8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 25, 2007

Vitran Corporation Inc.

(Exact name of registrant as specified in its charter)

ONTARIO, CANADA	000-26256	Not applicable
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS 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

Not Applicable
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events

On April 25, 2007, the Registrant issued the press release attached hereto as Exhibit 99.1, and such press release is incorporated in its entirety by reference herein.

SIGNATURES

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.

	VITRAN CORPORATION INC.
	By:	/s/ Sean P. Washchuk
		Name:	Sean P. Washchuk
Date: April 26, 2007		Title:	Vice President Finance and Chief Financial Officer

EXHIBIT INDEX

Exhibit		Description of Exhibit
	99.1	Vitran Reports 2007 First Quarter Results

EX-99.1

Exhibit 99.1

News Announcement

REMINDER:

Vitran management will conduct a conference call and webcast tomorrow, April 26, at
10:00 a.m. ET, to discuss the Company’s 2007 first quarter results
Conference call dial-in: 800/530-8983
Live Webcast: www.vitran.com (select “Investor Relations”)

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

FOR IMMEDIATE RELEASE

VITRAN REPORTS 2007 FIRST QUARTER RESULTS

TORONTO, ONTARIO (April 25, 2007) — Vitran Corporation Inc. (NASDAQ: VTNC, TSX: VTN), a North American transportation and logistics firm, today announced financial results for the 2007 first quarter, the three-month period ended March 31, 2007 (all figures reported in $U.S.).

Vitran earned net income of $3.4 million, or $0.25 per diluted share, on revenue of $154.1 million for the quarter. The Company’s operating results included the contribution of PJAX Freight System, which closed at the beginning of October 2006. In the comparable 2006 three-month period, Vitran recorded net income of $3.8 million, or $0.28 per diluted share ($0.29 including the cumulative effect of a change in accounting principle), on revenue of $115.1 million.

“2007 is off to a reasonably good start given the challenges of a soft economic environment,” stated Vitran President and Chief Executive Officer Rick Gaetz. “Our newly acquired LTL companies are performing on-plan, Vitran’s existing and new customers are seeing the value in our inter-regional sales offerings, and we are pleased with the additional business.”

“The all-important integration of our U.S. LTL operating system — combining the best of Vitran’s legacy I.T. system with the I.T. platform that PJAX had previously been utilizing — is proceeding well, and when the system is completed and fully operational later this year, it will allow us to operate more efficiently and effectively, especially with our inter-regional and cross-border service offerings,” added Mr. Gaetz.

Vitran Q1 2007, 4/25/07 page 2 of 6

Segmented Results

Income from operations at Vitran’s LTL (less-than-truckload) segment rose 22.9 percent to $6.2 million in the first quarter of 2007. LTL segment revenue grew 39.8 percent to $136.2 million, and the LTL OR (operating ratio) was 95.4 for the three-month period, versus an OR of 94.8 in the prior year quarter. In the 2007 first quarter, LTL revenue per hundredweight, including fuel surcharge, declined 0.6 percent. Excluding PJAX, which had shorter average lengths of haul, LTL revenue per hundredweight rose 2.8 percent during the period. Reflecting contributions from the newly acquired carriers, tonnage increased 40.7 percent, and the number of shipments rose by approximately 50 percent during the quarter. Revenue per shipment was lower by 6.5 percent during the three-month period.

The Logistics segment achieved income from operations in the 2007 first quarter of $440,000, compared to $514,000 in the year-ago period. The segment’s OR was 95.4, versus 94.5 in the year-earlier quarter. The Truckload segment recorded income from operations during the quarter of $295,000 and its OR was 96.5.

Management’s 2007 EPS Guidance

Vitran maintains its full-year 2007 diluted earnings per share (EPS) guidance of between $1.60 and $1.70.

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 at www.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

Vitran Q1 2007, 4/25/07 page 3 of 6

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

	Mar. 31, 2007		Dec. 31, 2006
	(unaudited)		(audited)
Assets
Current assets:
Cash and cash equivalents	$	1,543	$	1,454
Accounts receivable		73,061		66,051
Inventory, deposits and prepaid expenses		10,409		10,796
Income and other taxes receivable		2,885		—
Deferred income taxes		2,768		1,720
		90,666		80,021
Property and equipment		145,560		145,129
Intangible assets		15,327		15,888
Goodwill		118,400		117,146
Other assets		124		150
	$	370,077	$	358,334
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$	74,074	$	67,916
Income and other taxes payable		—		1,275
Current portion of long-term debt		15,758		15,724
		89,832		84,915
Long-term debt		92,536		93,139
Other liabilities		1,928		—
Deferred income taxes		8,693		6,983
Shareholders’ equity:
Common shares		77,040		76,913
Additional paid-in capital		1,815		1,607
Retained earnings		94,320		90,933
Accumulated other comprehensive income		3,913		3,844
		177,088		173,297
	$	370,077	$	358,334

(Consolidated Statements of Income follows)

Vitran Q1 2007, 4/25/07 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		Three months
	Ended		ended
	Mar. 31, 2007		Mar. 31, 2006
Revenue	$	154,136	$	115,127
Operating expenses		128,456		97,121
Selling, general and administrative expenses		15,099		10,743
Other expense (income)		29		(116	)
Depreciation and amortization expense		4,945		2,407
		148,529		110,155
Income from operations before undernoted		5,607		4,972
Interest expense, net		2,064		176
Income from operations before income taxes		3,543		4,796
Income taxes		156		1,173
Net income from continuing operations	$	3,387	$	3,623
Cumulative effect of change in accounting principle	$	—	$	141
Net income	$	3,387	$	3,764
Income per share
Basic:
Net income from continuing operations	$	0.25	$	0.29
Cumulative effect of change in accounting principle	$	—	$	0.01
Net income	$	0.25	$	0.30
Diluted:
Net income from continuing operations	$	0.25	$	0.28
Cumulative effect of change in accounting principle	$	—	$	0.01
Net income	$	0.25	$	0.29
Weighted average number of shares:
Basic		13,438,065		12,652,075
Diluted		13,651,872		12,934,751

(Statements of Cash Flows follows)

Vitran Q1 2007, 4/25/07 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
	ended			ended
	Mar. 31, 2007			Mar. 31, 2006
Cash provided by (used in):
Operations:
Net income	$	3,387		$	3,764
Items not involving cash from operations:
Cumulative effect of change in accounting principle		—			(141	)
Depreciation and amortization expense		4,945			2,407
Deferred income taxes		967			377
Stock based compensation expense		208			190
Loss (gain) on sale of property and equipment		29			(116	)
Change in non-cash working capital components		(3,697	)		1,955
		5,839			8,436
Investments:
Purchase of property and equipment		(4,550	)		(1,878	)
Proceeds on sale of property and equipment		71			170
Additional payment due to acquisition of subsidiary		(538	)		—
Acquisition of business assets		—			(2,251	)
		(5,017	)		(3,959	)
Financing:
Revolving credit facility		3,284			(2,985	)
Repayment of long-term debt		(2,255	)		(1,321	)
Repayment of capital leases		(1,640	)		—
Issue of Common Shares upon exercise of stock options		127			321
		(484	)		(3,985	)
Effect of translation adjustment on cash		(249	)		(114	)
Increase in cash position		89			378
Cash position, beginning of period		1,454			14,592
Cash position, end of period	$	1,543		$	14,970
Change in non-cash working capital components:
Accounts receivable	$	(7,010	)	$	(2,346	)
Inventory, deposits and prepaid expenses		387			188
Income and other taxes payable		(4,525	)		(412	)
Other liabilities		1,928			—
Accounts payable and accrued liabilities		5,523			4,525
	$	(3,697	)	$	1,955

(additional financial information follows)

Vitran Q1 2007, 4/25/07 page 6 of 6

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

For the quarter							For the quarter
ended March 31,			Inc. from				ended March 31,			Inc. from
2007	Revenue		Operations		OR%		2006	Revenue		Operations		OR%
LTL		136,157		6,230		95.4	LTL		97,423		5,068		94.8
LOG		9,663		440		95.4	LOG		9,412		514		94.5
TL		8,316		295		96.5	TL		8,292		410		95.1

LTL SEGMENT — Statistical Information
(Unaudited)

	For the quarter ended
	March 31, 2007
	LTL		Q. over Q.
($U.S.)	Division		% Change
Revenue (000’s)	$	136,157		39.8
No. of Shipments		993,376		49.5
Weight (000’s lbs)		1,467,846		40.7
Revenue per shipment	$	137.06		(6.5	)
Revenue per CWT	$	9.28		(0.6	)

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