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

TORONTO--(November 02, 1999) -- Vitran Corporation Inc. (Nasdap: VVN, TSE: VTNA), a North American transportation and logistics firm, today announced third quarter and nine-month results for the periods ended September 30, 1999 (all figures reported in Canadian dollars). The Company also announcd that it has entered into a $65 million revolving/ term credit facility. Vitran reported that its Board of Directors has approved a semi-annual dividend of $0.035 per share payable on December 31, 1999 to shareholders of record on December 15, 1999.

Revenues for the three months ended June 30, 1999 rose 14% to $121,331,000, compared to $106,854,000 in the 1998 third quarter, EBITDA increased 17% to $9,423,000, compared to $8,065,000 in the 1998 three-month period, and operating income increased 12% to $6,104,000, compared to $5,437,000 in the year-earlier period. Net income during the 1999 third quarter rose 4% to $2,943,000, or $0.30 basic earnings per share ($0.27 fully diluted), compared tonet income of $2,822,000, or $0.30 basic earnings per share ($0.27 fully diluted) in the year-ago third quarter. Per share results are based on 9,911,306 (10,858,606 fully diluted) and 9,532,827 (10,496,227 fully diluted) weighted average shares outstanding during the 1999 and 1998 third quarter periods, respectively.

Revenue for the first months of 1999 rose 23% to $360,180,000, versus $293,785,000 in the comparable prior year period. EBITDA for the first nine months of 1999 increased 39% to $28,222,000, compared to $20,339,000 in the comparable 1998 nine-month period, and operating income increased 35% to $18,403,000, compared to $13,489,000 in the nine-month period ended September 30, 1998. Net income during the current nine-month period rose 29% to $8,244,000, or $0.83 basic earnings per share ($0.77 fully diluted), compared to $6,380,000, or $0.67 basic earnings per share ($0.63 fully diluted) during the year-ago period. Per share results are based on 9,901,968 (10,849,268 fully diluted) and 9,526,062 (10,489,462 fully diluted) weighted average shares outstanding during the 1999 and 1998 nine-month periods, respectively.

Commenting on Vitran's financial results, President and Chief Executive Officer, Richard D. McGrew, stated, "The third quarter extends our steak of quarterly earnings gains to twelve, although the integration challenges at Vitran Express (US LTL) impacted our profitability for the quarter compared to where expected to be during this period."

Looking forward, Mr. McGraw, stated, "Our performance on a divisional level has been improving since the close of the third quarter, and this should lead to solid top and bottom line results in the fourth quarter and into 2000."

Commenting on Vitran's new $65 million financing arrangement, Vice President and Chief Financial Officer Kevin Glass, said, "The new revolving/term facilities are very flexible and include an option to convert a four-year term facility."

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
September  30, 1999 (unaudited)
(in thousands of Canadian dollars)

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