<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 October 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)

                    2111 CLARIDGE LANE, NORTHBROOK, IL    60662
               (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 October 31, 1998
--------------------------------------           -------------------------------
Common Stock, par value $.10 per share                  2,885,521 shares
<PAGE>   2
                                    - INDEX -



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

ITEM 1.   Financial Statements

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

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

          Consolidated Condensed Statements of Cash Flows (Unaudited) -
          Nine Months Ended October 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

<TABLE>
<CAPTION>
                                                                                         October 31,      January 31,
                                                                                            1998             1998
                                                                                        ------------     ------------
                                                                                         (unaudited)
<S>                                                                                     <C>              <C>
                                                      - ASSETS -

CURRENT ASSETS:
    Cash                                                                                $    507,899     $    450,031
    Notes and accounts receivable - net of allowance for doubtful accounts of
      $45,566 at October 31, and January 31, 1998, respectively                              529,544          775,748
    Inventories                                                                              215,101          293,089
    Prepaid expenses and other current assets                                                 45,969           42,244
    Net assets of discontinued operations (Note 5)                                           287,556             --
                                                                                        ------------     ------------

TOTAL CURRENT ASSETS                                                                       1,586,069        1,561,112
                                                                                        ------------     ------------

PROPERTY, PLANT AND EQUIPMENT, NET                                                           298,107          472,291
                                                                                        ------------     ------------

OTHER ASSETS:
    Costs in excess of net assets acquired - net                                             166,218          269,269
    Other assets                                                                               4,404            4,182
                                                                                        ------------     ------------
                                                                                             170,622          273,451
                                                                                        ------------     ------------

                                                                                        $  2,054,798     $  2,306,854
                                                                                        ============     ============

                                       - LIABILITIES AND SHAREHOLDERS' EQUITY -
CURRENT LIABILITIES:
    Accounts payable                                                                    $    472,909     $    434,383
    Accrued expenses                                                                         405,928          580,528
    Long-term liabilities - current portion                                                    7,160           78,414
    Income taxes payable                                                                        --              2,200
                                                                                        ------------     ------------

TOTAL CURRENT LIABILITIES                                                                    885,997        1,095,525
                                                                                        ------------     ------------

LONG-TERM LIABILITIES - NET OF CURRENT PORTION                                               357,568          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 October 31, and January 31, 1998, respectively              289,282          231,929
    Capital in excess of par value                                                        10,546,048       10,504,380
    Accumulated deficit                                                                   (9,975,495)      (9,867,577)
                                                                                        ------------     ------------
                                                                                             859,835          868,732
    Less: Common stock in treasury, 7,298 and 7,598 shares at cost at
          October 31, and January 31, 1998, respectively                                     (48,602)         (50,600)
                                                                                        ------------     ------------
                                                                                             811,233          818,132
                                                                                        ------------     ------------

                                                                                        $  2,054,798     $  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 Nine Months
                                                                  Ended October 31,               Ended October 31,
                                                            ---------------------------     ---------------------------
                                                                1998            1997            1998            1997
                                                            -----------     -----------     -----------     -----------
<S>                                                         <C>             <C>             <C>             <C>
NET SALES                                                   $   897,492     $ 1,298,619     $ 3,141,877     $ 4,029,122
                                                            -----------     -----------     -----------     -----------

COSTS AND EXPENSES:
    Cost of products sold                                       717,198       1,040,431       2,633,764       3,078,630
    Selling, general and administrative expenses                350,111         440,979         998,319       1,277,239
                                                            -----------     -----------     -----------     -----------
TOTAL COSTS AND EXPENSES                                      1,067,309       1,481,410       3,632,083       4,355,869
                                                            -----------     -----------     -----------     -----------

OPERATING (LOSS)                                               (169,817)       (182,791)       (490,206)       (326,747)
                                                            -----------     -----------     -----------     -----------

OTHER INCOME (EXPENSES):
    Interest expense                                             (1,715)         (9,111)        (24,257)        (25,063)
    Interest and other income                                    20,118          27,237         296,224          29,780
                                                            -----------     -----------     -----------     -----------
                                                                 18,403          18,126         271,967           4,717
                                                            -----------     -----------     -----------     -----------

(LOSS) BEFORE INCOME TAXES                                     (151,414)       (164,665)       (218,239)       (322,030)

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

(LOSS) FROM CONTINUING OPERATIONS                              (151,414)       (164,665)       (218,239)       (322,030)
                                                            -----------     -----------     -----------     -----------

DISCONTINUED OPERATIONS (Note 5):
    Income (loss) from operations of discontinued
      subsidiary - net of taxes                                  80,993          39,606          23,048         148,930
    Gain on disposal of operating assets of discontinued
      subsidiary - net of taxes                                    --              --            87,273            --
                                                            -----------     -----------     -----------     -----------
                                                                 80,993          39,606         110,321         148,930
                                                            -----------     -----------     -----------     -----------

NET (LOSS)                                                  $   (70,421)    $  (125,059)    $  (107,918)    $  (173,100)
                                                            ===========     ===========     ===========     ===========


(LOSS) PER SHARE (Note 2):
    Continuing operations                                   $      (.05)    $      (.07)    $      (.08)    $      (.14)
    Discontinued operations                                         .03             .02             .04             .07
                                                            -----------     -----------     -----------     -----------
                                                            $      (.02)    $      (.05)    $      (.04)    $      (.07)
                                                            ===========     ===========     ===========     ===========
</TABLE>


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


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

<TABLE>
<CAPTION>
                                                                                   For The Nine Months
                                                                                    Ended October 31,
                                                                                   1998          1997
                                                                                ---------     ---------
<S>                                                                             <C>           <C>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:

CASH FLOWS FROM OPERATING ACTIVITIES:
    Net (loss)                                                                  $(107,918)    $(173,100)
    Adjustments to reconcile net (loss) to net cash (utilized) provided from
      operating activities:
        Depreciation and amortization                                              42,431       122,826
        Gain on sale of fixed assets                                             (289,505)      (19,745)
    Change in assets and liabilities:
      Decrease (increase) in accounts and notes receivable                        143,520      (173,566)
      (Increase) in inventories                                                   (15,852)      (11,771)
      (Increase) in prepaid expenses and other assets                              (5,629)      (35,898)
      (Decrease) increase in accounts payable, accrued expenses and accrued
        income taxes                                                             (113,435)      373,336
      Net cash flows from discontinued operations                                  70,110          --
                                                                                ---------     ---------
        Net cash (utilized) provided from operating activities                   (276,278)       82,082
                                                                                ---------     ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Proceeds from sale of fixed assets                                            219,750       113,248
    Proceeds from sale of operating assets - discontinued operations               92,000          --
    Capital expenditures                                                          (27,678)       (1,520)
                                                                                ---------     ---------
        Net cash provided from investing activities                               284,072       111,728
                                                                                ---------     ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Payments of long-term debt                                                    (50,945)     (193,447)
    Net proceeds from sale of stock                                               101,019          --
                                                                                ---------     ---------
        Net cash provided (used by) financing activities                           50,074      (193,447)
                                                                                ---------     ---------

NET INCREASE IN CASH AND CASH EQUIVALENTS                                          57,868           363

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

CASH AND CASH EQUIVALENTS, AT END OF PERIOD                                     $ 507,899     $ 594,775
                                                                                =========     =========
</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 October 31, 1998,  the results of its  operations
                for the three and nine month  periods ended October 31, 1998 and
                1997 and cash flows for the nine month periods ended October 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 nine month periods
                ended  October 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 other manufacturers. 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 October 31, 1998 and
              January  31,  1998;  (ii)  Consolidated  condensed  statements  of
              operations  for the three and nine month periods ended October 31,
              1998 and 1997 and (iii) Consolidated  condensed statements of cash
              flows for the nine month periods ended October 31, 1998 and 1997.

              Results of Continuing Operations:

              Sales for the  three-month  period  ended  October  31,  1998 were
              $897,000 as compared to $1,299,000  for the  comparable  period of
              the prior year,  reflecting  a decrease of $402,000 or 31%.  Sales
              for the nine-month  period ended October 31, 1998 were  $3,142,000
              as compared to $4,029,000 for the  comparable  period of the prior
              year, reflecting a decrease of $887,000 or 22%. Cost of sales as a
              percentage  of sales was 79.9% for the  three-month  period  ended
              October 31, 1998 as compared to 80.1% for the  three-month  period
              ended October 31, 1997. Cost of sales as a percentage of sales was
              83.8%  for  the  nine-month  period  ended  October  31,  1998  as
              compared  to  76.4%  for  the nine-month period ended October  31,
              1997. These decreases in sales and the resulting increase in  cost
              of  sales  is a result of (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 $91,000
              (from $441,000 to $350,000) when comparing the three-month periods
              ended   October   31,   1997  and  1998.   Selling,   general  and
              administrative  expenses  decreased  from  $1,277,000  to $998,000
              ($279,000 or 22%) when  comparing  the  nine-month  periods  ended
              October 31, 1997 and 1998.

              For the  nine-month  period ended  October 31,  1998,  the Company
              realized a gain of $290,000  ($19,000 for the  three-month  period
              ended October 31, 1998) from the sale of  manufacturing  equipment
              no longer being used by Goodren.

              For the three months ended October 31, 1998 and 1997,  the Company
              reflected a net loss from  continuing  operations  of $151,000 and
              $165,000, respectively. For the nine months ended October 31, 1998
              and  1997,  the  Company  reflected  a net  loss  from  continuing
              operations of $218,000 and $322,000, 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  income  of  $23,000  for the  nine-month  period  ended
              October 31, 1998 compared to operating  income of $149,000 for the
              same period of the prior year.

              Net Loss:

              For the three months ended October 31, 1998 and 1997,  the Company
              reflected a net loss of $70,000 and  $125,000,  respectively.  For
              the nine  months  ended  October  31,  1998 and 1997,  the Company
              reflected a net loss of $108,000 and $173,000, respectively.

              Liquidity and Capital Resources:

              At October 31, 1998,  the Company's  working  capital was $700,000
              compared to working  capital of $466,000 at its year ended January
              31, 1998.  Cash  amounted to $508,000 at October 31, 1998 compared
              to $450,000 at January 31, 1997.

              In February 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: December 11, 1998                    Peter B. Fritzsche
                                           Chief Executive Officer and Principal
                                           Accounting Officer


                                                                        Page 11.