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

- Operating Income Increase 39% -

TORONTO, ONTARIO--(July 28, 1998) -- Vitran Corporation Inc. (Nasdaq: VVN, TSE: VTNA), a multi-service North American transportation and logistics firm, today announced financial results for the three-month period ended March 31, 1998 (all figures reported in Canadian dollars).

Revenues for the three months ended March 31, 1998 rose 16% to $92,414,000, compared to $79,760,000 in the 1997 first quarter, and operating income increased 39% to $2,744,000, compared to $1,977,000 in the year-earlier period. Net income during the 1998 first quarter rose 117% to $921,000, or $0.10 per basic share ($0.09 fully diluted), compared to net income of $425,000, or $0.05 per share ($0.04 fully diluted) in the year-ago first quarter. Per share results are based on 9,439,301 (10,284,201 fully diluted) and 9,411,033 (10,079,673 fully diluted) weighted average shares outstanding during the 1998 and 1997 first quarter periods, respectively.

Commenting on Vitran's strong first quarter results, President and Chief Executive Officer, Richard D. McGraw, stated, "All of Vitran's divisions contributed to the Company's strong first quarter earnings performance. In particular, our LTL (less-than-truckload) cross-border activity increased over 50% compared to the year-earlier period. This increase reflects the growing synergies between our existing U.S. and Canadian LTL operations, and underscores the benefits of our strategic plan to broaden North American transportation network through complementary acquisition in the U.S.

"During the first quarter, our consolidated operating ratio (total operating expenses inclusive of depreciation, exclusive of interest and taxes as a percentage of revenues) improved to 97.0%, versus 97.5% in the comparable year-earlier period and our core LTL OR was essentially even year-over-year, at 95.9%. We are encouraged by the excellent first quarter operating results improvements. We expect to continue to build upon our sales and earnings growth in coming periods and are focused on further lowering our LTL and consolidated operating ratios through improved productivity and operating efficiencies."

Vitran Corporation Inc. is a North American transportation firm with less-than-truckload, truckload, intermodal marketing, truck brokerage and logistics businesses operating under. Trans Western Express, Overland Transportation System, The Freight Connection and other corporate names. Further Company information is available at http://www.vitran.com.

REMINDER: Vitran management will conduct a conference call today, Thursday, April 30th at 10:00 a.m. EDT, to discuss the Company's 1998 first results. The conference call number is: 800/633-8763

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, 1998 (unaudited)
(in thousands of Canadian dollars)

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