UNITED STATES
                       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)                    May 14, 2003
                                                                    ------------


                                  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)




<PAGE>


Item 5. Other Events.

          See  press  release  of the  registrant  dated May 14,  2003  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: May 14, 2003                                CERBCO, Inc.
                                    --------------------------------------------
                                                   (Registrant)


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



<PAGE>






                                                                   PRESS RELEASE
                                                           For Immediate Release


                  CERBCO REPORTS THIRD QUARTER FY 2003 RESULTS

     LANDOVER,  MD,  May  14,  2003  -  CERBCO,  Inc.  [OTC:  CERB]  reported  a
consolidated  loss  from  continuing  operations  before  a loss  from  goodwill
impairment of -$760,646  (-$0.51 per share), a loss from goodwill  impairment of
-$1,485,660  (-$1.00  per  share)  and a  consolidated  net loss of  -$2,246,306
(-$1.51  per  share)  on sales of $1.7  million  for the  third  quarter,  and a
consolidated  loss  from  continuing  operations  before  a loss  from  goodwill
impairment of -$1,392,833 (-$0.94 per share), a loss from goodwill impairment of
-$1,485,660  (-$1.00  per  share)  and a  consolidated  net loss of  -$2,878,493
(-$1.94 per share) on sales of $6.5  million for the first nine months of fiscal
year 2003,  ended March 31,  2003.  For the  comparative  periods of fiscal year
2002,  the Company  reported a  consolidated  net loss of -$293,410  (-$0.20 per
share)  on sales  of $4.9  million,  and a  consolidated  net loss of  -$753,313
(-$0.51 per share) on sales of $14.9 million, respectively.


                         CONSOLIDATED FINANCIAL SUMMARY

<TABLE>
                                                   Three Months Ended March 31,      Nine Months Ended March 31,
                                                -------------------------------    ------------------------------
<CAPTION>
                                                    2003              2002             2003              2002
                                                -------------     -------------    -------------    -------------
<S>                                              <C>              <C>               <C>              <C>
Sales                                            $ 1,700,949      $4,883,746        $ 6,452,940      $14,933,629
                                                =============     =============    =============    =============
Loss from Continuing Operations
  before Loss from Goodwill Impairment           $ (760,646)      $ (293,410)       $(1,392,833)     $  (753,313)

Loss from Goodwill Impairment                    (1,485,660)               0         (1,485,660)               0
                                                -------------     -------------    -------------    -------------

Net Loss                                         $(2,246,306)     $(293,410)        $(2,878,493)     $  (753,313)
                                                =============     =============    ==============    ============

Basic and  Diluted Loss per Share                $     (1.51)     $   (0.20)        $     (1.94)     $     (0.51)
                                                =============     =============    ==============    ============
Basic and Diluted Weighted Average  Shares
Outstanding                                       1,482,956         1,482,956         1,482,956        1,482,956
</TABLE>



     The Company attributed its unfavorable  results from continuing  operations
for the third quarter ended March 31, 2003 primarily to the unfavorable  results
of Insituform East, Inc. ("Insituform East"), the Company's  majority-controlled
and only operating segment,  and to the annual accrual on January 1, 2003 by the
parent  company of additional  liabilities in connection  with its  supplemental
retirement plan. Insituform East recognized a consolidated net loss of -$961,845
on sales of $1.7 million, which contributed a loss of -$377,728 to CERBCO in the
third quarter of the current  fiscal year.  The Company  incurred  approximately
$309,000  in expense  as the  result of  increased  benefits  payable  under its
supplemental retirement plan as of January 1, 2003.

     The Company attributed  Insituform East's unfavorable results for the third
quarter  of  fiscal  year 2003  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  during  fiscal year 2002 on renewal  work 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.

     As the result of continuing losses and anticipated  future operating losses
to be incurred by Insituform  East, the Company has determined that the carrying
amount of its  investment  in  Insituform  East,  including  goodwill,  has been
impaired  as of March 31,  2003,  and has taken a  write-off  of all  previously
carried  goodwill in the amount of  $1,485,660  for the period  ending March 31,
2003.

     The  Company's  total  backlog  value  of all  uncompleted  and  multi-year
contract awards was approximately $13.1 million at March 31, 2003 as compared to
$14.8 million at March 31, 2002. The total backlog value of all  uncompleted and
multi-year  contracts at March 31, 2003 and 2002  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.   The   twelve-month   backlog  at  March  31,  2003  was
approximately $10.8 million as compared to $8.9 million at March 31, 2002. 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-prices  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": "cpr3q03.txt", "description": "CERBCO REPORTS 3Q FY 2003 RESULTS", "secsgml_size_bytes": 11229}]
{"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": "03700403"}, "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"}}
UNITED STATES
                       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)                    May 14, 2003
                                                                    ------------

                                  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 May 14,  2003  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: May 14, 2003                                CERBCO, Inc.
                                    --------------------------------------------
                                                   (Registrant)

                                    /s/ Robert W. Erikson
                                    --------------------------------------------
                                    Robert W. Erikson
                                    President
PRESS RELEASE
                                                           For Immediate Release

                  CERBCO REPORTS THIRD QUARTER FY 2003 RESULTS

     LANDOVER,  MD,  May  14,  2003  -  CERBCO,  Inc.  [OTC:  CERB]  reported  a
consolidated  loss  from  continuing  operations  before  a loss  from  goodwill
impairment of -$760,646  (-$0.51 per share), a loss from goodwill  impairment of
-$1,485,660  (-$1.00  per  share)  and a  consolidated  net loss of  -$2,246,306
(-$1.51  per  share)  on sales of $1.7  million  for the  third  quarter,  and a
consolidated  loss  from  continuing  operations  before  a loss  from  goodwill
impairment of -$1,392,833 (-$0.94 per share), a loss from goodwill impairment of
-$1,485,660  (-$1.00  per  share)  and a  consolidated  net loss of  -$2,878,493
(-$1.94 per share) on sales of $6.5  million for the first nine months of fiscal
year 2003,  ended March 31,  2003.  For the  comparative  periods of fiscal year
2002,  the Company  reported a  consolidated  net loss of -$293,410  (-$0.20 per
share)  on sales  of $4.9  million,  and a  consolidated  net loss of  -$753,313
(-$0.51 per share) on sales of $14.9 million, respectively.

                         CONSOLIDATED FINANCIAL SUMMARY

                                                   Three Months Ended March 31,      Nine Months Ended March 31,
                                                -------------------------------    ------------------------------
2003              2002             2003              2002
                                                -------------     -------------    -------------    -------------
Sales                                            $ 1,700,949      $4,883,746        $ 6,452,940      $14,933,629
                                                =============     =============    =============    =============
Loss from Continuing Operations
  before Loss from Goodwill Impairment           $ (760,646)      $ (293,410)       $(1,392,833)     $  (753,313)

Loss from Goodwill Impairment                    (1,485,660)               0         (1,485,660)               0
                                                -------------     -------------    -------------    -------------

Net Loss                                         $(2,246,306)     $(293,410)        $(2,878,493)     $  (753,313)
                                                =============     =============    ==============    ============

Basic and  Diluted Loss per Share                $     (1.51)     $   (0.20)        $     (1.94)     $     (0.51)
                                                =============     =============    ==============    ============
Basic and Diluted Weighted Average  Shares
Outstanding                                       1,482,956         1,482,956         1,482,956        1,482,956
The Company attributed its unfavorable  results from continuing  operations
for the third quarter ended March 31, 2003 primarily to the unfavorable  results
of Insituform East, Inc. ("Insituform East"), the Company's  majority-controlled
and only operating segment,  and to the annual accrual on January 1, 2003 by the
parent  company of additional  liabilities in connection  with its  supplemental
retirement plan. Insituform East recognized a consolidated net loss of -$961,845
on sales of $1.7 million, which contributed a loss of -$377,728 to CERBCO in the
third quarter of the current  fiscal year.  The Company  incurred  approximately
$309,000  in expense  as the  result of  increased  benefits  payable  under its
supplemental retirement plan as of January 1, 2003.

     The Company attributed  Insituform East's unfavorable results for the third
quarter  of  fiscal  year 2003  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  during  fiscal year 2002 on renewal  work 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.

     As the result of continuing losses and anticipated  future operating losses
to be incurred by Insituform  East, the Company has determined that the carrying
amount of its  investment  in  Insituform  East,  including  goodwill,  has been
impaired  as of March 31,  2003,  and has taken a  write-off  of all  previously
carried  goodwill in the amount of  $1,485,660  for the period  ending March 31,
2003.

     The  Company's  total  backlog  value  of all  uncompleted  and  multi-year
contract awards was approximately $13.1 million at March 31, 2003 as compared to
$14.8 million at March 31, 2002. The total backlog value of all  uncompleted and
multi-year  contracts at March 31, 2003 and 2002  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.   The   twelve-month   backlog  at  March  31,  2003  was
approximately $10.8 million as compared to $8.9 million at March 31, 2002. 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-prices  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