The epscombine utility is looking for text that isn't present in EPS files generated in R2014b, which leads to the error you are getting.
As Doug mentioned, you may be able to get what you want from MATLAB directly without using that utility.
Prior to R2014b, MATLAB would often generate an EPS file with an embedded image, rather than a file that was fully vectorized; even if you used the -painters option with the print command more complicated scenes were still exported as an image. This resulted in poor scaling as the output file was resized, and text often suffered as a result.
In R2014b, MATLAB will usually produce a truly vectorized file when printing/exporting to EPS (or any of the other vector formats, like PDF). It will still produce a file containing an image if the scene is deemed too complex, but if you specify the -painters option that will be honored, and the resulting file will contain the vector instructions and not an image.
I hope that helps.