Vitran Report 2000 First Quarter Results

• Vitran Corporation Inc. Balance Sheet
• Vitran Corporation Inc. Statements Of Income

TORONTO--(BUSINESS WIRE)--May 3, 2000-- Vitran Corporation Inc. (TSE: VTN.A, AMEX: VVN), a North American transportation and logistics firm, today announced at its Annual Meeting in Toronto, financial results for the three-month period ended March 31, 2000 (all figures reported in Canadian dollars). Vitran also announced that its Board of Directors has approved the semi-annual dividend of $0.035 per share paryable on June 30, 2000 to shareholders of record on June 12, 2000.

Revenues for the three months ended March 31, 2000 rose to $123,022,000, compared to $118,032,000 in the 1999 first quarter. EBITDA delcined to $7,482,000, from $8,312,00 in the 1999 three-month period, and operating income was lower at $4,180,000, compared to $5,003,000 in the year-earlier period. Net income during the 2000 first quarter declined to $1,595,000, or $0.16 basic earnings per share ($0.15 fully diluted), compared to net income of $1,729,000, or $0.18 basic earnings per share ($0.16 fully diluted) in the year-ago first quarter. Per share results are based on 9,943,132 (11,037,932 fully diluted) and 9,883,680 (10,910,480 fully diluted) weighted average shares outstanding during the 2000 and 1999 first quarter periods, respectively.

Vitran President and Chidf Executive Officer Richard D. McGraw, stated, "Our first quarter oprating results were impacted by volatile fuel prices, owner operator shortages and lower revenues in Vitran's Intermodal/ Highway Brokerage business unit. We did however close the period with a very strong March and expect the positive trends to continue for the balance of the year.

"Most aspects of the integration program at Vitran Express (our Central States LTL operation) have been completed. We are encouraged with the positive trends established in the first quarter compared with the previous quarter and expect to continue to make progress for the balance of the year. Toward that end, the expanded Next Day service territory continues to receive a positive reception from new and existing customers and importantly, Vitran Express achieved a double-digit revenue increase in the first quarter."

Vitran Corporation Inc. is a North American group of transportation companies offering less-than-truckload, truckload, intermodal marketing, truck brokerage and logistics services. Further Company information is available at http://www.vitran.com.

This news announcement contains certain forward-looking information that is subject to certain risks and uncertainties as indicated from time to time in the Company's 20-F and other filings with the Securities and Exchange Commission. Included among these risks and uncertainties are the future performance of the economy, competitive and pricing pressures, fuel costs and other factors impacting the transportation industry.

Vitran Corporation Inc.
Balance Sheet
March 31, 2000 (unaudited)
(in thousands of Canadian dollars)

Vitran Corporation Inc.
Statements Of Income
(in thousands, except share and per share amounts)
(Canadian dollars)