SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)               November 14, 2002
                                                               -----------------


                                  CERBCO, Inc.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


                                    Delaware
--------------------------------------------------------------------------------
                 (State or other jurisdiction of incorporation)


 0-16749                                                             54-1448835
--------------------------------------- ----------------------------------------
(Commission File Number)                      (IRS Employer Identification No.)



3421 Pennsy Drive, Landover, Maryland                                20785-1608
--------------------------------------- ----------------------------------------
(Address of principal executive offices)                             (Zip Code)



               Registrant's telephone number including area code:
                              (301) 773-1784 (tel)
                              (301) 322-3041 (fax)


                                      None
--------------------------------------------------------------------------------
          (Former name or former address, if changed since last report)


Item 5.    Other Events.

           See press release of the registrant dated November 14, 2002 attached
hereto.


                                   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 hereunto duly authorized.

Date: November 14, 2002               CERBCO, Inc.
                                      ------------------------------------------
                                      (Registrant)


                                      By: /s/ Robert W. Erikson
                                      ------------------------------------------
                                      Robert W. Erikson
                                      President



                                                                  PRESS RELEASE
                                                          For Immediate Release

                  CERBCO REPORTS FIRST QUARTER FY 2003 RESULTS

     LANDOVER,  MD,  November 14, 2002 - CERBCO,  Inc.  [OTC:  CERB]  reported a
consolidated  net loss of -$293,401  (-$0.20 per share) on sales of $2.6 million
for the first quarter of fiscal year 2003. For the first quarter of the previous
fiscal year, the Company recognized a consolidated net loss of -$774,161 (-$0.52
per share) on sales of $4.9 million.

<TABLE>
                         CONSOLIDATED FINANCIAL SUMMARY

                                                                  Three Months Ended September 30
                                                            --------------------------------------------
<CAPTION>
                                                                   2002                    2001
                                                            --------------------     -------------------

<S>                                                             <C>                      <C>
Sales                                                           $2,602,127               $4,864,856
                                                            ====================     ===================

Net Loss                                                        $ (293,401)              $ (774,161)
                                                            ====================     ===================

Net Loss Per Share                                              $    (0.20)              $    (0.52)
                                                            ====================     ===================

Basic and Diluted Weighted Average Shares Outstanding            1,482,956                1,482,956
</TABLE>


     The Company attributed its unfavorable results for the fiscal quarter ended
September  30,  2002  to  the  unfavorable  results  of  Insituform  East,  Inc.
("Insituform  East"),  the  Company's  majority-controlled  and  only  operating
segment, and to significant  decreases in the cash surrender values of insurance
policies  funding the parent  company's  supplemental  retirement plan ("SERP").
Insituform East recognized a consolidated net loss of -$281,965 on sales of $2.6
million, which contributed a loss of -$110,731 to CERBCO in the first quarter of
the current year. Cash surrender values of the life insurance  policies' funding
CERBCO's SERP  decreased  approximately  $169,000 in the first quarter of fiscal
year  2003,  primarily  due  to  decreases  in  the  values  of  the  underlying
investments.

     The Company  attributed  Insituform East's unfavorable first quarter fiscal
year 2003 results primarily to a reduced volume of immediately  workable backlog
in its licensed Insituform(R) process territory. With respect to forward-looking
information, and while there can be no assurances regarding the Company's future
operating  performance,  the Company anticipates the continuation of its current
reduced level of immediately  workable  backlog for the remainder of fiscal year
2003. As previously reported, the Company was not the low bidder on renewal work
during fiscal year 2002 with its then largest  Insituform  process  customer,  a
county  government in the Washington,  D.C.  metropolitan  area, and the loss of
such significant work has had a large negative impact on the Company's  workable
backlog pending the procurement of replacement contracts. The company intends to
continue  to pursue an  aggressive  cost  reduction  program in  response to its
current and forward anticipated adverse business conditions.

     The  Company's  total  backlog  value  of all  uncompleted  and  multi-year
contract  awards was  approximately  $12.1  million  at  September  30,  2002 as
compared to $13.7 million at September  30, 2001.  The  twelve-month  backlog at
September 30, 2002 was  approximately  $9.9 million as compared to $11.2 million
at September 30, 2001. The total backlog value of all uncompleted and multi-year
contracts  at  September  30, 2002 and 2001  includes  work not  estimated to be
released and installed within twelve months,  as well as potential work included
in term  contract  awards  which  may or may not be fully  ordered  by  contract
expiration. While potentially helpful as a possible trend indicator, "total" and
"twelve-month"  backlog figures at specific dates are not necessarily indicative
of sales and earnings for future periods due to the irregular timing and receipt
of major project awards, including large, multi-year, menu-priced contracts with
estimated but uncertain  order  quantities  further  subject to the specifics of
individual  work  releases.  On a week-to-week  and  month-to-month  basis,  the
availability  of often  volatile  "immediately  workable"  backlog most directly
affects  productivity,  with such availability subject to unpredictable  changes
such  as  weather,   customer-initiated  delays  and  found  variances  in  site
conditions.

     In addition to immediately  workable backlog,  another  significant  factor
affecting  the  Company's  future  performance  remains  the  volatility  of the
Company's  operating  subsidiary's  earnings  as a function  of sales  volume at
normal  margins.  Accordingly,  because a  substantial  portion of the Company's
costs are semi-fixed in nature,  earnings can, at times, be severely  reduced or
eliminated  during  periods of  depressed  sales at normal  margins or  material
increases in  discounted  sales,  even where total  revenues may  experience  an
apparent  buoyancy or growth from the addition of  discounted  sales  undertaken
from  time to  time  for  strategic  reasons.  Conversely,  at  normal  margins,
increases in period sales typically leverage positive earnings significantly.

     This  press  release  contains   forward-looking   statements,   which  are
inherently  uncertain  and therefore  amplify  evaluation  risks.  The Company's
future results could differ materially from those currently anticipated due to a
number  of  factors,   including,   without  limitation,   the  availability  of
immediately  workable backlog,  mix of work, weather,  changes in interest rates
and  general  economic  conditions,  legislative/regulatory  changes  and  other
factors  set  forth in  reports  and  documents  filed by the  Company  with the
Securities and Exchange Commission from time to time.

     CERBCO,  Inc.  [OTC:CERB]  is a parent  holding  company  with  controlling
interest  in  Insituform  East,  Inc.  [NASDAQ:INEI]  (excavationless  sewer and
pipeline rehabilitation).

                                      * * *
Contact:      Robert W. Erikson                    George Wm. Erikson
              President                            Chairman
              (301) 773-1784                       (301) 773-1784
[{"type": "8-K", "sequence": "1", "filename": "cpr1q03.txt", "description": "CERBCO, INC. REPORTS FIRST QUARTER FY 2003 RESULTS", "secsgml_size_bytes": 9504}]
{"company-data": {"conformed-name": "CERBCO INC", "cik": "0000826821", "assigned-sic": "1700", "irs-number": "541448835", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-16749", "film-number": "02824180"}, "business-address": {"street1": "3421 PENNSY DR", "city": "LANDOVER", "state": "MD", "zip": "20785", "phone": "3017731784"}, "mail-address": {"street1": "3421 PENNSY DRIVE", "street2": "3421 PENNSY DRIVE", "city": "LANDOVER", "state": "MD", "zip": "20785"}}
SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)               November 14, 2002
                                                               -----------------

                                  CERBCO, Inc.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                                    Delaware
--------------------------------------------------------------------------------
                 (State or other jurisdiction of incorporation)

 0-16749                                                             54-1448835
--------------------------------------- ----------------------------------------
(Commission File Number)                      (IRS Employer Identification No.)

3421 Pennsy Drive, Landover, Maryland                                20785-1608
--------------------------------------- ----------------------------------------
(Address of principal executive offices)                             (Zip Code)

               Registrant's telephone number including area code:
                              (301) 773-1784 (tel)
                              (301) 322-3041 (fax)

                                      None
--------------------------------------------------------------------------------
          (Former name or former address, if changed since last report)

Item 5.    Other Events.

           See press release of the registrant dated November 14, 2002 attached
hereto.

                                   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 hereunto duly authorized.

Date: November 14, 2002               CERBCO, Inc.
                                      ------------------------------------------
                                      (Registrant)

                                      By: /s/ Robert W. Erikson
                                      ------------------------------------------
                                      Robert W. Erikson
                                      President

                                                                  PRESS RELEASE
                                                          For Immediate Release

                  CERBCO REPORTS FIRST QUARTER FY 2003 RESULTS

     LANDOVER,  MD,  November 14, 2002 - CERBCO,  Inc.  [OTC:  CERB]  reported a
consolidated  net loss of -$293,401  (-$0.20 per share) on sales of $2.6 million
for the first quarter of fiscal year 2003. For the first quarter of the previous
fiscal year, the Company recognized a consolidated net loss of -$774,161 (-$0.52
per share) on sales of $4.9 million.

                         CONSOLIDATED FINANCIAL SUMMARY

                                                                  Three Months Ended September 30
                                                            --------------------------------------------
2002                    2001
                                                            --------------------     -------------------
Sales                                                           $2,602,127               $4,864,856
                                                            ====================     ===================

Net Loss                                                        $ (293,401)              $ (774,161)
                                                            ====================     ===================

Net Loss Per Share                                              $    (0.20)              $    (0.52)
                                                            ====================     ===================

Basic and Diluted Weighted Average Shares Outstanding            1,482,956                1,482,956
The Company attributed its unfavorable results for the fiscal quarter ended
September  30,  2002  to  the  unfavorable  results  of  Insituform  East,  Inc.
("Insituform  East"),  the  Company's  majority-controlled  and  only  operating
segment, and to significant  decreases in the cash surrender values of insurance
policies  funding the parent  company's  supplemental  retirement plan ("SERP").
Insituform East recognized a consolidated net loss of -$281,965 on sales of $2.6
million, which contributed a loss of -$110,731 to CERBCO in the first quarter of
the current year. Cash surrender values of the life insurance  policies' funding
CERBCO's SERP  decreased  approximately  $169,000 in the first quarter of fiscal
year  2003,  primarily  due  to  decreases  in  the  values  of  the  underlying
investments.

     The Company  attributed  Insituform East's unfavorable first quarter fiscal
year 2003 results primarily to a reduced volume of immediately  workable backlog
in its licensed Insituform(R) process territory. With respect to forward-looking
information, and while there can be no assurances regarding the Company's future
operating  performance,  the Company anticipates the continuation of its current
reduced level of immediately  workable  backlog for the remainder of fiscal year
2003. As previously reported, the Company was not the low bidder on renewal work
during fiscal year 2002 with its then largest  Insituform  process  customer,  a
county  government in the Washington,  D.C.  metropolitan  area, and the loss of
such significant work has had a large negative impact on the Company's  workable
backlog pending the procurement of replacement contracts. The company intends to
continue  to pursue an  aggressive  cost  reduction  program in  response to its
current and forward anticipated adverse business conditions.

     The  Company's  total  backlog  value  of all  uncompleted  and  multi-year
contract  awards was  approximately  $12.1  million  at  September  30,  2002 as
compared to $13.7 million at September  30, 2001.  The  twelve-month  backlog at
September 30, 2002 was  approximately  $9.9 million as compared to $11.2 million
at September 30, 2001. The total backlog value of all uncompleted and multi-year
contracts  at  September  30, 2002 and 2001  includes  work not  estimated to be
released and installed within twelve months,  as well as potential work included
in term  contract  awards  which  may or may not be fully  ordered  by  contract
expiration. While potentially helpful as a possible trend indicator, "total" and
"twelve-month"  backlog figures at specific dates are not necessarily indicative
of sales and earnings for future periods due to the irregular timing and receipt
of major project awards, including large, multi-year, menu-priced contracts with
estimated but uncertain  order  quantities  further  subject to the specifics of
individual  work  releases.  On a week-to-week  and  month-to-month  basis,  the
availability  of often  volatile  "immediately  workable"  backlog most directly
affects  productivity,  with such availability subject to unpredictable  changes
such  as  weather,   customer-initiated  delays  and  found  variances  in  site
conditions.

     In addition to immediately  workable backlog,  another  significant  factor
affecting  the  Company's  future  performance  remains  the  volatility  of the
Company's  operating  subsidiary's  earnings  as a function  of sales  volume at
normal  margins.  Accordingly,  because a  substantial  portion of the Company's
costs are semi-fixed in nature,  earnings can, at times, be severely  reduced or
eliminated  during  periods of  depressed  sales at normal  margins or  material
increases in  discounted  sales,  even where total  revenues may  experience  an
apparent  buoyancy or growth from the addition of  discounted  sales  undertaken
from  time to  time  for  strategic  reasons.  Conversely,  at  normal  margins,
increases in period sales typically leverage positive earnings significantly.

     This  press  release  contains   forward-looking   statements,   which  are
inherently  uncertain  and therefore  amplify  evaluation  risks.  The Company's
future results could differ materially from those currently anticipated due to a
number  of  factors,   including,   without  limitation,   the  availability  of
immediately  workable backlog,  mix of work, weather,  changes in interest rates
and  general  economic  conditions,  legislative/regulatory  changes  and  other
factors  set  forth in  reports  and  documents  filed by the  Company  with the
Securities and Exchange Commission from time to time.

     CERBCO,  Inc.  [OTC:CERB]  is a parent  holding  company  with  controlling
interest  in  Insituform  East,  Inc.  [NASDAQ:INEI]  (excavationless  sewer and
pipeline rehabilitation).

                                      * * *
Contact:      Robert W. Erikson                    George Wm. Erikson
              President                            Chairman
              (301) 773-1784                       (301) 773-1784