SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

           (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                  For the quarterly period ended April 30, 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)
<TABLE>
<CAPTION>
<S>                                                                        <C>
     New York                                                              21-0702336
(State or other jurisdiction of                                    (I.R.S. Employer Identification No.)
incorporation or organization)
</TABLE>


                       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.


<TABLE>
<CAPTION>
<S>                                                                      <C>
             Class                                                       Outstanding at April 30, 1999
Common Stock, par value $.10 per share                                              2,885,521 shares
</TABLE>


                                     Page 1.

<PAGE>
                                    - INDEX -

<TABLE>
<CAPTION>

                                                                                                                     Page(s)

PART I.        Financial Information:

ITEM 1.        Financial Statements
<S>                                                                                                                   <C>
               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.


EXHIBITS:

               Exhibit 27 - Financial Data Schedule

                                     Page 2.
</TABLE>


<PAGE>
PART I.        FINANCIAL INFORMATION:

ITEM I.        FINANCIAL STATEMENTS:

                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>

                                   - ASSETS -
                                                                                                 April 30,         January 31,
                                                                                                  1999               1999
                                                                                            ----------------    ---------------
                                                                                                  (unaudited)
CURRENT ASSETS:
<S>                                                                                            <C>                 <C>
    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                                                                                 212,671            226,353
    Long-term liabilities - current portion                                                           19,160             26,142
                                                                                             ---------------     --------------

TOTAL CURRENT LIABILITIES                                                                            390,137            396,394
                                                                                              --------------      -------------

LONG-TERM LIABILITIES - NET OF CURRENT PORTION                                                       251,593            251,520
                                                                                              --------------      -------------

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                                                                           (9,937,563)       (10,107,607)
                                                                                               -------------       ------------
                                                                                                     897,767            727,723
Less: Common stock in treasury, 7,298 shares at cost at
          April 30, and January 31, 1999                                                             (48,602)           (48,602)
                                                                                             ---------------     --------------
                                                                                                     849,165            679,121
                                                                                              --------------      -------------

                                                                                                $  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>
<CAPTION>

                                                                                                       For The Three Months
                                                                                                          Ended April 30,
                                                                                                       1999            1998

<S>                                                                                                  <C>              <C>
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                                                                           1,886            2,795
                                                                                                  -----------      -----------
                                                                                                          408              851
                                                                                                 ------------     ------------

(LOSS) BEFORE PROVISION FOR INCOME TAXES                                                              (35,438)         (90,531)

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

(LOSS) FROM CONTINUING OPERATIONS                                                                     (35,438)         (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                                                                                           $170,044         $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>
<CAPTION>

                                                                                                        For The Three Months
                                                                                                           Ended April 30,
                                                                                                        1999           1998

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                                                  <C>             <C>
    Net income                                                                                       $  170,044      $ 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                                                                     (110,004)       (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. As of January 31, 1999, the Company recorded
                a write-down  of $200,000 in order to reflect this  liability at
                its fair  value  of  $149,379.  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 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 $35,438 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 $597,000
              compared to working  capital of $539,000 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.