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

- Seeks Approval to Repurchase Up to 5% of Outstanding Shares -

TORONTO, ONTARIO--(March 10, 1998) -- Vitran Corporation Inc. (Nasdaq: VVN, TSE: VTNA), a multi-service North American transportation and logistics firm, today announced financial results for the fourth quarter and twelve-month period ended December 31, 1997 (all figures reported in Canadian dollars). Vitran also announced that, subject to approval of The Toronto Stock Exchange, it plans to repurchase up to 5% of its outstanding Class A Voting Shares, from time to time through open market transactions.

Revenues for the three months ended December 31, 1997 rose 21% to $94,401,000, compared to $77,879,000 in the 1996 fourth quarter, and operating income increased 19% to $3,244,000, compared to $2,510,000 in the year-earlier period. Net income during the 1997 fourth quarter rose 73% to $1,277,000, or $0.14 per share ($0.12 fully diluted), compared with net income of $740,000, or $0.08 per share ($0.07 fully diluted) in the year-ago fourth quarter. Per share results are based on 9,416,464 and 9,394,947 weighted average shares outstanding during the 1997 and 1996 fourth quarter periods, respectively.

Revenues for the three months ended December 31, 1997 rose 18% to $358,137,000, compared to $303,577,000 in 1996, and operating income for 1997 more than tripled to $13,794,000, versus operating income of $4,540,000 in the year-earlier period. Net income of $488,525, or $0.05 per share ($0.05 fully diluted), in the year-ago period. Per share results are based on 9,414,292 and 9,380,037 weighted average shares outstanding during 1997 and 1996, respectively.

Commenting on Vitran's strong 1997 results, President and Chief Executive Officer, Richard D. McGraw, stated, "The dramatic earnings and operational rebound we achieved last year is the result of improvements at all of Vitran's divisions, and reflects the tremendous commitment and dedication of employees throughout our organization. In 1997 we raised our market share at all of Vitran's divisions and improved our consolidated operating ratio (total operating expenses inclusive of depreciation, exclusive of interest and taxes as a percentage of revenues) (OR) to 96.1% from 98.5% and our LTL (less-than-truckload) OR to 94.2% from 96.0%. We continue to focus on Company-wide initiatives that will further improve our operating ratios, which we believe are a primary measure of performance.

"The Company expanded its U.S. LTL network with the opening of two Tennessee hubs and raised its ownership in its intermodal marketing (IMC) and transportation brokerage subsidiary, The Freight Connection (TFC), which achieved record results in 1997. We also overcame several Company-specific issues at our U.S. truckload division and environmental services group that had impacted earnings performance.

Mr. McGraw continued, "We expect 1998 to be another strong year for Vitran. January 1998 operating results met our targets despite the treacherous ice storms in the northeast. Our long-term strategic goal is to build a comprehensive North American distribution network to better serve our growing client base, while also maintaining double digit internal revenue and earnings growth. To assemble our network, we are seeking to acquire complementary regional U.S. LTL operators that adhere to our strict criteria - profitability, company size, geographic location and corporate culture."

Vitran Corporation Inc. is a North American transportation firm with less-than-truckload, truckload, intermodal marketing, truck brokerage and logistics business 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, Tuesday, march 10th at 10:00 a.m. (EST), to discuss the Company's 1997 fourth quarter and year-end results. The conference call number is: 800/ 840-6218

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, 1997 (audited)
(in thousands of Canadian dollars)

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