<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(X)      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 

         For the quarterly period ended July 31, 1998

                                       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)

            625 WEST MADISON STREET, SUITE 4-3004, CHICAGO, IL 60661

               (Address of principal executive offices) (Zip Code)

                                 (312) 902-2662

                (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, 1998
Common Stock, par value $.10 per share                    3,030,588 shares
<PAGE>   2
                                    - INDEX -



<TABLE>
<CAPTION>
                                                                                                                   PAGE(S)
<S>                                                                                                             <C>

PART I.        Financial Information:

ITEM 1.        Financial Statements

               Consolidated Condensed Balance Sheets - July 31, 1998 (Unaudited)
               and January 31, 1998                                                                                   3.

               Consolidated Condensed Statements of Operations (Unaudited) -
               Three and Six Months Ended July 31, 1998 and 1997                                                      4.

               Consolidated Condensed Statements of Cash Flows (Unaudited) -
               Six Months Ended July 31, 1998 and 1997                                                                5.

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


ITEM 2.        Management's Discussion and Analysis or Plan of Operation                                            8.- 9.


PART II.       Other Information                                                                                     10.


SIGNATURES                                                                                                           11.


EXHIBITS:

               Exhibit 11 - Earnings Per Share                                                                       12.

               Exhibit 27 - Financial Data Schedule                                                                  13.
</TABLE>


                                                                         Page 2.


<PAGE>   3
PART I.        FINANCIAL INFORMATION:

ITEM I.        FINANCIAL STATEMENTS:

                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS

                                   - ASSETS -
<TABLE>
<CAPTION>
                                                                                       JULY 31,          January 31,
                                                                                        1998                1998
                                                                                    ------------        ------------
                                                                                    (UNAUDITED)
CURRENT ASSETS:
<S>                                                                                 <C>                 <C>         
    Cash                                                                            $    548,511        $    450,031
    Notes and accounts receivable - net of allowance for doubtful accounts of
      $45,566 at July 31, and January 31, 1998, respectively                             724,238             775,748
    Inventories                                                                          193,468             293,089
    Prepaid expenses and other current assets                                             69,096              42,244
    Net assets of discontinued operations (Note 5)                                       256,563                --
                                                                                    ------------        ------------

TOTAL CURRENT ASSETS                                                                   1,791,876           1,561,112
                                                                                    ------------        ------------

PROPERTY, PLANT AND EQUIPMENT, NET                                                       299,955             472,291
                                                                                    ------------        ------------

OTHER ASSETS:
    Costs in excess of net assets acquired - net                                         169,815             269,269
    Other assets                                                                           6,904               4,182
                                                                                    ------------        ------------
                                                                                         176,719             273,451
                                                                                    ------------        ------------

                                                                                    $  2,268,550        $  2,306,854
                                                                                    ============        ============

                    - LIABILITIES AND SHAREHOLDERS' EQUITY -
CURRENT LIABILITIES:
    Accounts payable                                                                $    567,170        $    434,383
    Accrued expenses                                                                     445,307             580,528
    Long-term liabilities - current portion                                                7,160              78,414
    Income taxes payable                                                                   2,200               2,200
                                                                                    ------------        ------------

TOTAL CURRENT LIABILITIES                                                              1,021,837           1,095,525
                                                                                    ------------        ------------

LONG-TERM LIABILITIES - NET OF CURRENT PORTION                                           365,059             393,197
                                                                                    ------------        ------------

COMMITMENTS AND CONTINGENCIES  (NOTE 3)

SHAREHOLDERS' EQUITY (NOTE 4):
    Common stock, $.10 par value; 20,000,000 shares authorized, 2,892,819 and
      2,319,285 shares issued at July 31, and January 31, 1998, respectively             289,282             231,929
    Capital in excess of par value                                                    10,546,048          10,504,380
    Accumulated deficit                                                               (9,905,074)         (9,867,577)
                                                                                    ------------        ------------
                                                                                         930,256             868,732
    Less: Common stock in treasury, 7,298 and 7,598 shares at cost at
          July 31, and January 31, 1998, respectively                                    (48,602)            (50,600)
                                                                                    ------------        ------------
                                                                                         881,654             818,132
                                                                                    ------------        ------------

                                                                                    $  2,268,550        $  2,306,854
                                                                                    ============        ============
</TABLE>

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



                                                                         Page 3.
<PAGE>   4
                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                   For The Three Months                   For The Six Months
                                                                       Ended July 31,                        Ended July 31,
                                                                   1998               1997               1998               1997
                                                               -----------        -----------        -----------        -----------
<S>                                                            <C>                <C>                <C>                <C>        
NET SALES                                                      $ 1,115,533        $ 1,286,705        $ 2,244,385        $ 2,730,503
                                                               -----------        -----------        -----------        -----------

COSTS AND EXPENSES:
    Cost of products sold                                          994,028            930,910          1,916,566          2,038,199
    Selling, general and administrative expenses                   309,393            418,070            648,208            836,260
                                                               -----------        -----------        -----------        -----------
TOTAL COSTS AND EXPENSES                                         1,303,421          1,348,980          2,564,774          2,874,459
                                                               -----------        -----------        -----------        -----------

OPERATING (LOSS)                                                  (187,888)           (62,275)          (320,389)          (143,956)
                                                               -----------        -----------        -----------        -----------

OTHER INCOME (EXPENSES):
    Interest expense                                               (20,598)            (8,303)           (22,542)           (15,952)
    Interest and other income                                       40,271                407            276,106              2,543
                                                               -----------        -----------        -----------        -----------
                                                                    19,673             (7,896)           253,564            (13,409)
                                                               -----------        -----------        -----------        -----------

(LOSS) BEFORE INCOME TAXES                                        (168,215)           (70,171)           (66,825)          (157,365)

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

(LOSS) FROM CONTINUING OPERATIONS                                 (168,215)           (70,171)           (66,825)          (157,365)
                                                               -----------        -----------        -----------        -----------

DISCONTINUED OPERATIONS (NOTE 5):
    Income (loss) from operations of discontinued
      subsidiary - net of taxes                                    (86,055)             4,183            (57,945)           109,324
    Gain on disposal of operating assets of discontinued
      subsidiary - net of taxes                                     87,273               --               87,273               --
                                                               -----------        -----------        -----------        -----------
                                                                     1,218              4,183             29,328            109,324
                                                               -----------        -----------        -----------        -----------

NET (LOSS)                                                     $  (166,997)       $   (65,988)       $   (37,497)       $   (48,041)
                                                               ===========        ===========        ===========        ===========


(LOSS) PER SHARE (NOTE 2):
    Continuing operations                                      $      (.06)       $      (.03)       $      (.02)       $      (.07)
    Discontinued operations                                           --                 --                  .01                .05
                                                               -----------        -----------        -----------        -----------
                                                               $      (.06)       $      (.03)       $      (.01)       $      (.02)
                                                               ===========        ===========        ===========        ===========
</TABLE>




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




                                                                         Page 4.
<PAGE>   5
                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                      For The Six Months
                                                                                         Ended July 31,
                                                                                      1998             1997
                                                                                    ---------        ---------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                                 <C>              <C>       
    Net (loss)                                                                      $ (37,497)       $ (48,041)
    Adjustments to reconcile net (loss) to net cash (utilized) provided from
      operating activities:
        Depreciation and amortization                                                  36,985           81,530
        Gain on sale of fixed assets                                                 (270,855)            --
    Change in assets and liabilities:
      (Increase) in accounts and notes receivable                                     (51,174)         (73,155)
      Decrease (increase) in inventories                                                5,781          (36,006)
      (Increase) in prepaid expenses and other assets                                 (31,256)         (22,614)
      Increase in accounts payable, accrued expenses and accrued income taxes          25,627          107,997
      Net cash flows from discontinued operations                                      68,455             --
                                                                                    ---------        ---------
        NET CASH (UTILIZED) PROVIDED FROM OPERATING ACTIVITIES                       (253,934)           9,711
                                                                                    ---------        ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Proceeds from sale of fixed assets                                                293,100             --
    Proceeds from sale of operating assets - discontinued operations                   92,000             --
    Capital expenditures                                                              (27,678)          (1,520)
                                                                                    ---------        ---------
        NET CASH PROVIDED (USED BY) INVESTING ACTIVITIES                              357,422           (1,520)
                                                                                    ---------        ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Net (repayments) borrowings from bank line of credit                              (59,573)          35,000
    Payments of long-term debt                                                        (46,454)        (173,795)
    Net proceeds from sale of stock                                                   101,019             --
                                                                                    ---------        ---------
        NET CASH PROVIDED (USED BY) FINANCING ACTIVITIES                               (5,008)        (138,795)
                                                                                    ---------        ---------

NET INCREASE (DECREASE ) IN CASH AND CASH EQUIVALENTS                                  98,480         (130,604)

CASH AND CASH EQUIVALENTS, AT BEGINNING OF YEAR                                       450,031          594,412
                                                                                    ---------        ---------

CASH AND CASH EQUIVALENTS, AT END OF PERIOD                                         $ 548,511        $ 463,808
                                                                                    =========        =========
</TABLE>





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



                                                                         Page 5.
<PAGE>   6
                      EAC INDUSTRIES, INC. AND SUBSIDIARIES
          NOTES TO INTERIM CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)



NOTE   1   -    BASIS OF PRESENTATION:

                In the opinion of management, the accompanying unaudited interim
                consolidated condensed financial statements of EAC Industries,
                Inc. (the "Company") and its subsidiaries, contain all
                adjustments necessary (consisting of normal recurring accruals
                or adjustments only) to present fairly the Company's financial
                position as of July 31, 1998, the results of its operations for
                the three and six month periods ended July 31, 1998 and 1997 and
                cash flows for the six month periods ended July 31, 1998 and
                1997.

                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, 1998, 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, 1998 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 outstanding during each
                period presented, in accordance with the provisions of SFAS No.
                128.


NOTE   3   -    CONTINGENCY:

                Goodren Products Corp., a subsidiary of the Company, 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. On
                September 30, 1996, the Company and Goodren entered into a
                Settlement Agreement with the Trustees of the union pension plan
                whereby Goodren's pension fund liability was reduced to $360,000
                payable in 80 equal quarterly payments of $8,752 including
                annual interest at a rate of 8%. The Company applied for relief
                as a "hardship case" pursuant to the Settlement Agreement and
                received approval to reduce its quarterly obligations to $3,000
                until such time as the Company is out of hardship.




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



NOTE   4   -    COMMON STOCK:

                In November 1997, the Company filed a statement with the
                Securities and Exchange Commission to register 2,283,551 shares
                of its common stock to be issued upon exercise of the rights to
                subscribe for such shares, "the Rights Offering". Shareholders
                holding 100 shares of common stock or more at the close of
                business on November 10, 1997 (the record date) received one
                non-transferable Right for each share of common stock held. Each
                Right entitles the holder to purchase one share of Company
                common stock at an exercise price of $.22 per share.
                Simultaneously with the closing, the Company effected (i) a 100
                to 1 reverse split of its common stock through a
                reclassification of its common stock and (ii) an immediate
                subsequent reclassification with a forward stock split pursuant
                to which each holder of the reclassified common stock would
                receive 99 additional shares of reclassified common stock. The
                effect of this was to eliminate all holders of less than 100
                shares (pre-reverse split) of common stock, such stockholders
                receiving cash of $.28125 per share in lieu of their fractional
                interests.

                This offering was successfully consummated in February 1998. The
                Company issued 595,541 shares of common stock and realized gross
                proceeds aggregating $131,019.


NOTE   5   -    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 sale price of $202,000
                including inventory valued at the lower of cost or market.
                Simultaneously with the sale, the Company entered into a
                consulting agreement with the buyer which terminates 180 days
                after the closing. The value of this agreement, $75,000, was
                included with the payment made at closing. The buyer will pay
                the sales price as follows: (i) $167,000 at closing, (ii) buyer
                to pay for inventory 90 days after the closing plus interest
                accrued at an annual rate of 7% and (iii) $62,500 to be received
                180 days after closing plus accrued interest at 7% per annum.



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

              INTRODUCTION:

              EAC Industries, Inc., the Company, is a holding company with three
              subsidiaries: Flexible Printed Products, Inc. ("Flexible"),
              Goodren Products Corporation ("Goodren") and Goodren Label
              Corporation, formerly Athena Packaging, Inc. ("Athena"). 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. Goodren designs and
              provides point-of-purchase advertising displays and wall
              decorations on semi-durable plastic. In December 1997, the Company
              decided to cease Goodren's production operations and establish an
              outsourcing arrangement with another manufacturer. Goodren still
              continues to market and distribute these products. In June 1998,
              the Company completed the sale of the operating assets of Athena,
              namely inventories and manufacturing equipment. Prior to this
              sale, Athena produced printed, laminated, embossed and hot-stamped
              labels, wraps, seals and decals for the cosmetics, pharmaceutical
              and health and beauty aids industries. See Note 5 of Notes to
              Financial Statements.

              The financial information presented herein includes: (i)
              Consolidated condensed balance sheets as of July 31, 1998 and
              January 31, 1998; (ii) Consolidated condensed statements of
              operations for the three and six month periods ended July 31, 1998
              and 1997 and (iii) Consolidated condensed statements of cash flows
              for the six month periods ended July 31, 1998 and 1997.

              RESULTS OF CONTINUING OPERATIONS:

              Sales for the three-month period ended July 31, 1998 were
              $1,116,000 as compared to $1,287,000 for the comparable period of
              the prior year, reflecting a decrease of $171,000 or 13%. Sales
              for the six-month period ended July 31, 1998 were $2,244,000 as
              compared to $2,731,000 for the comparable period of the prior
              year, reflecting a decrease of $487,000 or 18%. Cost of sales as a
              percentage of sales was 89.1% for the three-month period ended
              July 31, 1998 as compared to 72.3% for the three-month period
              ended July 31, 1997. Cost of sales as a percentage of sales was
              85.4% for the six-month period ended July 31, 1998 as compared to
              74.6% for the six-month period ended July 31, 1997. These
              decreases in sales and the resulting increase in cost of sales is
              a result (i) higher raw material and labor costs experienced by
              Flexible and (ii) Goodren shifting the focus of its operations
              from manufacturing to a sales oriented business.

              Selling, general and administrative expenses decreased by $109,000
              (from $418,000 to $309,000) when comparing the three-month periods
              ended July 31, 1997 and 1998. Selling, general and administrative
              expenses decreased from $836,000 to $648,000 ($188,000 or 22%)
              when comparing the six-month periods ended July 31, 1997 and 1998.
              These expenses remained at a relatively constant percent of sales
              for all periods.

              For the six-month period ended July 31, 1998, the Company realized
              a gain of $271,000 ($38,000 for the three-month period ended July
              31, 1998) from the sale of manufacturing equipment no longer being
              used by Goodren.

              For the three months ended July 31, 1998 and 1997, the Company
              reflected a net loss from continuing operations of $168,000 and
              $70,000, respectively. For the six months ended July 31, 1998 and
              1997, the Company reflected a net loss from continuing operations
              of $67,000 and $157,000, respectively.


                                                                         Page 8.
<PAGE>   9
ITEM 2.       MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
              (CONTINUED):

              RESULTS OF DISCONTINUED OPERATIONS:

              During the quarter ended July 31, 1998, the Company completed the
              sale of the operating assets (inventories and manufacturing
              equipment) of Athena and realized a gain from such sale of
              $87,000. The operating results of this discontinued subsidiary
              reflected a loss of $58,000 for the six-month period ended July
              31, 1998 compared to operating income of $109,000 for the same
              period of the prior year.

              For the three months ended July 31, 1998 and 1997, the Company
              reflected a net loss of $167,000 and $66,000, respectively. For
              the six months ended July 31, 1998 and 1997, the Company reflected
              a net loss of $37,000 and $48,000, respectively.

              LIQUIDITY AND CAPITAL RESOURCES:

              At July 31, 1998, the Company's working capital was $770,000
              compared to working capital of $466,000 at its year ended January
              31, 1998. Cash amounted to $549,000 at July 31, 1998 compared to
              $450,000 at January 31, 1997.

              During the period ended July 31, 1998, the Company successfully
              completed an offering of its shares of common stock and realized
              net proceeds of approximately $101,000. See also Note 4 of Notes
              to Financial Statements.

              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) is anticipating capital expenditures
              of approximately $50,000, during the next year. Management
              believes that these expenditures can be funded from existing
              resources.

              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>   10
                           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 10.
<PAGE>   11
                                   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: October 12, 1998
                                        Peter B. Fritzsche
                                        Chief Executive Officer and Principal
                                        Accounting Officer




                                                                        Page 11.