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)              September 30, 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  September  30, 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: September 30, 2003                    CERBCO, Inc.
                                            ------------------------------------
                                            (Registrant)


                                            By: /s/ George Wm. Erikson
                                            ------------------------------------
                                            George Wm. Erikson
                                            Chairman & General Counsel

<PAGE>

                                                                   PRESS RELEASE
                                                           For Immediate Release


                       CERBCO REPORTS RESULTS FOR FY 2003

     LANDOVER,  MD,  September 30, 2003 - CERBCO,  Inc.  [OTC:  CERB] reported a
consolidated loss from continuing  operations of -$2,047,528  (-$1.38 per share)
and a  consolidated  net loss of  -$2,721,806  (-$1.84 per share) for the fiscal
year ended June 30, 2003. In the previous fiscal year, the Company  recognized a
consolidated loss from continuing operations of -$883,710 (-$0.60 per share) and
a consolidated net loss of -$1,436,449  (-$0.97 per share).  Sales of $8,880,602
and $18,152,666 recognized by Insituform East, Incorporated ("Insituform East"),
now known as INEI Corporation,  the Company's  majority-controlled and then only
operating  segment,  for  the  fiscal  years  ended  June  30,  2003  and  2002,
respectively, are included in the loss from discontinued operations.

                         CONSOLIDATED FINANCIAL SUMMARY

<TABLE>
                                                 Three Months Ended June 30,      Years Ended June 30,
                                                 ---------------------------    ----------------------------
<CAPTION>
                                                       2003           2002          2003            2002
                                                       ----           ----          ----            ----

<S>                                                <C>            <C>            <C>               <C>
Sales                                              $         -    $         -    $         -       $       -
                                                  ==========================================================

Earnings (Loss) from Continuing Operations         $  105,877    $  (351,367)   $(2,047,528)    $  (883,710)

Earnings (Loss) from Discontinued Operations           50,810       (331,769)      (674,278)       (552,739)
                                                   -----------    -----------    -----------     -----------

Net Earnings (Loss)                                $  156,687    $  (683,136)   $(2,721,806)    $(1,436,449)
                                                   ===========    ===========    ===========     ===========

Basic and Diluted Loss per Share:

Earnings (loss) from continuing operations           $0.07           $(0.24)        $(1.38)         $(0.60)

Earnings (loss) from discontinued operations          0.03            (0.22)         (0.46)          (0.37)
                                                      ----             ----           ----            ----

Net earnings (loss) per share                        $0.10           $(0.46)        $(1.84)         $(0.97)
                                                      ====             ====           ====            ====

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 for the fiscal year ended
June 30, 2003 primarily to three factors:  (1) a loss from goodwill  impairment;
(2) the unfavorable  results of the discontinued  operations of Insituform East;
and (3) a decrease in  investment  income  resulting  from a decline in interest
rates. As a result of continuing losses and anticipated  future operating losses
to be incurred by  Insituform  East,  the Company  determined  that the carrying
amount of its investment in Insituform East, including goodwill, was impaired as
of March 31, 2003.  Accordingly,  the Company took a write-off of all previously
carried  goodwill  in the  amount  of  $1,485,660  at that  time.  In  addition,
Insituform  East  recognized a consolidated  net loss of -$1,716,979 on sales of
$8,880,602  for its now  discontinued  operations  in fiscal  year  2003,  which
contributed a net loss from discontinued  operations of -$674,278 (39.3%) to the
Company.  Finally,  interest  earned  on  the  Company's  marketable  securities
decreased  $364,282  in fiscal  year 2003,  primarily  due to a decrease  in the
average rate of return on such investments from 4.8% in fiscal year 2002 to 3.0%
in fiscal year 2003.

     On June 18, 2003,  Insituform East entered into an Asset Purchase Agreement
with Insituform  Technologies,  Inc. ("ITI"),  the licensor of the Insituform(R)
process  technology,  providing for the sale to ITI of substantially  all of the
Company's  non-real  estate assets and on-going  business.  The  Agreement  also
required Insituform East to change its name to INEI Corporation,  effective with
the closing. The closing of the sale occurred on September 5, 2003.

     Commencing in 1992, ITI entered the CIPP installation business and began to
acquire  North  American  licensees  of  its  Insituform  technology.  By  2000,
Insituform  East was the only remaining  independent  North American  Insituform
licensee. In addition,  the expiration of certain initial method patents for the
Insituform  process in 1994  permitted  the entrance of new  competitors,  using
generic  processes,  into the CIPP market.  These competitors  generally enjoy a
significantly  lower cost structure  than did  Insituform  East due, among other
reasons,  to the typical absence of third-party  royalty payments.  The combined
effect of the entry of ITI into the CIPP installation  business and the entry of
other, lower cost, competitors into its markets, severely and adversely affected
Insituform  East's  competitive  position  and,   consequently,   its  financial
condition  and results of  operations.  Insituform  East's  Board of  Directors,
therefore, concluded that the independent continuation of Insituform East in the
CIPP  marketplace  was no longer  economically  viable  or in the best  economic
interest of its stockholders.

     With the  completion  of the  Asset  Sale,  the  Insituform  East  Board of
Directors,   after  due   consideration   has  undertaken   certain   additional
transactions  designed to maximize  Insituform East  stockholder  value. In this
regard, subsequent to the execution of the Asset Purchase Agreement, on July 24,
2003,  Insituform  East entered into a Real Estate Contract of Sale for the sale
of its real estate assets. Insituform East currently anticipates that additional
transactions  will take the form of the  liquidation  of its  remaining  assets,
including the sale or disposition of the assets of its wholly-owned  subsidiary,
Try  Tek  Machine  Works,  Inc.,  and  the  satisfaction  of  Insituform  East's
liabilities, including personnel termination and related costs, sale transaction
expenses and final liquidation costs.

     After  completion of the Asset Sale and  application of the net proceeds in
the manner  contemplated,  and assuming  ultimate  release to the Company of the
entire escrowed  amount and after  deduction of transaction  costs in connection
with the Asset Sale, Insituform East holds:

     o    Two contiguous  parcels of improved real property located in Landover,
          Maryland,  historically  held for the purpose of housing its corporate
          headquarters and CIPP business operations and which are the subject of
          the Real Estate Contract of Sale, which contemplates the sale of these
          properties for a combined price of $5,215,000;

     o    One parcel of improved real property located in Hanover, Pennsylvania,
          used to house the business of Try Tek, which custom designs and builds
          machinery,  including  machinery used to rehabilitate  pipelines using
          cured-in-place pipe processes;

     o    Cash and cash  equivalents  in the  approximate  amount of $1,900,000,
          substantially  all of which represents  residual net proceeds from the
          Asset Sale;

     o    Residual inventory and equipment not part of the Asset Sale; and

     o    Accounts receivable in the approximate amount of $2,000,000.


     Insituform East and,  consequently,  the Company, will not have any ongoing
operations  subsequent to the Asset Sale,  other than those of its  wholly-owned
subsidiary,  Try Tek, and those  operations are not expected to continue  beyond
September 30, 2003.

     Unless  the  Insituform  East  Board  concludes,  in  accordance  with  its
fiduciary  obligations,  that dissolution of Insituform East and liquidation and
distribution  of its assets are not in the best interest of Insituform  East and
its  stockholders,  Insituform  East  has  undertaken  in the now  closed  Asset
Purchase  Agreement with ITI that it will adopt a plan of dissolution and submit
the plan to a vote of its  stockholders  no later than the next annual  meeting,
currently scheduled for December 18, 2003.

     Likewise,   the  Company's  Board  of  Directors  anticipates  that,  after
consideration  in due course,  it also will  undertake one or more  transactions
designed to maximize CERBCO stockholder  value.  Unless the Board concludes that
dissolution of the Company and  liquidation  and  distribution of its assets are
not in the best interest of the Company and its  stockholders,  it is likely the
Board  will  adopt a plan of  dissolution  also and submit the plan to a vote of
stockholders  no later than the Company's  next annual  meeting,  also currently
scheduled for December 18, 2003.

     This  press  release  contains   forward-looking   statements,   which  are
inherently subject to risks and uncertainties.  The Company's future results and
plans could differ  materially from those currently  anticipated due to a number
of factors, including, without limitation, 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 INEI  Corporation  [OTC:INEI]  (formerly  known as Insituform  East,
Incorporated).

                                      * * *
Contact:      Robert W. Erikson                    George Wm. Erikson
              President                            Chairman
              (301) 773-1784                       (301) 773-1784
[{"type": "8-K", "sequence": "1", "filename": "cprye03.txt", "description": "CERBCO, INC. REPORTE FISCAL 2003 RESULTS", "secsgml_size_bytes": 13052}]
{"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": "03916496"}, "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)              September 30, 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  September  30, 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: September 30, 2003                    CERBCO, Inc.
                                            ------------------------------------
                                            (Registrant)

                                            By: /s/ George Wm. Erikson
                                            ------------------------------------
                                            George Wm. Erikson
                                            Chairman & General Counsel
PRESS RELEASE
                                                           For Immediate Release

                       CERBCO REPORTS RESULTS FOR FY 2003

     LANDOVER,  MD,  September 30, 2003 - CERBCO,  Inc.  [OTC:  CERB] reported a
consolidated loss from continuing  operations of -$2,047,528  (-$1.38 per share)
and a  consolidated  net loss of  -$2,721,806  (-$1.84 per share) for the fiscal
year ended June 30, 2003. In the previous fiscal year, the Company  recognized a
consolidated loss from continuing operations of -$883,710 (-$0.60 per share) and
a consolidated net loss of -$1,436,449  (-$0.97 per share).  Sales of $8,880,602
and $18,152,666 recognized by Insituform East, Incorporated ("Insituform East"),
now known as INEI Corporation,  the Company's  majority-controlled and then only
operating  segment,  for  the  fiscal  years  ended  June  30,  2003  and  2002,
respectively, are included in the loss from discontinued operations.

                         CONSOLIDATED FINANCIAL SUMMARY

                                                 Three Months Ended June 30,      Years Ended June 30,
                                                 ---------------------------    ----------------------------
2003           2002          2003            2002
                                                       ----           ----          ----            ----
Sales                                              $         -    $         -    $         -       $       -
                                                  ==========================================================

Earnings (Loss) from Continuing Operations         $  105,877    $  (351,367)   $(2,047,528)    $  (883,710)

Earnings (Loss) from Discontinued Operations           50,810       (331,769)      (674,278)       (552,739)
                                                   -----------    -----------    -----------     -----------

Net Earnings (Loss)                                $  156,687    $  (683,136)   $(2,721,806)    $(1,436,449)
                                                   ===========    ===========    ===========     ===========

Basic and Diluted Loss per Share:

Earnings (loss) from continuing operations           $0.07           $(0.24)        $(1.38)         $(0.60)

Earnings (loss) from discontinued operations          0.03            (0.22)         (0.46)          (0.37)
                                                      ----             ----           ----            ----

Net earnings (loss) per share                        $0.10           $(0.46)        $(1.84)         $(0.97)
                                                      ====             ====           ====            ====

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 for the fiscal year ended
June 30, 2003 primarily to three factors:  (1) a loss from goodwill  impairment;
(2) the unfavorable  results of the discontinued  operations of Insituform East;
and (3) a decrease in  investment  income  resulting  from a decline in interest
rates. As a result of continuing losses and anticipated  future operating losses
to be incurred by  Insituform  East,  the Company  determined  that the carrying
amount of its investment in Insituform East, including goodwill, was impaired as
of March 31, 2003.  Accordingly,  the Company took a write-off of all previously
carried  goodwill  in the  amount  of  $1,485,660  at that  time.  In  addition,
Insituform  East  recognized a consolidated  net loss of -$1,716,979 on sales of
$8,880,602  for its now  discontinued  operations  in fiscal  year  2003,  which
contributed a net loss from discontinued  operations of -$674,278 (39.3%) to the
Company.  Finally,  interest  earned  on  the  Company's  marketable  securities
decreased  $364,282  in fiscal  year 2003,  primarily  due to a decrease  in the
average rate of return on such investments from 4.8% in fiscal year 2002 to 3.0%
in fiscal year 2003.

     On June 18, 2003,  Insituform East entered into an Asset Purchase Agreement
with Insituform  Technologies,  Inc. ("ITI"),  the licensor of the Insituform(R)
process  technology,  providing for the sale to ITI of substantially  all of the
Company's  non-real  estate assets and on-going  business.  The  Agreement  also
required Insituform East to change its name to INEI Corporation,  effective with
the closing. The closing of the sale occurred on September 5, 2003.

     Commencing in 1992, ITI entered the CIPP installation business and began to
acquire  North  American  licensees  of  its  Insituform  technology.  By  2000,
Insituform  East was the only remaining  independent  North American  Insituform
licensee. In addition,  the expiration of certain initial method patents for the
Insituform  process in 1994  permitted  the entrance of new  competitors,  using
generic  processes,  into the CIPP market.  These competitors  generally enjoy a
significantly  lower cost structure  than did  Insituform  East due, among other
reasons,  to the typical absence of third-party  royalty payments.  The combined
effect of the entry of ITI into the CIPP installation  business and the entry of
other, lower cost, competitors into its markets, severely and adversely affected
Insituform  East's  competitive  position  and,   consequently,   its  financial
condition  and results of  operations.  Insituform  East's  Board of  Directors,
therefore, concluded that the independent continuation of Insituform East in the
CIPP  marketplace  was no longer  economically  viable  or in the best  economic
interest of its stockholders.

     With the  completion  of the  Asset  Sale,  the  Insituform  East  Board of
Directors,   after  due   consideration   has  undertaken   certain   additional
transactions  designed to maximize  Insituform East  stockholder  value. In this
regard, subsequent to the execution of the Asset Purchase Agreement, on July 24,
2003,  Insituform  East entered into a Real Estate Contract of Sale for the sale
of its real estate assets. Insituform East currently anticipates that additional
transactions  will take the form of the  liquidation  of its  remaining  assets,
including the sale or disposition of the assets of its wholly-owned  subsidiary,
Try  Tek  Machine  Works,  Inc.,  and  the  satisfaction  of  Insituform  East's
liabilities, including personnel termination and related costs, sale transaction
expenses and final liquidation costs.

     After  completion of the Asset Sale and  application of the net proceeds in
the manner  contemplated,  and assuming  ultimate  release to the Company of the
entire escrowed  amount and after  deduction of transaction  costs in connection
with the Asset Sale, Insituform East holds:

     o    Two contiguous  parcels of improved real property located in Landover,
          Maryland,  historically  held for the purpose of housing its corporate
          headquarters and CIPP business operations and which are the subject of
          the Real Estate Contract of Sale, which contemplates the sale of these
          properties for a combined price of $5,215,000;

     o    One parcel of improved real property located in Hanover, Pennsylvania,
          used to house the business of Try Tek, which custom designs and builds
          machinery,  including  machinery used to rehabilitate  pipelines using
          cured-in-place pipe processes;

     o    Cash and cash  equivalents  in the  approximate  amount of $1,900,000,
          substantially  all of which represents  residual net proceeds from the
          Asset Sale;

     o    Residual inventory and equipment not part of the Asset Sale; and

     o    Accounts receivable in the approximate amount of $2,000,000.

     Insituform East and,  consequently,  the Company, will not have any ongoing
operations  subsequent to the Asset Sale,  other than those of its  wholly-owned
subsidiary,  Try Tek, and those  operations are not expected to continue  beyond
September 30, 2003.

     Unless  the  Insituform  East  Board  concludes,  in  accordance  with  its
fiduciary  obligations,  that dissolution of Insituform East and liquidation and
distribution  of its assets are not in the best interest of Insituform  East and
its  stockholders,  Insituform  East  has  undertaken  in the now  closed  Asset
Purchase  Agreement with ITI that it will adopt a plan of dissolution and submit
the plan to a vote of its  stockholders  no later than the next annual  meeting,
currently scheduled for December 18, 2003.

     Likewise,   the  Company's  Board  of  Directors  anticipates  that,  after
consideration  in due course,  it also will  undertake one or more  transactions
designed to maximize CERBCO stockholder  value.  Unless the Board concludes that
dissolution of the Company and  liquidation  and  distribution of its assets are
not in the best interest of the Company and its  stockholders,  it is likely the
Board  will  adopt a plan of  dissolution  also and submit the plan to a vote of
stockholders  no later than the Company's  next annual  meeting,  also currently
scheduled for December 18, 2003.

     This  press  release  contains   forward-looking   statements,   which  are
inherently subject to risks and uncertainties.  The Company's future results and
plans could differ  materially from those currently  anticipated due to a number
of factors, including, without limitation, 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 INEI  Corporation  [OTC:INEI]  (formerly  known as Insituform  East,
Incorporated).

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