Exhibit 99



CERBCO, Inc.

CONSOLIDATING SCHEDULE  STATEMENT OF OPERATIONS INFORMATION

THREE MONTHS ENDED
SEPTEMBER 30, 2004

(unaudited)



|                                             |  |                          |          |   |  |    |   |              |   |          |                            |  |   |                 |   |  |   |          |  
|-------------------------------------------- |  | ------------------------ | -------- | - |  | -- | - | ------------ | - | -------- | -------------------------- |  | - | --------------- | - |  | - | -------- | -
|                                             |  | CERBCO, Inc.Consolidated |          |   |  |    |   | Eliminations |   |          | CERBCO, Inc.Unconsolidated |  |   | INEICorporation |  
|Sales                                        |  | $                        | 0        |   |  | (A | ) |              | $ | (117,270 | )                          |  | $ | 0               |   |  | $ | 117,270  |  
|                                             |  |                          |          |   |  |    |   |              |   |          |                            |  |   |                 |   |  |   |          |  
|Costs and Expenses:                          |  |                          |          |   |  |    |   |              |   |          |                            |  |   |                 |   |  |   |          |  
|Cost of sales                                |  |                          | 0        |   |  | (A | ) |              |   | (99,624  | )                          |  |   | 0               |   |  |   | 99,624   |  
|Selling, general and administrative expenses |  |                          | 156,235  |   |  | (A | ) |              |   | (670,848 | )                          |  |   | 156,235         |   |  |   | 670,848  |  
|                                             |  |                          |          |   |  |    |   |              |   |          |                            |  |   |                 |   |  |   |          |  
|Total Costs and Expenses                     |  |                          | 156,235  |   |  |    |   |              |   | (770,472 | )                          |  |   | 156,235         |   |  |   | 770,472  |  
|                                             |  |                          |          |   |  |    |   |              |   |          |                            |  |   |                 |   |  |   |          |  
|Operating Loss                               |  |                          | (156,235 | ) |  |    |   |              |   | 653,202  |                            |  |   | (156,235        | ) |  |   | (653,202 | )
|Investment Income                            |  |                          | 40,455   |   |  | (A | ) |              |   | (16,365  | )                          |  |   | 40,455          |   |  |   | 16,365   |  
|Other Expense - Net                          |  |                          | (7,262   | ) |  | (A | ) |              |   | (33,961  | )                          |  |   | (7,262          | ) |  |   | 33,961   |  
|                                             |  |                          |          |   |  |    |   |              |   |          |                            |  |   |                 |   |  |   |          |  
|Loss Before Income Taxes                     |  |                          | (123,042 | ) |  |    |   |              |   | 602,876  |                            |  |   | (123,042        | ) |  |   | (602,876 | )
|                                             |  |                          |          |   | 
|Credit for Income Taxes                      |  |                          | (35,000  | ) |  |    |   |              |   | 0        |                            |  |   | (35,000         | ) |  |   | 0        |  
|                                             |  |                          |          |   |  |    |   |              |   |          |                            |  |   |                 |   |  |   |          |  
|Loss from Continuing Operations              |  |                          | (88,042  | ) |  |    |   |              |   | 602,876  |                            |  |   | (88,042         | ) |  |   | (602,876 | )
|                                             |  |                          |          |   | 
|Earnings from Discontinued Operations - Net  |  |                          | 0        |   |  |    |   |              |   | 0        |                            |  |   | 0               |   |  |   | 0        |  
|                                             |  |                          |          |   |  |    |   |              |   |          |                            |  |   |                 |   |  |   |          |  
|NET LOSS                                     |  | $                        | (88,042  | ) |  | (E | ) |              | $ | 602,876  |                            |  | $ | (88,042         | ) |  | $ | (602,876 | )
|                                             |  |                          |          |   |  |    |   |              |   |          |                            |  |   |                 |   |  |   |          |  



18



---

CERBCO, Inc.

CONSOLIDATING SCHEDULE  BALANCE SHEET INFORMATION

SEPTEMBER 30, 2004

(unaudited)



|                                                                |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|--------------------------------------------------------------- |  | ------------------------ | ---------- |  |  | -- | ---- | ------------ | - | ---------- | -------------------------- |  | --------------- | ---------- |  | - | ---------- | -
|                                                                |  | CERBCO, Inc.Consolidated |            |  |  |    |      | Eliminations |   |            | CERBCO, Inc.Unconsolidated |  | INEICorporation |           
|ASSETS                                                          |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|                                                                |  |                          |            |  | 
|Current Assets:                                                 |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|Cash and cash equivalents                                       |  | $                        | 9,232,729  |  |  | (C | )    |              | $ | (7,574,879 | )                          |  | $               | 9,232,729  |  | $ | 7,574,879  |  
|Cash in escrow                                                  |  |                          | 0          |  |  | (C | )    |              |   | (775,000   | )                          |  |                 | 0          |  |   | 775,000    |  
|Marketable securities                                           |  |                          | 6,052,573  |  |  |    |      |              |   | 0          |                            |  |                 | 6,052,573  |  |   | 0          |  
|Accounts receivable                                             |  |                          | 100,054    |  |  | (C | )    |              |   | (238,205   | )                          |  |                 | 100,054    |  |   | 238,205    |  
|Inventories                                                     |  |                          | 0          |  |  | (C | )    |              |   | (133,294   | )                          |  |                 | 0          |  |   | 133,294    |  
|Prepaid expenses and other                                      |  |                          | 31,952     |  |  | (C | )    |              |   | (61,834    | )                          |  |                 | 31,952     |  |   | 61,834     |  
|                                                                |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|TOTAL CURRENT ASSETS                                            |  |                          | 15,417,308 |  |  |    |      |              |   | (8,783,212 | )                          |  |                 | 15,417,308 |  |   | 8,783,212  |  
|                                                                |  |                          |            |  | 
|Investment in subsidiary                                        |  |                          | 0          |  |  | (D | )    |              |   | (1,299,711 | )                          |  |                 | 1,299,711  |  |   | 0          |  
|Intercompany receivables and payables                           |  |                          | 0          |  |  |    |      |              |   | 0          |                            |  |                 | 1,678,562  |  |   | (1,678,562 | )
|                                                                |  |                          |            |  | 
|Property, Plant and Equipment - net of accumulated depreciation |  |                          | 4,769      |  |  | (C | )    |              |   | (59,897    | )                          |  |                 | 4,769      |  |   | 59,897     |  
|                                                                |  |                          |            |  | 
|Other Assets:                                                   |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|Cash surrender value of SERP life insurance                     |  |                          | 2,003,270  |  |  |    |      |              |   | 0          |                            |  |                 | 2,003,270  |  |   | 0          |  
|Marketable securities                                           |  |                          | 992,383    |  |  |    |      |              |   | 0          |                            |  |                 | 992,383    |  |   | 0          |  
|Deposits and other                                              |  |                          | 44,489     |  |  |    |      |              |   | 0          |                            |  |                 | 44,489     |  |   | 0          |  
|Total assets of discontinued operations                         |  |                          | 8,843,109  |  |  | (C | )    |              |   | 8,843,109  |                            |  |                 | 0          |  |   | 0          |  
|                                                                |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|TOTAL ASSETS                                                    |  | $                        | 27,305,328 |  |  |    |      |              | $ | (1,299,711 | )                          |  | $               | 21,440,492 |  | $ | 7,164,547  |  
|                                                                |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|LIABILITIES AND STOCKHOLDERS EQUITY                            |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|                                                                |  |                          |            |  | 
|Current Liabilities:                                            |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|Accounts payable and accrued liabilities                        |  | $                        | 44,960     |  |  | (C | )    |              | $ | (1,182,696 | )                          |  | $               | 44,960     |  | $ | 1,182,696  |  
|Distributions payable                                           |  |                          | 0          |  |  | (C | )    |              |   | (2,660,871 | )                          |  |                 | 0          |  |   | 2,660,871  |  
|                                                                |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|TOTAL CURRENT LIABILITIES                                       |  |                          | 44,960     |  |  |    |      |              |   | (3,843,567 | )                          |  |                 | 44,960     |  |   | 3,843,567  |  
|Accrued SERP liability                                          |  |                          | 3,050,334  |  |  |    |      |              |   | 0          |                            |  |                 | 3,050,334  |  |   | 0          |  
|Total liabilities of discontinued operations                    |  |                          | 4,287,782  |  |  | (B | )(C) |              |   | 4,287,782  |                            |  |                 | 0          |  |   |            |  
|                                                                |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|TOTAL LIABILITIES                                               |  |                          | 7,383,076  |  |  |    |      |              |   | 444,215    |                            |  |                 | 3,095,294  |  |   | 3,843,567  |  
|                                                                |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|Non-Owned Interests                                             |  |                          | 2,021,269  |  |  | (A | )(D) |              |   | 2,021,269  |                            |  |                 | 0          |  |   | 0          |  
|                                                                |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|Stockholders Equity:                                           |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|Common stock                                                    |  |                          | 119,749    |  |  | (D | )    |              |   | (176,086   | )                          |  |                 | 119,749    |  |   | 176,086    |  
|Class B Common 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  |  
|                                                                |  |                          |            |  |  | (A | )(B) |              |   |            |                            |  |                 |            |  |   |            |  
|Retained earnings                                               |  |                          | 10,174,160 |  |  | (C | )(D) |              |   | (744,494   | )                          |  |                 | 10,618,375 |  |   | 300,279    |  
|Treasury stock                                                  |  |                          | 0          |  |  | (D | )    |              |   | 1,189,613  |                            |  |                 | 0          |  |   | (1,189,613 | )
|                                                                |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|TOTAL STOCKHOLDERS EQUITY                                      |  |                          | 17,900,983 |  |  |    |      |              |   | (3,765,195 | )                          |  |                 | 18,345,198 |  |   | 3,320,980  |  
|                                                                |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  
|TOTAL LIABILITIES AND STOCKHOLDERS EQUITY                      |  | $                        | 27,305,328 |  |  |    |      |              | $ | (1,299,711 | )                          |  | $               | 21,440,492 |  | $ | 7,164,547  |  
|                                                                |  |                          |            |  |  |    |      |              |   |            |                            |  |                 |            |  |   |            |  



19



---

CERBCO, Inc.

CONSOLIDATING RECLASSIFICATION AND ELIMINATION ENTRIES

SEPTEMBER 30, 2004

(unaudited)



|                                                                                                                |  |   |           |  |   |          
|--------------------------------------------------------------------------------------------------------------- |  | - | --------- |  | - | ---------
|(A)                                                                                                             |  |   |           |  |   |          
|Sales                                                                                                           |  | $ | 117,270   |  |   |          
|Investment income                                                                                               |  |   | 16,365    |  |   |          
|Other income                                                                                                    |  |   | 33,961    |  |   |          
|Non-owned interests                                                                                             |  |   | 366,932   |  |   |          
|Retained earnings                                                                                               |  |   | 235,944   |  |   |          
|Cost of sales                                                                                                   |  |   |           |  | $ | 99,624   
|Selling, general and administrative expenses                                                                    |  |   |           |  |   | 670,848  
|To reclassify the discontinued operations of INEI for the quarter ended September 30, 2004.                     |  |   |           |  |   |          
|                                                                                                                |  |  
|(B)                                                                                                             |  |   |           |  |   |          
|                                                                                                                |  |  
|Retained earnings                                                                                               |  | $ | 444,215   |  |   |          
|Total liabilities of discontinued earnings                                                                      |  |   |           |  | $ | 444,215  
|To adjust investment in INEI to fair value at September 30, 2004.                                               |  |   |           |  |   |          
|                                                                                                                |  |  
|(C)                                                                                                             |  |   |           |  |   |          
|                                                                                                                |  |  
|Accounts payable and accrued liabilities                                                                        |  | $ | 1,182,696 |  |   |          
|Distributions payable                                                                                           |  |   | 2,660,871 |  |   |          
|Total assets of discontinued operations                                                                         |  |   | 8,843,109 |  |   |          
|Cash and cash equivalents                                                                                       |  |   |           |  | $ | 7,574,879
|Cash in escrow                                                                                                  |  |   |           |  |   | 775,000  
|Accounts receivable                                                                                             |  |   |           |  |   | 238,205  
|Inventories                                                                                                     |  |   |           |  |   | 133,294  
|Prepaid expenses and other                                                                                      |  |   |           |  |   | 61,834   
|Property, plant and equipment-net                                                                               |  |   |           |  |   | 59,897   
|Total liabilities of discontinued operations                                                                    |  |   |           |  |   | 3,843,567
|To reclassify the assets and liabilities of discontinued operations at September 30, 2004.                      |  |   |           |  |   |          
|                                                                                                                |  |   |           |  |   |          
|(D)                                                                                                             |  |   |           |  |   |          
|                                                                                                                |  |  
|                                                                                                                |  |   |           |  |   |          
|Common stock                                                                                                    |  | $ | 176,086   |  |   |          
|Class B stock                                                                                                   |  |   | 11,904    |  |   |          
|Additional paid-in capital                                                                                      |  |   | 4,022,324 |  |   |          
|Retained earnings                                                                                               |  |   | 667,211   |  |   |          
|Treasury stock                                                                                                  |  |   |           |  | $ | 1,189,613
|Investment in subsidiary                                                                                        |  |   |           |  |   | 1,299,711
|Non-owned interests                                                                                             |  |   |           |  |   | 2,388,201
|To eliminate investment in INEI at September 30, 2004.                                                          |  |   |           |  |   |          
|(E)                                                                                                             |  |   |           |  |   |          
|                                                                                                                |  |  
|Current period loss adjustments                                                                                 |  | $ | 602,876   |  |   |          
|Retained Earnings                                                                                               |  |   |           |  | $ | 602,876  
|To close out impact of eliminating entries on statement of operations for the quarter ended September 30, 2004. |  |   |           |  |   |          



20



---

LOGO



CERBCO, Inc.

1419 Forest Drive, Suite 209  Annapolis  Maryland 21403

Tel: 443.482.3374

Fax: 410.263.2960