SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 FORM 10-QSB/A2

       (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 1.

<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                                                   17,128                23,745
                                                                                    ----------------      ----------------

TOTAL CURRENT LIABILITIES                                                                    477,110               486,997
                                                                                    ----------------      ----------------

LONG-TERM LIABILITIES - NET OF CURRENT PORTION                                               342,106               360,917
                                                                                    ----------------      ----------------
COMMITMENTS AND CONTINGENCIES  (NOTE 4)

SHAREHOLDERS' EQUITY:
    Common stock, $.10 par value; 20,000,000 shares authorized, 2,892,819
      shares issued at July 31, and January 31, 1999                                         289,282               289,282
    Capital in excess of par value                                                        10,546,048            10,546,048
    Accumulated deficit                                                                  (10,121,695)          (10,307,607)
                                                                                    ----------------      ----------------
                                                                                             713,635               527,723
    Less:  Common stock in treasury, 7,298 shares at cost at
           July 31, and January 31, 1999                                                     (48,602)              (48,602)
                                                                                    ----------------      ----------------
                                                                                             665,033               479,121
                                                                                    ----------------      ----------------

                                                                                    $      1,484,249      $      1,327,035
                                                                                    ================      ================
</TABLE>

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

                                                                         Page 3.

<PAGE>


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


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

                                                                  For The Three Months               For The Six Months
                                                                     Ended July 31,                       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                                    24,960             1,916            33,977             4,711
                                                           ------------      ------------      ------------      ------------
                                                                 23,608           (18,682)           31,147           (17,831)
                                                           ------------      ------------      ------------      ------------

INCOME (LOSS) BEFORE INCOME TAXES                                 8,737           (78,901)          (19,570)         (169,432)

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

INCOME (LOSS) FROM CONTINUING OPERATIONS                          8,737           (78,901)          (19,570)         (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)                                          $      8,737          (166,997)     $    185,912      $    (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>            <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)                                                           $     185,912   $    (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                                                   (129,508)        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% (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>                  <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>                   <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 $8,737 compared to a net loss of
          $78,901 for the comparative period of the prior year. For the six
          month periods ended July 31, 1999 and 1998, the Company reflected a
          net loss from operations of $19,570 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 $514,000 compared to
     working capital of $448,000 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 no planned capital expenditures for the next year.

     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.

                                                                         Page 9.

<PAGE>

     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 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.