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

-Revenues Increase 15% as Quast Acquisition Makes Immediate Contribution-
-Declares Semi-Annual Dividend-

TORONTO, ONTARIO--(November 3, 1998) -- Vitran Corporation Inc. (Nasdaq: VVN, TSE: VTNA), a North American transportation and logistics provider, today announced strong operating results for the period ended September 30, 1998, its best quarter in the Company's history. Separately, Vitran announced the appointment of Kevin Glass as Vice President of Finance and Chief Financial Officer. Vitran also announced that its Board of Directors has approved the semi-annual dividend of $0.035 per share payable on December 31, 1998 to shareholders of record on December 15, 1998.

Revenues (all figures reported in Canadian dollars) for the three months ended September 30, 1998 rose 15% to $108,795,000, compared to $94,215,000 in the 1997 third quarter, and operating income increased 26% to $5,437,000, compared to $4,304,000 in the prior year period. Net income during the 1998 third quarter rose 49% to $2,822,000, or $0.30 per basic share ($0.27 fully diluted), compared to net income of $1,898,000, or $0.20 per basic share ($0.19 fully diluted) in the third quarter of 1997. Per share results are based on 9,532,827 (10,496,227 fully diluted) and 9,416,592 (10,096,892 fully diluted) weighted average shares outstanding during the 1998 and 1997 third quarter periods, respectively.

Revenues for the first nine months of 1998 rose 14% to $299,700,000, versus $293,736,000 in the comparable prior year period, and operating income increased 28% to $13,489,000, compared to $10,550,000 in the first nine months of 1997. Net income during the nine-month period rose 51% to $6,380,000, or $0.67 per share ($0.63 fully diluted), compared to $4,220,000, or $0.45 per share ($0.42 fully diluted) during the year-ago period. Per share results are based on 9,526,082 (10,489,462 fully diluted) and 9,413,559 (10,093,859 fully diluted) weighted average shares outstanding during the 1998 and 1997 nine month periods, respectively.

Commenting on Vitran's results, President and Chief Executive Officer, Richard D. McGraw, stated, "The third quarter represents our eighth consecutive quarterly earnings and consolidated operating ratio (OR) gains underscoring the success of the Company's long-term strategy to grow both internally and through strategic acquisitions. Our core less-than-truckload (LTL) division performed well in the quarter, reflecting ongoing operating strength as well as a one month contribution from our newly acquired Quast Transfer division."

Kevin Glass joined Vitran as Vice President of Finance and Chief Financial Officer on October 19, 1998. Mr. Glass' responsibilities include: managing all financial and treasury functions, bank and financial community relationships.

Mr. Glass brings to Vitran over sixteen years of multi-national financial and accounting experience in the logistics industry. Prior to joining Vitran, Mr. Glass served for more than nine years at Livingston Group Inc., one of North America's largest trade services and logistics companies, most recently as Vice President and Chief Financial Officer.

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.

REMINDER:
Vitran management will conduct a conference call today, November 3rd at 10:00 a.m. (EST), to discuss the Company's 1998 third quarter results. The conference call number is: 800/600/7715. A reply of the call will also be available from 12:30 p.m. (EST) November 3rd until midnight (EST) on November 5th. The replay dial-in is: 800/633-8284 (access code: 1752365)

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
September  30, 1998 (unaudited)
(in thousands of Canadian dollars)

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