact of a
          failure of readiness by critical suppliers cannot be estimated with
          confidence, and the effectiveness of contingency plans to mitigate the
          effect of any such failure is largely untested. Management cannot
          provide any assurance that there will be no material adverse effects
          to the financial condition or results of operations of the Company as
          a result of Y2K issues.

          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>

                           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 11.

<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: September 14, 1999
                                        Peter B. Fritzsche
                                        Chief Executive Officer and Principal
                                        Accounting Officer

                                                                        Page 12.