Exhibit 99



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Board of Directors and Stockholders of

CERBCO, Inc.

Annapolis, Maryland



We have audited the consolidated financial statements of CERBCO, Inc. and subsidiaries as of June 30, 2004 and for each of the two years in the period then ended, and
have issued our report thereon dated August 12, 2004; such financial statements and report are included in this Annual Report on Form 10-KSB. Our audit was conducted for the purpose of forming an opinion on the basic consolidated financial
statements taken as a whole. The consolidating schedules as of, and for the year ended June 30, 2004 are presented for the purpose of additional analysis of the basic consolidated financial statements rather than to present the financial position
and results of operations of the individual companies, and are not a required part of the basic consolidated financial statements. These schedules are the responsibility of the Companys management. Such schedules have been subjected to the
auditing procedures applied in our audit of the basic 2004 consolidated financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic consolidated financial statements taken as a whole.



|                     
|---------------------
|/s/ Aronson & Company
|                     
|ARONSON & COMPANY    
|Rockville, Maryland  
|August 12, 2004      



---

CERBCO, Inc.

CONSOLIDATING SCHEDULE  STATEMENT OF OPERATIONS INFORMATION

YEAR ENDED JUNE 30,
2004



|                                             |  |                          |            |          |              |   |            |                            |  |   |                 |   |  |   |            |  
|-------------------------------------------- |  | ------------------------ | ---------- | -------- | ------------ | - | ---------- | -------------------------- |  | - | --------------- | - |  | - | ---------- | -
|                                             |  | CERBCO, Inc.Consolidated |            |          | Eliminations |   |            | CERBCO, Inc.Unconsolidated |  |   | INEICorporation |  
|Sales                                        |  | $                        | 0          | (A)      |              | $ | (2,167,493 | )                          |  | $ | 0               |   |  | $ | 2,167,493  |  
|                                             |  |                          |            |          |              |   |            |                            |  |   |                 |   |  |   |            |  
|Costs and Expenses:                          |  |                          |            |          |              |   |            |                            |  |   |                 |   |  |   |            |  
|Cost of sales                                |  |                          | 0          | (A)      |              |   | (2,271,529 | )                          |  |   | 0               |   |  |   | 2,271,529  |  
|Selling, general and administrative expenses |  |                          | 1,788,614  | (A)      |              |   | (2,859,109 | )                          |  |   | 1,788,614       |   |  |   | 2,859,109  |  
|                                             |  |                          |            |          |              |   |            |                            |  |   |                 |   |  |   |            |  
|Total Costs and Expenses                     |  |                          | 1,788,614  |          |              |   | (5,130,638 | )                          |  |   | 1,788,614       |   |  |   | 5,130,638  |  
|                                             |  |                          |            |          |              |   |            |                            |  |   |                 |   |  |   |            |  
|Operating Loss                               |  |                          | (1,788,614 | )        |              |   | 2,963,145  |                            |  |   | (1,788,614      | ) |  |   | (2,963,145 | )
|                                             |  |                          |            |         
|Gain from sales of property and equipment    |  |                          | 0          |          |              |   | (5,995,242 | )                          |  |   | 0               |   |  |   | 5,995,242  |  
|Investment Income                            |  |                          | 199,832    | (A)      |              |   | (17,823    | )                          |  |   | 199,832         |   |  |   | 17,823     |  
|Interest Expense                             |  |                          | 0          | (A)      |              |   | 22,333     |                            |  |   | 0               |   |  |   | (22,333    | )
|Other Income                                 |  |                          | 203,723    | (A)      |              |   | (85,112    | )                          |  |   | 203,723         |   |  |   | 85,112     |  
|                                             |  |                          |            |          |              |   |            |                            |  |   |                 |   |  |   |            |  
|Loss Before Income Taxes                     |  |                          | (1,385,059 | )        |              |   | (3,112,699 | )                          |  |   | (1,385,059      | ) |  |   | 3,112,699  |  
|                                             |  |                          |            |         
|Provision for Income Taxes                   |  |                          | 0          |          |              |   | (895,000   | )                          |  |   | 0               |   |  |   | 895,000    |  
|                                             |  |                          |            |          |              |   |            |                            |  |   |                 |   |  |   |            |  
|Loss from Continuing Operations              |  |                          | (1,385,059 | )        |              |   | (2,217,699 | )                          |  |   | (1,385,059      | ) |  |   | 2,217,699  |  
|                                             |  |                          |            |         
|Earnings from Discontinued Operations  Net  |  |                          | 187,768    | (A)(B)   |              |   | 187,768    |                            |  |   | 0               |   |  |   | 0          |  
|                                             |  |                          |            |          |              |   |            |                            |  |   |                 |   |  |   |            |  
|NET LOSS                                     |  | $                        | (1,197,291 | )    (E) |              | $ | (2,029,931 | )                          |  | $ | (1,385,059      | ) |  | $ | 2,217,699  |  
|                                             |  |                          |            |          |              |   |            |                            |  |   |                 |   |  |   |            |  



---

CERBCO, Inc.

CONSOLIDATING SCHEDULE  BALANCE SHEET INFORMATION

JUNE 30, 2004



|                                                                |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|--------------------------------------------------------------- |  | ------------------------ | ---------- | ------ | ------------ | - | ---------- | -------------------------- |  | - | --------------- | - |  | - | ---------- | -
|                                                                |  | CERBCO, Inc.Consolidated |            |        | Eliminations |   |            | CERBCO, Inc.Unconsolidated |  |   | INEICorporation |  
|ASSETS                                                          |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|Current Assets:                                                 |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|Cash and cash equivalents                                       |  | $                        | 7,001,946  | (C)    |              | $ | (8,661,396 | )                          |  | $ | 7,001,946       |   |  | $ | 8,661,396  |  
|Marketable securities                                           |  |                          | 9,515,871  |        |              |   | 0          |                            |  |   | 9,515,871       |   |  |   | 0          |  
|Accounts receivable - net                                       |  |                          | 47,320     | (C)    |              |   | (323,208   | )                          |  |   | 47,320          |   |  |   | 323,208    |  
|Inventories                                                     |  |                          | 0          | (C)    |              |   | (114,296   | )                          |  |   | 0               |   |  |   | 114,296    |  
|Cash surrender value of life insurance                          |  |                          | 0          | (C)    |              |   | (319,741   | )                          |  |   | 0               |   |  |   | 319,741    |  
|Prepaid expenses and other                                      |  |                          | 74,109     | (C)    |              |   | (88,993    | )                          |  |   | 74,109          |   |  |   | 88,993     |  
|                                                                |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|TOTAL CURRENT ASSETS                                            |  |                          | 16,639,246 |        |              |   | (9,507,634 | )                          |  |   | 16,639,246      |   |  |   | 9,507,634  |  
|                                                                |  |                          |            |       
|Investment in and Advances to Subsidiary:                       |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|Investment in subsidiaries                                      |  |                          | 0          | (D)    |              |   | (3,246,647 | )                          |  |   | 3,246,647       |   |  |   | 0          |  
|Intercompany receivables and payables                           |  |                          | 0          |        |              |   | 0          |                            |  |   | (31,329         | ) |  |   | 31,329     |  
|                                                                |  |                          |            |       
|Property, Plant and Equipment - net of accumulated depreciation |  |                          | 5,089      | (C)    |              |   | (59,896    | )                          |  |   | 5,089           |   |  |   | 59,896     |  
|                                                                |  |                          |            |       
|Other Assets:                                                   |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|Cash surrender value of life insurance                          |  |                          | 2,010,532  |        |              |   | 0          |                            |  |   | 2,010,532       |   |  |   | 0          |  
|Deposits and other                                              |  |                          | 44,489     |        |              |   | 0          |                            |  |   | 44,489          |   |  |   | 0          |  
|Total assets of discontinued operations                         |  |                          | 9,567,530  | (C)    |              |   | 9,567,530  |                            |  |   | 0               |   |  |   | 0          |  
|                                                                |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|TOTAL ASSETS                                                    |  | $                        | 28,266,886 |        |              | $ | (3,246,647 | )                          |  | $ | 21,914,674      |   |  | $ | 9,598,859  |  
|                                                                |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|LIABILITIES AND STOCKHOLDERS EQUITY                            |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|Current Liabilities:                                            |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|Accounts payable and accrued liabilities                        |  | $                        | 195,156    | (C)    |              | $ | (956,918   | )                          |  | $ | 195,156         |   |  | $ | 956,918    |  
|Accrued SERP liability                                          |  |                          | 0          |        |              |   | (346,221   | )                          |  |   | 0               |   |  |   | 346,221    |  
|                                                                |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|TOTAL CURRENT LIABILITIES                                       |  |                          | 195,156    |        |              |   | (1,303,139 | )                          |  |   | 195,156         |   |  |   | 1,303,139  |  
|Other Liabilities:                                              |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|Accrued SERP liability                                          |  |                          | 3,050,334  |        |              |   | 0          |                            |  |   | 3,050,334       |   |  |   | 0          |  
|Total liabilities of discontinued operations                    |  |                          | 1,983,299  | (B)(C) |              |   | 1,983,299  |                            |  |   | 0               |   |  |   | 0          |  
|                                                                |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|TOTAL LIABILITIES                                               |  |                          | 5,228,789  |        |              |   | 680,160    |                            |  |   | 3,245,490       |   |  |   | 1,303,139  |  
|                                                                |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|Non-Owned Interests                                             |  |                          | 5,049,073  | (A)(D) |              |   | 5,049,073  |                            |  |   | 0               |   |  |   | 0          |  
|                                                                |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|Stockholders Equity:                                           |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|Common stock                                                    |  |                          | 119,749    | (D)    |              |   | (176,086   | )                          |  |   | 119,749         |   |  |   | 176,086    |  
|Class B stock                                                   |  |                          | 29,046     | (D)    |              |   | (11,904    | )                          |  |   | 29,046          |   |  |   | 11,904     |  
|Additional paid-in capital                                      |  |                          | 7,578,028  | (D)    |              |   | (4,022,324 | )                          |  |   | 7,578,028       |   |  |   | 4,022,324  |  
|Retained earnings                                               |  |                          | 10,262,201 | (D)(E) |              |   | (5,955,179 | )                          |  |   | 10,942,361      |   |  |   | 5,275,019  |  
|Treasury stock                                                  |  |                          | 0          | (D)    |              |   | 1,189,613  |                            |  |   | 0               |   |  |   | (1,189,613 | )
|                                                                |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|TOTAL STOCKHOLDERS EQUITY                                      |  |                          | 17,989,024 |        |              |   | (8,975,880 | )                          |  |   | 18,669,184      |   |  |   | 8,295,720  |  
|                                                                |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  
|TOTAL LIABILITIES AND STOCKHOLDERS EQUITY                      |  | $                        | 28,266,886 |        |              | $ | (3,246,647 | )                          |  | $ | 21,914,674      |   |  | $ | 9,598,859  |  
|                                                                |  |                          |            |        |              |   |            |                            |  |   |                 |   |  |   |            |  



---

CERBCO, Inc.

CONSOLIDATING RECLASSIFICATION AND ELIMINATION ENTRIES

JUNE 30, 2004



|                                                                                           |  |   |           |  |   |          
|------------------------------------------------------------------------------------------ |  | - | --------- |  | - | ---------
|(A)                                                                                        |  |   |           |  |   |          
|Sales                                                                                      |  | $ | 2,167,493 |  |   |          
|Investment income                                                                          |  |   | 17,823    |  |   |          
|Gain on sale of property and equipment                                                     |  |   | 5,995,242 |  |   |          
|Other income                                                                               |  |   | 85,112    |  |   |          
|Cost of sales                                                                              |  |   |           |  | $ | 2,271,529
|Selling, general and administrative expenses                                               |  |   |           |  |   | 2,859,109
|Interest expense                                                                           |  |   |           |  |   | 22,333   
|Credit for income taxes                                                                    |  |   |           |  |   | 895,000  
|Earnings from discontinued operations - net                                                |  |   |           |  |   | 867,928  
|Non-owned interests                                                                        |  |   |           |  |   | 1,349,771
|To reclassify the discontinued operations of INEI for the fiscal year ended June 30, 2004. |  |   |           |  |   |          
|(B)                                                                                        |  |   |           |  |   |          
|Earnings from discontinued operations                                                      |  | $ | 680,160   |  |   |          
|Total liabilities of discontinued operations                                               |  |   |           |  | $ | 680,160  
|To adjust investment in INEI to fair value.                                                |  |   |           |  |   |          
|(C)                                                                                        |  |   |           |  |   |          
|Accounts payable and accrued liabilities                                                   |  | $ | 956,918   |  |   |          
|Accrued SERP liability                                                                     |  |   | 346,221   |  |   |          
|Total assets of discontinued operations                                                    |  |   | 9,567,530 |  |   |          
|Cash and cash equivalents                                                                  |  |   |           |  | $ | 8,661,396
|Accounts receivable                                                                        |  |   |           |  |   | 323,208  
|Inventories                                                                                |  |   |           |  |   | 114,296  
|Cash surrender value of life insurance                                                     |  |   |           |  |   | 319,741  
|Prepaid expenses and other                                                                 |  |   |           |  |   | 88,993   
|Property, plant and equipment                                                              |  |   |           |  |   | 59,896   
|Total liabilities of discontinued operations                                               |  |   |           |  |   | 1,303,139
|To reclassify the assets and liabilities of discontinued operations at June 30, 2004.      |  |   |           |  |   |          
|                                                                                           |  |   |           |  |   |          
|                                                                                           |  |   |           |  |   |          
|                                                                                           |  |  
|(D)                                                                                        |  |   |           |  |   |          
|Common stock                                                                               |  | $ | 176,086   |  |   |          
|Class B stock                                                                              |  |   | 11,904    |  |   |          
|Additional paid-in capital                                                                 |  |   | 4,022,324 |  |   |          
|Retained earnings                                                                          |  |   | 3,925,248 |  |   |          
|Treasury stock                                                                             |  |   |           |  | $ | 1,189,613
|Non-owned interests                                                                        |  |   |           |  |   | 3,699,302
|Investment in subsidiary                                                                   |  |   |           |  |   | 3,246,647
|To eliminate investment in INEI at June 30, 2004.                                          |  |   |           |  |   |          
|                                                                                           |  |  
|(E)                                                                                        |  |   |           |  |   |          
|Retained earnings                                                                          |  | $ | 2,029,931 |  |   |          
|Current year earning adjustments                                                           |  |   |           |  | $ | 2,029,931
|To close out impact of eliminating entries on statement of operations for 2004.            |  |   |           |  |   |