<PAGE>
                    U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                  Form 10-QSB
(Mark One)

[X]  QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

          For the quarterly period ended March 28, 1998

[ ]  TRANSITION REPORT UNDER SECTION 13 or 15(d) OF THE EXCHANGE ACT

          For the transition period from _________________ to _________________

                          Commission file number 0-122

                      EICO Electronic Instrument Co., Inc.
                    (Exact name of small business issuer as
                           specified in its charter)

            New York                                     11-1524626
  (State or other jurisdiction                (IRS Employer Identification No.)
of incorporation or organization)

                 233 Broadway, Suite 1085, New York, N.Y. 10279
                    (Address of principal executive offices)

                                 (212) 566-4995
                          (Issuer's telephone number)

             ______________________________________________________
              (Former name, former address and former fiscal year,
                          if changed since last report)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such report(s), and (2) has been
subject to such filing requirements for the past 90 days.  Yes  X    No ___

               APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.  Yes ___    No ___

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: May 7, 1998
capital stock - $1 par value - 600,380 shares outstanding.

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                     EICO ELECTRONIC INSTRUMENT CO., INC.

                        QUARTERLY REPORT ON FORM 10-QSB
                   FOR THE QUARTER ENDING DECEMBER 27, 1997

                                 - I N D E X -

Part I - Financial Information:

   Item 1 - Financial Statements 

   Balance sheet - March 28, 1998 (unaudited)

   Statement of operations - twenty-six weeks
     and thirteen weeks ended March 28,
      1998 and March 29, 1997
      (unaudited)

   Statement of cash flows - twenty-six weeks ended 
     March 28, 1998 and March 29, 1997
     (unaudited)

   Notes to Form 10-QSB (unaudited)

   Item 2 - Management's Discussion and Analysis of 
   Financial Condition and Results of Operations

   Signature Page

<PAGE>

Item 1. Financial Statements

                     EICO ELECTRONIC INSTRUMENT CO., INC.

                                 BALANCE SHEET
                            AS AT MARCH 28, 1998
                                  (UNAUDITED)

                      A S S E T S

Cash                                                          $  101,297
Mortgage receivable (less unrecognized
   gain on sale of property of $4,007,195)                          --
Prepaid expenses                                                  13,024
Deferred income taxes                                            562,000
Investment in U.S. Treasury obligations                      
   (at amortized cost, approximates market)                      989,618
Other assets                                                       7,074
                                                              ----------
          T O T A L                                           $1,673,013
                                                              ==========

                 L I A B I L I T I E S

Accrued wages, taxes and other expenses                       $   61,067
Income taxes payable                                              59,544
Escrow deposit payable (less cash in bank
   account of $99,073)                                              --
                                                              ----------
          Total liabilities                                      120,611
                                                              ----------

        S T O C K H O L D E R S'  E Q U I T Y

Capital stock - $1 par value - authorized
   1,000,000 shares; issued 608,293 shares
   (including treasury shares)                                   608,293
Additional paid-in capital                                       617,213
Retained earnings                                                346,887
                                                              ----------
          T o t a l                                            1,572,393

Less cost of 7,913 shares capital
   stock in treasury                                              19,991
                                                              ----------
      Total stockholders' equity                               1,552,402
                                                              ----------
          T O T A L                                           $1,673,013
                                                              ==========

                  The attached notes are made a part hereof.

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                     EICO ELECTRONIC INSTRUMENT CO., INC.

                            STATEMENT OF OPERATIONS
                                (NOTES A AND B)
                                  (UNAUDITED)
<TABLE>
<CAPTION>
                                              Twenty-Six Weeks Ended                    Thirteen Weeks Ended
                                           ------------------------------           ------------------------------
                                            March 28,         March 29,               March 28,         March 29,
                                               1998              1997                    1998              1997
                                           ------------      ------------           ------------      ------------
<S>                                       <C>               <C>                     <C>              <C>
Income:
  Interest on mortgage                     $   161,188       $   164,118            $    80,404       $    81,883
  Interest on investments                       25,000            26,984                 12,449            13,180
  Gain on sale of property                      38,257            35,327                 19,318            17,839
                                           -----------       -----------            -----------       -----------
        T o t a l                              224,445           226,429                112,171           112,902

General and corporate expenses                 102,118           103,352                 55,488            56,892
                                           -----------       -----------            -----------       -----------
Earnings before income taxes                   122,327           123,077                 56,683            56,010

Income taxes                                    55,000            55,000                 27,000            26,000
                                           -----------       -----------            -----------       -----------
NET EARNINGS                               $    67,327       $    68,077            $    29,683       $    30,010
                                           ===========       ===========            ===========       ===========
  Net earnings per share                   $       .11       $       .11            $       .05       $       .05
                                           ===========       ===========            ===========       ===========
  Number of shares used in computing
     earnings per share                        600,380           600,380                600,380           600,380
                                           ===========       ===========            ===========       ===========
Dividends declared per share                      None              None                   None              None
                                           ===========       ===========            ===========       ===========
</TABLE>

                  The attached notes are made a part hereof.

        Management's discussion and analysis of financial condition and
                 results of operations is included in item 2.

<PAGE>

                     EICO ELECTRONIC INSTRUMENT CO., INC.

                            STATEMENT OF CASH FLOWS
                                  (UNAUDITED)

                                                     Twenty-Six Weeks Ended
                                                 -----------------------------
                                                   March 28,       March 29,
                                                     1998             1997
                                                  ---------        ---------
Cash flows from operating activities:
   Cash paid to suppliers and employees           $ (80,411)       $ (81,416)
   Interest received                                183,727          201,130
   Income taxes paid                                (40,609)         (55,339)
                                                  ---------        ---------
           Net cash provided by
             operating activities                    62,707           64,375
                                                  ---------        ---------
Cash flows from investing activities:
   Proceeds from sale of property -            
     collection of mortgage principal                38,257           35,327
   Proceeds from redemption of U.S.
     Treasury obligations                           320,000          115,000
   Investment in U.S. Treasury obligations         (389,618)    
                                                  ---------        ---------
            Net cash provided by (used in)
              investing activities                  (31,361)         150,327
                                                  ---------        ---------
Cash flows (used in) financing
    activities - dividends paid                    (120,076)        (120,076)
NET INCREASE (DECREASE) IN CASH                     (88,730)          94,626

Cash - beginning of period                          190,027          189,957
                                                  ---------        ---------
CASH - END OF PERIOD                              $ 101,297        $ 284,583
                                                  =========        =========

(Continued)

<PAGE>

                     EICO ELECTRONIC INSTRUMENT CO., INC.

                            STATEMENT OF CASH FLOWS
                                  (UNAUDITED)
                                  - Sheet 2 -

                                                    Twenty-Six Weeks Ended
                                                 -----------------------------
                                                   March 28,       March 29,
                                                     1998             1997
                                                  ---------        ---------
Reconciliation of net earnings to net
cash provided by operating activities:
  Net earnings                                     $ 67,327         $ 68,077 

  Adjustments to reconcile net earnings
  to net cash provided by operating activities:
    Gain on the sale of property                    (38,257)         (35,327)
    Deferred income taxes                             5,000            5,000

    Decrease (increase) in:
      Prepaid expenses                               (2,461)          10,028
      Other assets                                    1,599            1,600

    Increase (decrease) in:
      Accrued wages, taxes and other expenses        20,108           20,336
      Income taxes payable                            9,391           (5,339)
                                                   --------         --------
        Net cash provided by operating
         activities                                $ 62,707         $ 64,375
                                                   ========         ========

                  The attached notes are made a part hereof.

<PAGE>

                     EICO ELECTRONIC INSTRUMENT CO., INC.

                             NOTES TO FORM 10-QSB
                                  (UNAUDITED)

(Note A):

     The financial information contained in this Form 10-QSB represents
condensed financial data and, therefore, does not include all footnote
disclosures required to be included in financial statements prepared in
conformity with generally accepted accounting principles. Such footnote
information was included in the Company's annual Form 10-KSB for the year ended
September 27, 1997; the condensed financial data included herein should be read
in conjunction with the annual report.

(Note B):

     (1) In management's opinion, all necessary adjustments have been made in
order to present fairly the results for the interim periods.

     (2) The results of operations for the twenty-six weeks ended March 28,
1998 are not necessarily indicative of the results of operations for the year
ending October 3, 1998.

(Note C):

     Earnings per share is based on the average number of shares outstanding
during each period, exclusive of treasury shares.

(Note D):

     Income taxes on the consolidated statement of operations comprises:

<TABLE>
<CAPTION>
                                    Twenty-Six                            Thirteen
                                   Weeks   Ended                         Weeks Ended
                             --------------------------          --------------------------  
                               March 28,     March 29,             March 28,     March 29,        
                                1998          1997                  1998          1997       
                             ------------  ------------           ------------  ------------  
<S>                          <C>           <C>                    <C>           <C>
Currently payable:
   Federal                     $31,000      $31,000                 $14,000      $13,000      
   State and local              19,000       19,000                  10,000       10,000      
Deferred:
   Federal                       3,000        3,000                   1,000        1,800
   State and local               2,000        2,000                   2,000        1,200
                               -------      -------                 -------      -------      
     Total                     $55,000      $55,000                 $27,000      $26,000      
                               =======      =======                 =======      =======      
</TABLE>


      Federal income taxes are computed at statutory rates, including the effect
of surtax exemptions.

(Continued) 

<PAGE>

                     EICO ELECTRONIC INSTRUMENT CO., INC.

                             NOTES TO FORM 10-QSB
                                  (UNAUDITED)
                                  - Sheet 2 -

(Note D) (Continued):

     Deferred income taxes result from reporting the sale of property on the
cost recovery method for financial accounting purposes and on the installment
method for income tax purposes.

(Note E):

     On June 25, 1993, the Company sold its property for $5,000,000. The
contract of sale required the payment of $750,000 by the purchasers at the
closing and a first mortgage of $4,250,000 to be held by the Company. The
mortgage principal with interest at 8% a year is due in 60 monthly payments of
$33,241 beginning September 1993, with a balloon payment of $4,000,617 due
September 1998. For financial accounting purposes, the Company has recorded the
sale on the cost recovery method.

    The sale comprises:
        Sales price                                        $5,000,000
        Less real estate transfer taxes
           and other closing costs                            788,876
                                                           ----------
                  Balance                                   4,211,124

        Cost basis                                            535,219
                                                           ----------
        Gain on sale of property                            3,675,905

    Interest collected (unrecognized) to
      September 30, 1995                                      544,651
    Recognized gain to September 27, 1997                    (175,104)
                                                           ----------
    Unrecognized gain on sale of property
      at September 27, 1997                                 4,045,452

    Period September 28, 1996 to December 27,
      1997 - recognized gain                                  (38,257)
                                                           ----------
    Unrecognized gain on sale of property
      at March 28, 1998                                    $4,007,195
                                                           ==========

<PAGE>

Item 2
                     EICO ELECTRONIC INSTRUMENT CO., INC.

                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS

     On June 25, 1993, the Company sold its real property in Flushing for
$5,000,000. The contract of sale required the purchasers to pay $750,000 at the
closing. In addition, a first mortgage with a balance of $4,007,195 is held by
the Company. The mortgage principal, with interest at 8% per year, is payable in
60 monthly payments of $33,241 beginning September 1993, with a balloon payment
of $4,000,617 due September 1998. For financial accounting purposes, the Company
has recorded the sale on the cost recovery method. Using this method, no profit
is recognized until cash payments by the buyers exceed the Company's cost basis
of the property plus selling expenses. This level of buyer payment occurred
during the year ended September 30, 1995.

     The $199,445 reflected as interest income on mortgage and gain on sale of
property in the twenty-six weeks ended March 28, 1998 is the same amount
received in the prior comparative period.

     Interest income declined slightly due to lower rates on new investments
compared to rates on redeemed investments.

     The Company has cash and investments in U.S. Treasury obligations at
March 28, 1998 totalling approximately $1,091,000.

     The Company has no formal material commitment for future capital
expenditures.

<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.

                                       EICO ELECTRONIC INSTRUMENT CO., INC.

May 11, 1998                               /s/ Linda Ashley
                                           -----------------------
                                           Linda Ashley, President

May 11, 1998                                /s/ Gordon Katz
                                           ----------------------
                                           Gordon Katz, Secretary