Less-than-truckload Operating Income Rises 26% Declares Semi-annual Dividend

• Vitran Corporation Inc. Balance Sheet
• Vitran Corporation Inc. Statements Of Income
• To Download Vitran Q3 2000 Press Release

TORONTO(November 2, 2000)-- Vitran Corporation Inc. (TSE: VTN.A, AMEX: VVN), a North American transportation and logistics firm, today announced operating results for the periods ended September 30, 2000 (all figures reported in Canadian dollars). Vitran also reported that its Board of Directors has approved a semi-annual dividend of $0.035 per share payable on December 31, 2000 to shareholders of record on December 15, 2000.

Revenues for the three months ended September 30, 2000 rose to $126,326,000, compared to $121,331,000 in the 1999 third quarter. Vitran achieved a 9% increase in EBITDA to $10,247,000 in the 2000 third quarter, compared to $9,422,000 in the 1999 three-month period, and operating income rose 13% to $6,908,000, versus $6,104,000 in the year-earlier period. Net income during the 2000 third quarter was $2,932,000, or $0.30 basic earnings per share ($0.27 fully diluted), compared to $2,943,000, or $0.30 basic earnings per share ($0.27 fully diluted) in the year-ago third quarter. Per share results are based on 9,878,178 (11,002,978 fully diluted) and 9,911,306 (10,858,606 fully diluted) weighted average shares outstanding during the 2000 and 1999 third quarter period, respectively.

Revenues for the first nine months of 2000 increased 5% to $379,634,000, versus $360,180,000 in the comparable prior year period. Vitran achieved EBITDA of $28,356,000 for the nine-month period ended September 30, 2000, compared to $28,222,000 in the comparable 1999 nine-month period, and operating income increased to $18,456,000, from $18,403,000 in the year-ago period. Net income for the current nine-month period was $7,942,000, or $0.80 basic earnings per share ($0.73 fully diluted), compared to $8,244,000, or $0.83 basic earnings per share ($0.77 fully diluted) during the year-ago period. Per share results are based on 9,900,079 (11,024,879 fully diluted) and 9,901,968 (10,849,268 fully diluted) weighted average shares outstanding during the 2000 adn 1999 nine-month periods, respectively.

Commenting on Vitran's results, President and Chief Executive Officer, Richard D. McGraw, stated, "Our LTL operations were once again the highlight this past quarter. Consolidated North American LTL income from operations rose 26% during Q3, as our Canadian LTL division achieved record operating income. Vitran Express, our US LTL operations based in the Midwestern Central States, continued to improve and reported increases in both revenues and operating income during the period. Another bright spot was the strong performance of our Vitran Logistics unit, which grew its operating income nearly four-fold, on a year-over-year comparison.

"The combined LTL operations results during the third quarter surpassed the year-ago numbers on all key metrics. Revenues increased 8% to $95,000,000 ane operating income rose 16%. LTL shipments grew 6% tonnage was up 5% and yield rose 3%. Importantly, our 2000 third quarter combined LTL operating ratio improved to 92.4%, from 93.9% in the 1999 third quarter.

"The one disappointment during the quarter was sub-par results at our non-transportation business unit. ETL, which is in the recycling business, reported a quarterly operating loss of $297,000, compared to a $348,000 operating profit in Q3, 1999. Although ETL's revenues increased over the previous year, they were substantially below internal expectations and difficulties in achieving planned throughput at two new processing plants accounted for the major portion of the year-over-year decrease in operating income."

McGraw, concluded, "The freight operations performed very well during this quarter and we believe the positive trends will continue. Overall, we are pleased with Vitran's third quarter results and we expect to report a solid fourth quarter with improvement over last year's performance."

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.

Information in this news announcement relating to projected growth, improvements in productivity and future results constitutes forward-looking statements. Actual results in future periods may differ materially from the forward-looking statements because of a number of risks and uncertainties, including but not limited to economic factors, demand for the Company's services, fuel price fluctuations, the availability of employee drivers and independent contractors, risks associated with geographic expansion, capital requirements, claims exposure and insurance costs, competition and environmental hazards. Additional information about these and other factors that could affect the Company's business is set forth in the Company's 1999 Annual Report on Form 20-F and other filings with the Securities and Exchange Commission.

Vitran Corporation Inc.
Balance Sheet
September 30, 2000 (unaudited)
(in thousands of Canadian dollars)

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