##### 



SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-K/A
 (Amendment No. 1)
 
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2007
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from _____________ to _____________.
 Commission file number 0-19791
 
 VITRAN CORPORATION INC.
 (Exact name of registrant as specified in its charter)
 
 Ontario, Canada(State or other jurisdiction of
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 185 The West Mall, Suite 701, Toronto, Ontario, Canada, M9C 5L5
 (Address of principal executive offices) (Zip Code)
 (Registrants telephone number, including area code)
 (416) 596-7664
  Title of each class
    
    Name of each exchange on which registeredCommon Shares
    
    Toronto Stock Exchange  TSX®NASDAQ  National Market
  o þ
 o þ
 þ o
 o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
 o þ
    DOCUMENTS INCORPORATED BY REFERENCE




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##### 



Explanatory Note




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##### 



ITEM 6SELECTED FINANCIAL DATA
  Selected Financial Data
 Year
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003United States GAAPStatements of IncomeRevenue
    
    $
    670,517
    
    
    $
    514,059
    
    
    $
    428,192
    
    
    $
    374,595
    
    
    $
    331,826Income from continuing operations
before depreciation and
amortization expense(1)
    
    
    43,769
    
    
    
    40,530
    
    
    
    32,392
    
    
    
    24,183
    
    
    
    20,044Income from continuing operations
    
    
    22,999
    
    
    
    28,040
    
    
    
    25,427
    
    
    
    18,977
    
    
    
    14,550Net income from continuing
operations
    
    
    13,710
    
    
    
    19,258
    
    
    
    17,938
    
    
    
    14,943
    
    
    
    10,336Cumulative effect of change in
accounting principle
    
    
    
    
    
    
    141
    
    
    
    
    
    
    
    
    
    
    
    Net income
    
    $
    13,710
    
    
    $
    19,399
    
    
    $
    17,938
    
    
    $
    14,943
    
    
    $
    10,336Earnings per share basic:Net income
from continuing operations
    
    $
    1.02
    
    
    $
    1.49
    
    
    $
    1.43
    
    
    $
    1.22
    
    
    $
    1.07Net income (loss)
    
    $
    1.02
    
    
    $
    1.50
    
    
    $
    1.43
    
    
    $
    1.22
    
    
    $
    1.07Weighted average number of shares
    
    
    13,458,786
    
    
    
    12,887,401
    
    
    
    12,516,265
    
    
    
    12,285,400
    
    
    
    9,684,901Earnings per share diluted:Net income
from continuing operations
    
    $
    1.00
    
    
    $
    1.47
    
    
    $
    1.40
    
    
    $
    1.17
    
    
    $
    1.01Net income (loss)
    
    $
    1.00
    
    
    $
    1.48
    
    
    $
    1.40
    
    
    $
    1.17
    
    
    $
    1.01Weighted average number of shares
    
    
    13,651,799
    
    
    
    13,124,865
    
    
    
    12,848,360
    
    
    
    12,740,477
    
    
    
    10,263,211Canadian GAAP(2)Statements of IncomeRevenue
    
    $
    670,517
    
    
    $
    514,059
    
    
    $
    428,192
    
    
    $
    374,595
    
    
    $
    331,826Income from continuing operations
before depreciation and
amortization expense(1)
    
    
    41,551
    
    
    
    40,530
    
    
    
    32,392
    
    
    
    24,183
    
    
    
    20,308Income from continuing operations
    
    
    20,781
    
    
    
    28,040
    
    
    
    25,427
    
    
    
    18,977
    
    
    
    14,814Net income from continuing
operations
    
    
    11,492
    
    
    
    19,258
    
    
    
    17,938
    
    
    
    14,943
    
    
    
    10,336Net income (loss)
    
    $
    11,492
    
    
    $
    19,258
    
    
    $
    17,938
    
    
    $
    14,943
    
    
    $
    10,336




---



##### 



Selected Financial Data (continued)
 Year
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Earnings per share basic:Net income from
continuing operations
continuing operations
    
    $
    0.85
    
    
    $
    1.49
    
    
    $
    1.43
    
    
    $
    1.22
    
    
    $
    1.07Net income (loss)
    
    $
    0.85
    
    
    $
    1.49
    
    
    $
    1.43
    
    
    $
    1.22
    
    
    $
    1.07Weighted average number
of shares
    
    
    13,458,786
    
    
    
    12,887,401
    
    
    
    12,516,265
    
    
    
    12,285,400
    
    
    
    9,684,901Earnings per share
diluted:Net income from
continuing operations
    
    $
    0.84
    
    
    $
    1.47
    
    
    $
    1.40
    
    
    $
    1.17
    
    
    $
    1.01Net income (loss)
    
    $
    0.84
    
    
    $
    1.47
    
    
    $
    1.40
    
    
    $
    1.17
    
    
    $
    1.01Weighted average number
of shares
    
    
    13,651,799
    
    
    
    13,124,865
    
    
    
    12,848,360
    
    
    
    12,740,477
    
    
    
    10,263,211Dividends per share $US
    
    Nil
    
    Nil
    
    Nil
    
    Nil
    
    NilDividends per share $CAD
    
    Nil
    
    Nil
    
    Nil
    
    Nil
    
    Nil
 Year
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Balance Sheets
(United States
GAAP)Assets:Current assets
    
    $
    95,548
    
    
    $
    83,775
    
    
    $
    71,017
    
    
    $
    90,177
    
    
    $
    85,046Property and
equipment, net
    
    
    169,052
    
    
    
    145,129
    
    
    
    66,807
    
    
    
    37,563
    
    
    
    35,102Intangible assets
    
    
    13,645
    
    
    
    15,888
    
    
    
    2,456
    
    
    
    
    
    
    
    Goodwill, net
    
    
    124,375
    
    
    
    117,146
    
    
    
    61,448
    
    
    
    45,304
    
    
    
    44,865Other assets
    
    
    
    
    
    
    150
    
    
    
    
    
    
    
    6
    
    
    
    Total assets
    
    $
    402,630
    
    
    $
    362,088
    
    
    $
    201,728
    
    
    $
    173,050
    
    
    $
    165,013Liabilities and
Stockholders
Equity:Current liabilities
    
    $
    91,133
    
    
    $
    88,669
    
    
    $
    48,331
    
    
    $
    38,806
    
    
    $
    46,412Long-term debt
    
    
    109,831
    
    
    
    93,139
    
    
    
    8,588
    
    
    
    11,507
    
    
    
    17,931Other non-current
liabilities
    
    
    11,322
    
    
    
    6,983
    
    
    
    5,007
    
    
    
    3,546
    
    
    
    2,715Total stockholders
equity
    
    $
    190,344
    
    
    $
    173,297
    
    
    $
    139,802
    
    
    $
    119,191
    
    
    $
    97,955Balance Sheets
(Canadian
GAAP)(2)Assets:Current assets
    
    $
    95,548
    
    
    $
    83,775
    
    
    $
    71,017
    
    
    $
    90,177
    
    
    $
    85,046Property and
equipment, net
    
    
    169,052
    
    
    
    145,129
    
    
    
    66,807
    
    
    
    37,563
    
    
    
    35,102Intangible assets
    
    
    13,645
    
    
    
    15,888
    
    
    
    2,456
    
    
    
    
    
    
    
    Goodwill, net
    
    
    124,375
    
    
    
    117,146
    
    
    
    61,448
    
    
    
    45,304
    
    
    
    44,865Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total assets
    
    $
    402,630
    
    
    $
    361,938
    
    
    $
    201,728
    
    
    $
    173,044
    
    
    $
    165,013Liabilities and
Stockholders
Equity:Current liabilities
    
    $
    91,133
    
    
    $
    88,669
    
    
    $
    48,331
    
    
    $
    38,806
    
    
    $
    46,412Long-term debt
    
    
    109,831
    
    
    
    93,139
    
    
    
    8,588
    
    
    
    11,507
    
    
    
    17,931Other non-current
liabilities
    
    
    11,322
    
    
    
    6,983
    
    
    
    5,007
    
    
    
    3,546
    
    
    
    2,715Total stockholders
equity
    
    $
    190,203
    
    
    $
    173,156
    
    
    $
    139,802
    
    
    $
    119,185
    
    
    $
    97,955Total commitments
under operating
leases
    
    $
    58,639
    
    
    $
    38,827
    
    
    $
    40,239
    
    
    $
    46,564
    
    
    $
    48,580




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##### 



Selected Financial Data (continued)
 Year
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Operating Ratios(3)Total company
    
    
    96.6
    %
    
    
    94.5
    %
    
    
    94.1
    %
    
    
    94.9
    %
    
    
    95.5
    %Less-than-truckload
    
    
    96.0
    %
    
    
    93.7
    %
    
    
    93.1
    %
    
    
    94.2
    %
    
    
    94.3
    %Logistics
    
    
    93.8
    %
    
    
    93.3
    %
    
    
    94.7
    %
    
    
    95.3
    %
    
    
    96.2
    %Truckload
    
    
    94.9
    %
    
    
    94.7
    %
    
    
    93.5
    %
    
    
    94.5
    %
    
    
    98.2
    %
 
 Notes:(1)
    
    Income from continuing operations before depreciation and amortization expense (EBITDA) is
a non-GAAP financial measure which does not have any standardized meaning prescribed by GAAP.
EBITDA represents net income, minus cumulative change in accounting policy, plus (minus)
income tax expense (benefit), plus net interest expense, and plus depreciation and
amortization. The Company uses EBITDA in evaluating its operating performance compared to that
of other companies in its industry, as the calculation of EBITDA eliminates the effects of
financing, income taxes and the accounting effects of capital spending, which items may vary
for different companies for reasons unrelated to overall operating performance. When
analyzing its operating performance, however, investors should use EBITDA in addition to, not
as an alternative for, income from operations and net income, as those items are defined by
GAAP. Investors should also note that the Companys presentation of EBITDA may not be
comparable to similarly titled measures used by other companies. EBITDA is reconciled to net
income as follows: Year ended December 31,2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Net income
    
    $
    13,710
    
    
    $
    19,399
    
    
    $
    17,938
    
    
    $
    14,943
    
    
    $
    10,336Cumulative change in accounting principle
    
    
    
    
    
    
    (141
    )
    
    
    
    
    
    
    
    
    
    
    Income tax expense
    
    
    863
    
    
    
    6,122
    
    
    
    7,191
    
    
    
    3,983
    
    
    
    3,158Interest expense, net
    
    
    8,426
    
    
    
    2,660
    
    
    
    298
    
    
    
    51
    
    
    
    1,320Depreciation and amortization
    
    
    20,770
    
    
    
    12,490
    
    
    
    6,965
    
    
    
    5,206
    
    
    
    5,494EBITDA
    
    $
    43,769
    
    
    $
    40,530
    
    
    $
    32,392
    
    
    $
    24,183
    
    
    $
    20,308
 (2)
    
    Please see Note 18 to the Consolidated Financial Statements for differences between United
States and Canadian GAAP.(3)
    
    Operating ratio (OR) is a non-GAAP financial measure which does not have any standardized
meaning prescribed by GAAP. OR is the sum of operating expenses, selling, general and
administrative expenses, other expenses (income), and depreciation and amortization expense,
divided by revenue. OR allows management to measure the Company and its various segments
operating efficiency. OR is a widely recognized measure in the transportation industry which
provides a comparable benchmark for evaluating the Companys performance compared to its
competitors. Investors should also note that the Companys presentation of OR may not be
comparable to similarly titled measures by other companies. OR is calculated as follows:
 Year ended December 31,2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Operating expenses
    
    $
    565,094
    
    
    $
    426,515
    
    
    $
    357,960
    
    
    $
    319,295
    
    
    $
    282,016Selling, general and administrative expenses
    
    
    62,086
    
    
    
    47,448
    
    
    
    37,881
    
    
    
    31,263
    
    
    
    29,366Other expenses (income)
    
    
    (432
    )
    
    
    (434
    )
    
    
    (41
    )
    
    
    (146
    )
    
    
    136Depreciation and amortization expense
    
    
    20,770
    
    
    
    12,490
    
    
    
    6,965
    
    
    
    5,206
    
    
    
    5,494$
    647,518
    
    
    $
    486,019
    
    
    $
    402,765
    
    
    $
    355,618
    
    
    $
    317,012Revenue
    
    $
    670,517
    
    
    $
    514,059
    
    
    $
    428,192
    
    
    $
    374,595
    
    
    $
    331,826Operating ratio (OR)
    
    
    96.6
    %
    
    
    94.5
    %
    
    
    94.1
    %
    
    
    94.9
    %
    
    
    95.5
    %




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##### 



ITEM 8FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 18.
    
    United States and Canadian accounting policy differences:
 (a)
    
    Consolidated reconciliation of net income and shareholders equity:
 Net income
    
    
    Shareholders' equity2007
    
    
    2006
    
    
    2005
    
    
    2007
    
    
    2006
    
    
    2005Balance, December 31,
based on United
States GAAP
    
    $
    13,710
    
    
    $
    19,399
    
    
    $
    17,938
    
    
    $
    190,344
    
    
    $
    173,297
    
    
    $
    139,802Effect of change in
accounting
principle (i)
    
    
    
    
    
    
    (141
    )
    
    
    
    
    
    
    (141
    )
    
    
    (141
    )
    
    
    Foreign exchange
adjustment (ii)
    
    
    (2,218
    )
    
    
    
    
    
    
    
    
    
    
    (1,360
    )
    
    
    858
    
    
    
    858Unrealized foreign
exchange loss
on derivative
instrument
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (101
    )
    
    
    (101
    )
    
    
    (101
    )Accumulated other
comprehensive
income
adjustment (ii)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,461
    
    
    
    (757
    )
    
    
    (757
    )Balance, December 31,
based on Canadian
GAAP
    
    $
    11,492
    
    
    $
    19,258
    
    
    $
    17,938
    
    
    $
    190,203
    
    
    $
    173,156
    
    
    $
    139,802
 (i)
    
    The adoption of SFAS 123(R), Share-Based Payments, as described in note 1(l) only
applies to United States GAAP. Therefore, the effect of a change in accounting
principle does not impact Canadian GAAP net income or shareholders equity.(ii)
    
    The Company had foreign exchange losses of $2.2 million that did not
represent a substantially complete liquidation of a foreign operation. In previous
years, the Company had foreign exchange gains of $0.9 million that did not represent
a substantially complete liquidation of a foreign operation. Under Canadian GAAP,
these gains were recognized upon the transfer into income of the related cumulative
translation adjustment. Under United States GAAP, there is no reduction of the
cumulative translation adjustment account. Retained earnings under Canadian GAAP on
a cumulative basis is decreased by $1.4 million (2006  increased $0.9 million) with
a corresponding increase (2006  decrease) to the cumulative translation adjustment
included in accumulated other comprehensive income.




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##### 



18.
    
    United States and Canadian accounting policy differences (continued):
 (iii)
    
    
    2007
    
    
    2006
    
    
    2005Income per share under
Canadian GAAP:Basic  net income
    
    $
    0.85
    
    
    $
    1.49
    
    
    $
    1.43Diluted  net income
    
    
    0.84
    
    
    
    1.47
    
    
    
    1.40Weighted average number of shares:Weighted average number
of shares outstanding
    
    
    13,458,786
    
    
    
    12,887,401
    
    
    
    12,516,265Potential exercise of stock
options
    
    
    193,013
    
    
    
    237,464
    
    
    
    332,095Diluted shares
    
    
    13,651,799
    
    
    
    13,124,865
    
    
    
    12,848,360




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##### 



ITEM 15EXHIBITS
 Exhibit Index
 Exhibit No.
    
    Document31.1
    
    Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
  SIGNATURES
  Vitran Corporation Inc.By:
    /s/  SEAN P. WASHCHUKSean P. WashchukVice President Finance and
Chief Financial Officer




---



##### 



Signatures
    
    Title
    
    Date/s/ RICHARD D. McGRAW

Richard D. McGraw
    
    Chairman of the Board
    
    February 15, 2008/s/ RICHARD E. GAETZ

Richard E. Gaetz
    
    President and Chief Executive Officer, Director
    
    February 15, 2008/s/ GEORGES L. HÉBERT

Georges L. Hébert
    
    Director
    
    February 15, 2008/s/ WILLIAM S. DELUCE

William S. Deluce
    
    Director
    
    February 15, 2008/s/ ANTHONY F. GRIFFITHS

Anthony F. Griffiths
    
    Director
    
    February 15, 2008/s/ JOHN R. GOSSLING

John R. Gossling
    
    Director
    
    February 15, 2008/s/ SEAN P. WASHCHUK

Sean P. Washchuk
    
    Vice President Finance and Chief Financial Officer
(Principal Financial Officer)
    
    February 15, 2008/s/ FAYAZ D. SULEMAN

Fayaz D. Suleman
    
    Corporate Controller
(Principal Accounting Officer)
    
    February 15, 2008