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

TORONTO--(August 4, 1999) -- Vitran Corporation Inc. (Nasdap: VVN, TSE: VTNA), a North American transportation and logistics firm, today announced record second quarter financial results and strong six-month results for the periods ended June 30, 1999 (all figures reported in Canadian dollars).

Revenues for the three months ended June 30, 1999 rose 25% to $120,817,000, compared to $96,394,000 in the 1998 second quarter. EBITDA increased 40% to $10,487,000, compared to 7,478,000 in the 1998 three-month period, and operating income increased 37% to $7,296,000, compared to $5,308,000 in the year-earlier period. Net income during the 1999 second quarter rose 35% to $3,572,000, or $0.36 basic earnings per share ($0.33 fully  diluted), compared to net income of $2,637,000, or $0.28 basic earnings per share ($0.25 fully filuted) in the year-ago second quarter. Per share results are based on 9,889,756 (10,929,056 fully diluted) and 9,535,204 (10,404,604 fully diluted) weighted average shares outstanding during the 1999 and 1998 second quarter periods, respectively.

Revenues for the first six months of 1999 rose 28% to $238,849,000, versus $186,931,000 in the comparable prior year period. EBITDA for the first half of 1999 increased 53% to $18,799,000, compared to $12,274,000 in the comparable 1998 three-month period, and operating income increased 53% to $12,299,000, compared to $8,052,000 in the six-month period ended June 30, 1998. Net income during the current six-month period rose 49% to $5,301,000, or $0.54 basic earnings per share ($0.49 fully diluted), compared to $3,558,000, or $0.38 basic earnings per share ($0.34 fully diluted) during the year-ago period. Per share results are based on 9,887,809 (10,927,109 fully diluted) and 9,487,613 (10,357,013 fully diluted) weighted average shares outstanding during the 1999 and 1998 six-month periods, respectively.

Commenting on Vitran's record results, President and Chief Executive Officer, Richard D. McGraw, stated, "Notwithstanding lower than anticipated revenue growth in our U.S. LTL operations, the 1999 second quarter represents the eleventh consecutive quarterly gain in earnings. While Quast Transfer, which we acquired in September 1998, contributed to the record second quarter performance, integration issues impaired U.S. LTL revenue growth and operating efficiencies. Consistent with our long-term goal of enhancing financial performance, during the quarter, the consolidated operating ratio (OR) improved to 94.0 from 94.5, and within our core LTL (less-than-truckload) division improved to 92.2 from 92.9."

The OR (total operating expenses inclusive of depreciation, exclusive of interest and taxes as a percentage of revenues) is an importatn benchmark used in the transportation industry to measure operating efficiency and productivity.

Look forward, Mr. McGraw, concluded, "With our position in the central states, which are experiencing economic growth, and a stable LTL pricing environment, we expect the second half of 1999 to better reflect the potential of our operations."

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

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