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Vitran Corporation Inc.
(Exact name of registrant as specified in its charter)

On February 11, 2004, the Registrant issued the press release attached hereto as Exhibit 99.1, and such press release is incorporated in its entirety by reference herein.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

REMINDER:
Vitran management will conduct a conference call today, February 11th at 10:00 a.m. (Eastern), to discuss the Company’s 2003 fourth quarter and year-end results.
Conference call dial-in: 877/809-0404. Live Webcast: http://www.vcall.com/CEPage.asp?ID=85487

TORONTO, ONTARIO (February 11, 2004) – Vitran Corporation Inc. (TSX: VTN.A, AMX: VVN), a North American transportation and logistics firm, today announced record fourth quarter and full-year operating results for the three- and twelve-month periods ended December 31, 2003. The 2003 fourth quarter marks Vitran’s ninth consecutive quarterly period of improved profitability, compared to the previous year’s operating results.

During the 2003 fourth quarter, Vitran achieved a 45 percent increase in net income to $3.2 million, or $0.29 per diluted share ($0.31 per basic share) on 14 percent higher revenues of $85.3 million. In the comparable 2002 three-month period, the Company had net income of $2.2 million, or $0.22 per diluted share ($0.23 per basic share) on revenues of $74.8 million (all figures reported in U.S. dollars, except where noted; prior to today’s announcement, Vitran had reported all financial results in Canadian dollars).

For the twelve months ended December 31, 2003, Vitran’s net income grew 49 percent to $10.3 million, or $1.01 per diluted share ($1.07 per basic share) on revenues of $331.8 million, nine percent higher than the $303.6 million in revenues the Company recorded in 2002. In 2002, Vitran reported full-year net income of $6.9 million, or $0.71 per diluted share ($0.72 per basic share).

As a result of the strengthening Canadian dollar, reported revenue was positively impacted by $15.4 million for the year, and $6.0 million for the quarter. However, due to U.S. dollar-denominated revenue within Vitran’s Canadian operations, there was a negative net impact on the Company’s income from operations of $0.7 million for the year, and $0.3 million for the quarter.

Vitran President and Chief Executive Officer Richard E. Gaetz stated, “Vitran is proud to report its ninth consecutive quarter of improved profitability, compared to the year-ago period. In addition to the revenue and net income ramp-up, we are very pleased to have completed a public equity offering of 2.3 million common shares during Q4, in which we raised gross proceeds of approximately $31.6 million.

“As a result of this additional capital and our steady repayment of outstanding indebtedness throughout the year, Vitran finished 2003 with a significantly enhanced balance sheet from the point at which we began the year. We intend to use the net proceeds to fund possible future acquisitions focusing on US-based LTL companies that operate contiguously to our Vitran Express footprint in the U.S. central states. Additionally, we may also deploy a portion of the proceeds from the equity offering to fund capital expenditures and to repay outstanding corporate indebtedness.”

At December 31, 2003, Vitran had cash, cash equivalents and marketable securities of $39.4 million, versus $8.0 million as of December 31, 2002. Long-term debt on the Company’s balance sheet declined significantly during the year to $26.2 million, from $37.5 million at the end of 2002. Additionally, shareholders’ equity rose 88 percent during the twelve-month period, to $98.0 million at December 31, 2003.

Segmented Results
In its core LTL (less-than-truckload) segment, Vitran achieved a 19 percent increase in operating income during Q4 2003 on 14 percent higher consolidated revenue. The Canadian LTL division achieved 6.3 percent revenue growth and the Company’s U.S. LTL counterpart recorded 5.2 percent higher revenues, compared to the year-ago quarter. The consolidated LTL operating ratio (OR) improved to 94.2 during the period, versus 94.5 in the 2002 fourth quarter. The majority of other key LTL operating segment statistics also showed improvement during the three-month period ended December 31, 2003.

The Vitran Logistics segment achieved a 33 percent increase in operating income during the 2003 fourth quarter, as revenues grew over 31 percent compared to the year-earlier period. Vitran’s Truckload segment recorded Q4 income from operations of approximately $0.1 million, compared to a nominal loss in the year-earlier quarter on flat revenue of $8.2 million. The Logistics division improved its OR by 100 basis points to 93.4, compared to the 2002 Q4 figure, while the Truckload division’s OR was 98.4, versus 100.1 in the 2002 fourth quarter.

Per share results for the fourth quarter are based on 10.1 million basic shares (10.8 million diluted shares) and 9.6 million basic shares (9.9 million diluted shares) outstanding during the 2003 and 2002 three-month periods, respectively. Per share results for the full year are based on 9.7 million basic shares (10.3 million diluted shares) and 9.7 million basic shares (9.8 million diluted shares) outstanding in the 2003 and 2002 twelve-month periods, respectively.

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.

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.

Vitran Corporation Inc.
Consolidated Balance Sheets
December 31, 2003 (audited) and December 31, 2002 (audited)
(in thousands of $U.S.)


		Dec. 31, 2003			Dec. 31, 2002

Assets
Current assets:
	Cash and cash equivalents	$	12,417		$	8,002
	Marketable securities		26,996			—
	Accounts receivable		35,685			29,632
	Inventory, deposits and prepaid expenses		5,847			6,195
	Future income tax assets		4,101			2,917

			85,046			46,746
Capital assets			35,102			30,787
Goodwill			44,865			43,869

		$	165,013		$	121,402

Liabilities and Shareholders’ Equity
Current liabilities:
	Account payable and accrued liabilities		34,092			27,314
	Income and other taxes payable		4,007			1,741
	Current portion of long-term debt		8,313			7,006

			46,412			36,061
Long-term debt			17,931			30,504
Future income tax liabilities			2,715			2,767
Shareholders’ equity:
	Capital stock		59,358			27,857
	Retained earnings		40,029			30,044
	Cumulative translation adjustment		(1,432	)		(5,831	)

			97,955			52,070

		$	165,013		$	121,402

VITRAN CORPORATION INC.
Statements Of Income
(in thousands of $U.S., except share and per share amounts)


		Three Months						Twelve Months
		Ended December 31,						Ended December 31,
		(unaudited)						(audited)

		2003			2002			2003			2002

Revenues		$	85,333		$	74,840		$	331,826		$	303,595
Operating expenses			72,823			63,426			282,016			254,405
Selling, general and administrative expenses			6,814			6,419			29,366			31,084

			79,637			69,845			311,382			285,489
Income from operations before depreciation			5,696			4,995			20,444			18,106
Depreciation expense			1,401			1,302			5,494			5,308

			4,295			3,693			14,950			12,798
Interest on long-term debt, net			(203	)		(699	)		(1,320	)		(3,289	)
Gain (loss) on sale of fixed assets			1			21			(136	)		(289	)

			(202	)		(678	)		(1,456	)		(3,578	)
Income from continuing operations before income taxes, minority interest and amortization of goodwill			4,093			3,015			13,494			9,220
Income taxes			943			838			3,158			2,282

Net income		$	3,150		$	2,177		$	10,336		$	6,938

Earnings per share:
	Basic — Net income	$	0.31		$	0.23		$	1.07		$	0.72

	Diluted — Net income	$	0.29		$	0.22		$	1.01		$	0.71

Weighted average number of shares Basic			10,110,571			9,582,252			9,684,901			9,691,041

	Diluted		10,768,940			9,913,889			10,263,211			9,784,066

Vitran’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles


	U.S. LTL		Q. over Q.			CDN LTL		Q. over Q.
($U.S.)	Division		% Change		($CDN)	Division		% Change

Revenue (000’s)	$	37,991		5.2	Revenue (000's)	$	40,792		6.3
No. of Shipments		343,246		0.8	No. of Shipments		232,871		6.6
Weight (000’s lbs)		489,298		3.6	Weight (000's lbs)		433,505		7.0
Revenue per shipment	$	110.68		4.3	Revenue per shipment	$	175.17		(0.2	)
Revenue per CWT	$	7.76		1.5	Revenue per CWT	$	9.41		(0.6	)


	U.S. LTL		Yr. over Yr.			CDN LTL		Yr. over Yr.
($U.S.)	Division		% Change		($CDN)	Division		% Change

Revenue (000’s)	$	156,230		3.8	Revenue (000's)	$	157,737		10.1
No. of Shipments		1,426,925		0.9	No. of Shipments		885,010		7.4
Weight (000’s lbs)		1,985,778		2.0	Weight (000's lbs)		1,695,205		6.7
Revenue per shipment	$	109.49		2.9	Revenue per shipment	$	178.23		2.5
Revenue per CWT	$	7.87		1.7	Revenue per CWT	$	9.30		3.2


			Inc. from							Inc. from
	Revenue		Operations		OR%			Revenue		Operations			OR%

LTL		69,234		3,990		94.2	LTL		60,631		3,339			94.5
LOG		7,849		519		93.4	LOG		5,981		389			93.5
TL		8,250		134		98.4	TL		8,228		(59	)		100.1


			Inc. from							Inc. from
	Revenue		Operations		OR%			Revenue		Operations		OR%

LTL		270,189		15,440		94.3	LTL		241,916		13,051		94.6
LOG		28,642		1,111		96.1	LOG		27,665		955		96.5
TL		32,995		657		98.0	TL		34,014		885		97.4

Summary Historic Financial Highlights in $U.S.
(in thousands of $U.S. except per share data)
(Unaudited)


			First		Second		Third		Fourth		Year
			Quarter		Quarter		Quarter		Quarter		End

	2003
Revenue
		Less-than-truckload	$	63,224	$	68,503	$	69,228	$	69,234	$	270,189
		Logistics		6,340		7,106		7,347		7,849		28,642
		Truckload		7,905		8,526		8,314		8,250		32,995

Total Revenue				77,469		84,135		84,889		85,333		331,826
Income from operations				2,083		4,073		4,499		4,295		14,950
Net income			$	1,417	$	2,724	$	3,045	$	3,150	$	10,336

Earnings per share
		Basic	$	0.15	$	0.29	$	0.32	$	0.31	$	1.07
		Diluted		0.14		0.27		0.30		0.29		1.01

	2002
Revenue
		Less-than-truckload	$	56,406	$	62,149	$	62,730	$	60,631	$	241,916
		Logistics		7,227		7,904		6,553		5,981		27,665
		Truckload		8,025		8,994		8,767		8,228		34,014

Total Revenue				71,658		79,047		78,050		74,840		303,595
Income from operations				1,555		3,637		3,913		3,693		12,798
Net income			$	559	$	1,886	$	2,316	$	2,177	$	6,938

Earnings per share
		Basic	$	0.06	$	0.19	$	0.24	$	0.23	$	0.72
		Diluted		0.06		0.19		0.23		0.22		0.71


CANADA		000-26256	Not applicable

(State or other jurisdiction of		(Commission File Number)	(IRS Employer Identification No.)
	incorporation)


185 The West Mall, Suite 701, Toronto, Ontario, Canada		M9C 5L5

(Address of principal executive offices)		(Zip code)


Exhibit		Description of Exhibit

99.1		Press Release – dated February 11, 2004
		Vitran Finishes 2003 – Its Best Year Ever – With Another Strong Quarter


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


		VITRAN CORPORATION INC.


		By: /s/ Kevin A. Glass

		Name: Kevin A. Glass Title: Vice President Finance and Chief Financial Officer


For the quarter ended		For the quarter ended
December 31, 2003		December 31, 2002


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