Vitran (VTNC) 8-K Other Events

News Announcement

REMINDER:
Vitran management will conduct a conference call and webcast today, October 19, at 11:00 a.m. (ET), to discuss the Company’s 2006 third quarter results.
Conference call dial-in:800/708-7127
Live Webcast: www.vitran.com (select “Investor Relations”)

CONTACT:
Richard Gaetz, President/CEO	Robert Rinderman
Sean Washchuk, VP Finance/CFO	Steven Hecht
Vitran Corporation Inc.	Jaffoni & Collins Incorporated
416/596-7664	212/835-8500 or VTNC@jcir.com

FOR IMMEDIATE RELEASE

VITRAN REPORTS 2006 THIRD QUARTER RESULTS

TORONTO, ONTARIO (October 19, 2006) — Vitran Corporation Inc. (NASDAQ: VTNC, TSX: VTN), a North American transportation and logistics firm, today announced financial results for the 2006 third quarter ended September 30, 2006 (all figures reported in $U.S.).

Vitran achieved net income of $4.9 million, or 0.38 per diluted share, on revenue of $121.5 million for the three-month period ended September 30, 2006. In the comparable 2005 period, Vitran recorded net income of $5.4 million, or $0.42 per diluted share, on revenue of $116.2 million.

“As we stated in our update of Vitran’s annual earnings guidance on September 27, the entire organization is committed to improving upon our financial results,” stated Vitran President and Chief Executive Officer Rick Gaetz. “Higher than anticipated healthcare and workers’ compensation expenses combined with a slowing economy in Vitran’s North American operating regions negatively impacted third quarter results.

“We are very pleased with the recent acquisition of PJAX Freight System, which further extends Vitran’s LTL network coverage, adding six key Atlantic Coast states to our growing U.S. geography. We are in the final stages of completing the information technology integration of the Vitran Express West region, which we acquired in early January, and anticipate realizing inter-regional sales opportunities going forward. Lastly, with the addition of PJAX, all of the Company’s Canadian and U.S. LTL operations are expected to benefit from the Company’s new, expanded footprint.”

(more)

Vitran Q3 2006, 10/19/06 page 2 of 6

During the nine months ended September 30, 2006, Vitran achieved net income of $14.4 million, or $1.11 per diluted share, on revenue of $360.3 million. In the comparable 2005 period, the Company reported net income of $12.9 million, or $1.01 per diluted share, on revenue of $315.2 million.

Segmented Results
Income from operations at Vitran’s LTL (less-than-truckload) segment was $6.6 million in the 2006 third quarter, and the LTL segment’s OR (operating ratio) was 93.6 for the three-month period. In the prior year quarter, the LTL segment recorded income from operations of $7.7 million, and an OR of 92.0. LTL segment revenue per shipment increased 7.4 percent and revenue per hundred-weight improved by 6.3 percent. Tonnage rose 0.1 percent, and the number of shipments declined 0.1 percent during the quarter, indicative of the slowing economy and the residual impact of the now finalized integration of Vitran’s Southwest region operations.

The Logistics segment achieved strong comparisons versus the 2005 third quarter, with income from operations increasing 68.6 percent during the 2006 three month period to $929,000, and OR improving significantly to 91.1, versus 94.8 in the year-earlier quarter. The Truckload segment recorded income from operations of $354,000, with an OR of 95.7 for the quarter, compared to operating income of $441,000 and a 95.1 OR for the same period a year ago.

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. (NASDAQ:VTNC, TSX:VTN), visit the website atwww.vitran.com.

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward-looking statements may be generally identifiable by use of the words “believe”, “anticipate”, “intend”, “estimate”, “expect”, “project”, “may”, “plans”, “continue”, “will”, “focus should” “endeavor” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on current expectations and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially from those expressed or implied by such forward-looking statements.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Vitran’s actual results, performance or achievements to differ materially from those projected in the forward-looking statements. Factors that may cause such differences include, but are not limited to, technological change, increases in fuel costs, regulatory changes, the general health of the economy, seasonal fluctuations, unanticipated changes in railroad capacities, exposure to credit risks, changes in labour relations and competitive factors. More detailed information about these and other factors is included in the annual MD&A on Form 10K under the heading “General Risks and Uncertainties.” Many of these factors are beyond the Company’s control; therefore, future events may vary substantially from what the Company currently foresees. You should not place undue reliance on such forward-looking statements. Vitran Corporation Inc. does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

(tables follow)

Vitran Q3 2006, 10/19/06 page 3 of 6

Vitran Corporation Inc.
Consolidated Balance Sheets
(Unaudited)
(in thousands of United States dollars, US GAAP)

	Sept. 30, 2006		Dec. 31, 2005
Assets
Current assets:
Cash and cash equivalents	$	102,207	$	14,592
Accounts receivable		54,660		46,587
Inventory, deposits and prepaid expenses		9,277		8,396
Future income taxes		2,593		1,442
		168,737		71,017
Capital assets		82,133		66,807
Intangible assets		2,749		2,456
Goodwill		62,906		61,448
	$	316,525	$	201,728
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$	52,413	$	41,362
Income and other taxes payable		1,717		1,124
Current portion of long-term debt		8,053		5,845
		62,183		48,331
Long-term debt		90,015		8,588
Future income tax liabilities		7,749		5,007
Shareholders’ equity:
Common shares		64,130		63,604
Additional paid-in capital		1,395		956
Retained earnings		85,978		71,553
Accumulated other comprehensive income		5,075		3,689
		156,578		139,802
	$	316,525	$	201,728

(Consolidated Statements of Income follows)

Vitran Q3 2006, 10/19/06 page 4 of 6

Vitran Corporation Inc.
Consolidated Statements Of Income
(Unaudited)
(in thousands of United States dollars except per share amounts, US GAAP)

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2006			2005			2006			2005
Revenues	$	121,512		$	116,226		$	360,280		$	315,217
Operating expenses		101,189			96,061			299,617			262,947
Selling, general and administrative expenses		11,195			10,399			33,675			29,011
Other income		(248	)		(6	)		(404	)		(33	)
Depreciation and amortization expense		2,579			1,954			7,495			4,802
		114,715			108,408			340,383			296,727
Income from operations before undernoted		6,797			7,818			19,897			18,490
Interest expense, net		274			171			621			209
Income from operations before income taxes		6,523			7,647			19,276			18,281
Income taxes		1,638			2,271			4,992			5,355
Net income from continuing operations	$	4,885		$	5,376		$	14,284		$	12,926
Cumulative effect of a change in accounting principle	$	—		$	—		$	141		$	—
Net income	$	4,885		$	5,376		$	14,425		$	12,926
Income per share:
Basic
Net income from continuing operations	$	0.38		$	0.43		$	1.12		$	1.04
Cumulative effect of a change in accounting principle	$	—		$	—		$	0.01		$	—
Net income	$	0.38		$	0.43		$	1.13		$	1.04
Diluted
Net income from continuing operations	$	0.38		$	0.42		$	1.10		$	1.01
Cumulative effect of a change in accounting principle	$	—		$	—		$	0.01		$	—
Net income	$	0.38		$	0.42		$	1.11		$	1.01
Weighted average number of shares
Basic		12,744,936			12,584,358			12,710,225			12,481,840
Diluted		12,966,835			12,921,695			12,956,661			12,819,872

(Consolidated Statements of Cash Flows follows)

Vitran Q3 2006, 10/19/06 page 5 of 6

Vitran Corporation Inc.
Consolidated Statements Of Cash Flows
(Unaudited)
(In thousands of United States dollars, US GAAP)

	Three months			Three months			Nine months			Nine months
	Ended			Ended			Ended			Ended
	Sept. 30, 2006			Sept. 30, 2005			Sept. 30, 2006			Sept. 30, 2005
Cash provided by (used in):
Operations:
Net income	$	4,885		$	5,376		$	14,425		$	12,926
Items not involving cash from operations Depreciation and amortization expense		2,579			1,954			7,495			4,802
Future income taxes		1,019			2,030			1,591			2,677
Stock based compensation expense		218			181			627			474
Gain on sale of capital assets		(248	)		(6	)		(404	)		(33	)
Cumulative effect of a change in accounting principle		—			—			(141	)		—
Change in non-cash working capital components		551			(3,961	)		997			(6,658	)
		9,004			5,574			24,590			14,188
Investments:
Purchase of capital assets		(9,216	)		(10,806	)		(20,745	)		(17,651	)
Proceeds on sale of capital assets		509			50			2,063			88
Acquisition of subsidiary		—			(1,693	)		(2,251	)		(28,192	)
Marketable securities		—			3,193			—			31,974
		(8,707	)		(9,256	)		(20,993	)		(13,781	)
Financing:
Revolving credit facility		18,015			5,074			15,030			5,074
Proceeds from long-term debt					70,500			—			70,500
Repayment of long-term debt		(9	)		(570	)		(1,961	)		(1,710	)
Issue of Common Shares upon exercise of stock options		—			18			479			60
Repurchase of Common Shares		—			(65	)		—			(921	)
		88,506			4,457			84,048			2,503
Effect of translation adjustment on cash		87			498			(90	)		524
Increase (decrease) in cash position		88,890			1,273			87,615			3,434
Cash position, beginning of period		13,317			9,536			14,592			7,375
Cash position, end of period	$	102,207		$	10,809		$	102,207		$	10,809
Change in non-cash working capital components:
Accounts receivable	$	(240	)	$	(5,886	)	$	(6,669	)	$	(9,717	)
Inventory, deposits and prepaid expenses		(2,129	)		534			(503	)		(921	)
Income and other taxes recoverable/payable		495			(1,565	)		593			(1,649	)
Accounts payable and accrued liabilities		2,425			2,956			7,576			5,629
	$	551		$	(3,961	)	$	997		$	(6,658	)

(additional financial information follows)

Vitran Q3 2006, 10/19/06 page 6 of 6

Supplementary Segmented Financial Information
(000’s of $U.S.)

For the quarter ended				For the quarter ended
Sept. 30, 2006				Sept. 30, 2005
	Revenue	Inc. from	OR%		Revenue	Inc. from	OR%
		Operations				Operations
LTL	102,858	6,585	93.6	LTL	96,658	7,734	92.0
LOG	10,419	929	91.1	LOG	10,652	551	94.8
TL	8,235	354	95.7	TL	8,916	441	95.1

For the nine months				For the nine months
ended Sept. 30, 2006				ended Sept. 30, 2005
	Revenue	Inc. from	OR%		Revenue	Inc. from	OR%
		Operations				Operations
LTL	305,494	19,692	93.6	LTL	259,191	17,620	93.2
LOG	30,082	2,081	93.1	LOG	29,144	1,531	94.7
TL	24,704	1,294	94.8	TL	26,882	1,901	92.9

LTL SEGMENT — Statistical Information
(Unaudited)

	For the quarter ended					For the nine months ended
	September 30, 2006					September 30, 2006
	LTL		Q. over Q.			LTL		Yr. Over Yr.
($U.S.)	Division		% Change			Division		% Change
Revenue (000’s)	$	102,858		6.4		$	305,494		17.9
No. of Shipments		659,602		(0.1	)		2,011,252		8.1
Weight (000’s lbs)		1,054,058		0.1			3,198,160		8.9
Revenue per shipment	$	155.94		7.4		$	151.89		9.0
Revenue per CWT	$	9.76		6.3		$	9.55		8.3

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