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News Announcement

REMINDER:

Vitran management will conduct a conference call today, October 29th at 10:00
a.m. (Eastern), to discuss the Companys 2003 third quarter results.
Conference call dial-in: 888/693-1085
Live Webcast: http://www.vcall.com/ClientPage.asp?ID=84777

CONTACT:

Richard Gaetz, President/CEO
Kevin Glass, VP Finance/CFO
Vitran Corporation Inc.
416/596-7664
    
    Robert Rinderman
Purdy Tran
Jaffoni & Collins Incorporated
212/835-8500 or VVN@jcir.com


FOR IMMEDIATE RELEASE

VITRAN ACHIEVES BEST QUARTER IN COMPANY HISTORY -
Q3 NET INCOME $4.2 MILLION,
DILUTED EARNINGS PER SHARE $0.41

TORONTO, ONTARIO (October 29, 2003)  Vitran Corporation Inc. (TSX: VTN.A,
AMX: VVN), a North American transportation and logistics firm, today announced
record results for the 2003 third quarter ended September 30, 2003. During
the period, Vitran achieved a 15 percent year-over-year rise in net income to
$4.2 million, or 0.41 per diluted share ($0.44 per basic share) on revenues of
$117.1 million. In the comparable 2002 three-month period, Vitran reported net
income of $3.6 million, or $0.37 per diluted share ($0.38 per basic share) on
revenues of $123.0 million (all figures reported in Canadian dollars).

During the third quarter, the Canadian dollar exhibited further strength
against the U.S. dollar. As a result, the year-over-year exchange rate change
reduced Vitrans reported revenue by $10.6 million, or 9 percent, and income
from operations by $1.2 million, or 34 percent, in the current quarterly
period. Excluding the impact of foreign exchange on the Companys reported
results, earnings per share would have been $0.48 diluted ($0.52 per basic
share) during the quarter.

For the nine-month period ended September 30, 2003, Vitrans net income grew 35
percent to $10.1 million, or $1.00 per diluted share ($1.05 per basic share) on
revenues of $349.0 million. In the first nine months of 2002, the Company
recorded net income of $7.4 million, or $0.77 per basic and diluted shares on
$358.8 million in revenues.

(more)





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Vitran Q3 2003, 10/29/03
    
    page 2 of 5


Income from operations for Vitrans core LTL (less-than-truckload) segment rose
7 percent on a consolidated basis during the 2003 third quarter to $6.3
million, paced by 8 percent and 2 percent revenue growth in the Canadian and
U.S. divisions, respectively. The consolidated LTL operating ratio (OR)
improved to 93.4 during the period, compared to 94.1 in the 2002 third quarter.
All other key metrics throughout the LTL segment also showed year-over-year
improvement during the 2003 third quarter.

The Vitran Logistics and Truckload segments also achieved operating
profitability during the third quarter of 2003. The Companys Truckload
segment recorded income from operations of $0.3 million on $11.5 million in
revenue. Vitran Logistics had operating income of $0.5 million on revenues of
$10.2 million during the three-month period. The Logistics division reduced
its OR to 95.3 from 96.5, while the Truckload divisions OR was 97.5, compared
to 96.8 in the 2002 third quarter.

Commenting on Vitrans record third quarter operating results, President and
Chief Executive Officer Richard E. Gaetz stated, We are pleased with Vitrans
Q3 performance, the Companys eighth consecutive period of improved
profitability versus the comparable year-earlier quarter, particularly given
the continued weakness in the U.S. economy. Operating results would have been
even better, but the Canadian Dollar maintained its strength against the U.S.
Dollar, negatively impacting revenue and earnings. Importantly, favorable
recent trends continued during the third quarter  improved operating
efficiency, lower SG&A costs and reduced interest expenses  all of which
contributed to improved earnings.

Per share results for the third quarter are based on 9,557,681 basic shares
(10,157,159 diluted shares) and 9,635,312 basic shares (9,923,135 diluted
shares) outstanding during the 2003 and 2002 three-month periods, respectively.
Per share results for the first nine months of 2003 are based on 9,541,452
basic shares (10,038,335 diluted shares), compared to 9,726,395 basic and
diluted shares outstanding in the nine-month period of 2002.

About Vitran Corporation Inc.

Vitran Corporation Inc. is a North American group of transportation companies
offering less-than-truckload, logistics, truckload, and freight brokerage services. To
find out more about Vitran Corporation Inc. (TSX: VTN.A, AMX: VVN), visit the
website at www.vitran.com.

(more)





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Vitran Q3 2003, 10/29/03
    
    page 3 of 5


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 Annual
Report on Form 20-F and other filings with the Securities and Exchange
Commission.

(tables follow)

Vitran Corporation Inc.

Balance Sheets
September 30, 2003 (unaudited) and December 31, 2002 (audited)
(in thousands of Canadian dollars)

September 30, 2003
    
    Dec. 31, 2002AssetsCurrent assets:Cash
    
    $
    8,317
    
    
    $
    12,624Accounts receivable
    
    
    52,256
    
    
    
    46,748Inventory, deposits and prepaids
    
    
    8,216
    
    
    
    9,77468,789
    
    
    
    69,146Fixed assets
    
    
    42,331
    
    
    
    48,570Future income taxes
    
    
    667
    
    
    
    236Goodwill
    
    
    60,265
    
    
    
    69,208$
    172,052
    
    
    $
    187,160Liabilities and Shareholders EquityCurrent liabilities:Revolving credit facility
    
    $
    5,230
    
    
    
    Account payable and accrued liabilities
    
    
    40,348
    
    
    
    43,091Income and other taxes payable
    
    
    3,869
    
    
    
    2,747Current portion of long-term debt
    
    
    10,802
    
    
    
    11,05260,249
    
    
    
    56,890Long-term debt
    
    
    27,533
    
    
    
    48,124Shareholders equity:Capital stock
    
    
    38,338
    
    
    
    37,655Retained earnings
    
    
    54,080
    
    
    
    44,528Cumulative translation adjustment
    
    
    (8,148
    )
    
    
    (37
    )84,270
    
    
    
    82,146$
    172,052
    
    
    $
    187,160


(Statements of Income follows)





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Vitran Q3 2003, 10/29/03
    
    page 4 of 5


VITRAN CORPORATION INC.

Statements Of Income
(in thousands of Canadian dollars, except share and per share amounts)

Three Months
    
    Nine MonthsEnded September 30,
    
    Ended September 30(unaudited)
    
    (unaudited)2003
    
    2002
    
    2003
    
    2002Revenues
    
    $
    117,123
    
    
    $
    123,007
    
    
    $
    348,959
    
    
    $
    358,829Operating expenses
    
    
    98,593
    
    
    
    102,604
    
    
    
    296,304
    
    
    
    299,602Gross profit
    
    
    18,530
    
    
    
    20,403
    
    
    
    52,655
    
    
    
    59,227Selling, general and administrative
expenses
    
    
    10,457
    
    
    
    12,144
    
    
    
    31,937
    
    
    
    38,695Income from operations before
depreciation
    
    
    8,073
    
    
    
    8,259
    
    
    
    20,718
    
    
    
    20,532Depreciation expense
    
    
    1,877
    
    
    
    2,094
    
    
    
    5,804
    
    
    
    6,289Income from operations
    
    
    6,196
    
    
    
    6,165
    
    
    
    14,914
    
    
    
    14,243Interest expense, net
    
    
    (428
    )
    
    
    (1,214
    )
    
    
    (1,597
    )
    
    
    (4,062
    )Loss on sale of fixed assets
    
    
    (52
    )
    
    
    (63
    )
    
    
    (182
    )
    
    
    (487
    )(480
    )
    
    
    (1,277
    )
    
    
    (1,779
    )
    
    
    (4,549
    )Income from operations before income taxes
    
    
    5,716
    
    
    
    4,888
    
    
    
    13,135
    
    
    
    9,694Income taxes
    
    
    1,524
    
    
    
    1,240
    
    
    
    3,079
    
    
    
    2,245Net income
    
    $
    4,192
    
    
    $
    3,648
    
    
    $
    10,056
    
    
    $
    7,449Income per share:Basic
    
    $
    0.44
    
    
    $
    0.38
    
    
    $
    1.05
    
    
    $
    0.77Diluted
    
    $
    0.41
    
    
    $
    0.37
    
    
    $
    1.00
    
    
    $
    0.77Weighted average number of sharesBasic
    
    
    9,557,681
    
    
    
    9,635,312
    
    
    
    9,541,452
    
    
    
    9,726,395Diluted
    
    
    10,157,159
    
    
    
    9,923,135
    
    
    
    10,038,335
    
    
    
    9,726,395


Vitrans financial statements are prepared in accordance with Canadian
Generally Accepted Accounting Principles

(additional financial information follows)





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Vitran Q3 2003, 10/29/03
    
    page 5 of 5


LTL Statistical Information  U.S. and CDN Divisions

For the quarter ended
September 30, 2003

U.S. LTL
    
    Q. over Q.
    
    
    
    
    
    CDN LTL
    
    Q. over Q.($U.S.)
    
    Division
    
    % Change
    
    ($CDN)
    
    Division
    
    % ChangeRevenue (000s)
    
    $
    39,885
    
    
    
    2.2
    
    
    Revenue (000s)
    
    $
    40,454
    
    
    
    8.3No. of Shipments
    
    
    365,011
    
    
    
    0.9
    
    
    No. of Shipments
    
    
    229,729
    
    
    
    6.7Weight (000s lbs)
    
    
    510,893
    
    
    
    1.5
    
    
    Weight (000s lbs)
    
    
    432,271
    
    
    
    5.2Revenue per shipment
    
    $
    109.27
    
    
    
    1.3
    
    
    Revenue per shipment
    
    $
    176.09
    
    
    
    1.5Weight per shipment
    
    
    1,400
    
    
    
    0.5
    
    
    Weight per shipment
    
    
    1,882
    
    
    
    (1.4
    )Revenue per CWT
    
    $
    7.81
    
    
    
    0.7
    
    
    Revenue per CWT
    
    $
    9.36
    
    
    
    2.9


Supplementary Segmented Financial Information
(000s of $CDN)

For the quarter
    
    
    
    
    
    
    
    
    
    
    
    
    
    For the quarterended September 30,
    
    
    
    
    
    
    
    
    
    
    
    ended September 30,2003
    
    
    
    
    
    
    
    2002Inc. from
    
    
    
    
    
    
    
    
    
    
    
    Inc. fromRevenue
    
    Operations
    
    OR%
    
    
    
    Revenue
    
    Operations
    
    OR%LTL
    
    
    95,505
    
    
    
    6,286
    
    
    
    93.4
    
    
    LTL
    
    
    98,859
    
    
    
    5,863
    
    
    
    94.1LOG
    
    
    10,160
    
    
    
    477
    
    
    
    95.3
    
    
    LOG
    
    
    10,330
    
    
    
    364
    
    
    
    96.5TL
    
    
    
    11,458
    
    
    
    283
    
    
    
    97.5
    
    
    TL
    
    
    13,818
    
    
    
    439
    
    
    
    96.8


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