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

TORONTO--(March 9, 1999) -- Vitran Corporation Inc. (Nasdaq: VVN, TSE: VTNA), a North American transportation and logistics provider, today announced record financial results for the fourth quarter and twelve-month periods ended December 31, 1998 (all figures reported in Canadian dollars).

Revenues for the three months ended December 31, 1998, the first full quarter reflecting the addition of Quast Transfer, rose 32% to $124,608,000, compared to $94,401,000 in the 1997 fourth quarter. EBITDA increased 65% to $8,663,000, compared to $5,266,000 in the year-earlier period, and operating income rose 64% to $5,304,000, versus $3,244,000 in the year-ago three-month period. Net income for the 1998 fourth quarter rose 80% to $2,302,000, or $0.23 per share ($0.21 fully diluted), compared with net income of $1,277,000, or $0.14 per share ($0.12 filly diluted) in the year-ago fourth quarter. Per share results are based on 9,871,899 basic (10,855,299 fully diluted) and 9,416,464 basis (10,245,264 fully diluted) weighted average shares outstanding during the 1998 and 1997 fourth quarter periods, respectively.

Revenues for the year ended December 31, 1998 rose 18% to $424,308,000, compared to $358,137,000 in 1997. EBITDA increased 34% to $29,002,000, compared to $21,671,000 in 1997, and operating income rose 36% to $18,794,000, versus $13,794,000 in the year-earlier period. Net income for 1998 rose 58% to $8,683,000, or $0.90 per basic share ($0.83 fully diluted), compared to net income of $5,498,000, or $0.58 per basic share ($0.54 fully diluted), in the year-ago period. Per share results are based on 9,614,005 basic (10,627,405 fully diluted and 9,414,292 basic (10,243,092 fully diluted) weighted average shares outstanding during 1998 and 1997, respectively.

Commenting on Vitran's record performance, President and Chief Executive Officer, Richard D. McGraw stated, "Vitran achieved impressive operating results in 1998, and the fourth quarter marks our ninth straight reporting period of higher earnings. The acquisition of Quast in September 1998 significantly enhanced our fourth quarter results, building upon the double-digit internal growth generated from Vitran's existing operations. This follows a strong 1997, and we are also pleased with the improving trends in revenue, and more importantly, operating cash flow and operating income."

Richard E. Gaetz, Chief Operating Officer of Vitran Distribution Systems, added, "The integration of our Overland and Quast operations is on schedule, and Vitran customers have been pleased with our new 'total satisfaction guarantee,' and expedited service throughout the Central (US) States."

Kevin A. Glass, Vice President Finance and Chief Financial Officer, concluded, "We expect continued improvement in the Company's 1999 operating results as we execute our strategic growth plan and focue on improving operating and cash flow margins, which should results in a lower consolidated operating ratio."

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, Tuesday, March 9th at 10:00 a.m. EST, to discuss the Company's 1998 fourth quarter and year-end results.

The conference call dial-in number is: 800/592-3872

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
December  31, 1998 (unaudited)
(in thousands of Canadian dollars)

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

** Vitran's financial statements are prepared in accordance with Canadian Gerenally Accepted Accounting Principles (GAA)).