Vitran Corporation Inc. (Form: 8-K)

REMINDER:
Vitran management will conduct a conference call and webcast tomorrow, April 21 at 10:00 a.m. (Eastern), to discuss the Company’s 2005 first quarter results.
Conference call dial-in: 800/266-1764
Live Webcast: www.vitran.com (select “Investor Relations”)

VITRAN DELIVERS NET INCOME GROWTH OF 67%,
HIGHLIGHTING 14^TH CONSECUTIVE QUARTER OF NET INCOME GROWTH

TORONTO, ONTARIO (April 20, 2005) – Vitran Corporation Inc. (NASDAQ: VTNC, TSX: VTN), a North American transportation and logistics firm, today announced financial results for the 2005 first quarter ended March 31, 2005 at its Annual and Special Meeting of Shareholders held at the Toronto Stock Exchange (all figures reported in $U.S.).

For the 2005 first quarter, the Company achieved net income of $2.8 million, or 0.22 per diluted share, on revenue of $93.9 million. In the comparable 2004 quarter, Vitran recorded net income of $1.6 million, or $0.13 per diluted share on revenue of $87.1 million. The prior year’s first quarter results were adversely impacted by a CN Railway strike.

“The first quarter of 2005 marked Vitran’s 14^th straight quarter of year-over-year earnings growth, and we are pleased with the consistently improving results we have achieved over the past 3 1/2 years,” stated Vitran President and Chief Executive Officer Rick Gaetz. “In addition to the 67% net income growth Vitran has delivered, we remain focused on making acquisitions that will further expand our U.S. footprint beyond the Central States.”

At March 31, 2005, Vitran had $35.3 million of cash and marketable securities. In addition, the Company had $30.6 million of unused credit facilities.

First quarter per share results are based on 12.8 million and 12.7 million diluted weighted average shares outstanding during the 2005 and 2004 three-month periods, respectively.

Segmented Results
Income from operations at Vitran’s LTL (less-than-truckload) segment rose 61 percent during the 2005 first quarter to $3.3 million, with revenue growing at both the Canadian and U.S. business units. This resulted in a 140 basis point improvement in the segment’s consolidated OR (operating ratio), compared to the 2004 first quarter. The U.S. LTL operation increased shipments and revenue per hundred-weight in the current quarter. The Canadian LTL operation, which was impacted by the CN Railway strike in the prior year, recorded improvements in revenue and income from operations compared to the 2004 first quarter. The Canadian LTL operation recorded double-digit growth in both revenue per shipment and revenue per hundred-weight during the three-month period.

Vitran’s Truckload segment grew income from operations by 66 percent during the quarter, and lowered its OR to 91.7. The Logistics segment achieved nine percent higher revenue, and an eight percent increase in operating income on a flat, 95.9 OR during the first quarter. The Logistics segment continues to make progress towards filling the capacity at its new distribution facility.

Guidance Update
Management maintains its 2005 diluted earnings per share guidance for the year of $1.23 to $1.35.

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.

Statements in the press release regarding management’s future expectation, beliefs, goals, plans, or prospects constitute forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. For this purpose, any statements that are contained herein that are not statements or historical fact may be deemed to be forward-looking statements made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, the words “believes”, “anticipates”, “plans” “intends”, “will”, “should”, ”expects”, “projects”, and similar expressions are intended to identify forward-looking statements. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual result, future circumstances or events to differ materially from those projected in the forward-looking statements. These risks include, but are 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, government regulation changes, environmental hazards and other risks detailed from time-to-time in the Company’s public disclosure documents or other

filing with the Canadian and United States securities commissions or other securities regulatory
bodies. The forward-looking statements are made as of the date hereof, and the Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Vitran Corporation Inc.
Consolidated Balance Sheets
(in thousands of United States dollars)


Assets
Current assets:
Cash	$	3,765	$	7,375
Marketable securities		31,539		33,087
Accounts receivable		43,485		40,124
Inventory, deposits & prepaid expenses		5,600		5,924
Future income tax assets		3,477		3,667

		87,866		90,177
Capital assets		42,343		37,563
Goodwill		45,266		45,304

	$	175,475	$	173,044

Liabilities and Shareholders’ Equity Current liabilities:
Accounts payable & accrued liabilities $34,926 $33,377
Income and other taxes payable		1,638		2,399
Current portion of long-term debt		3,781		3,030

		40,345		38,806
Long-term debt		10,187		11,507
Future income tax liabilities		3,930		3,546
Shareholders’ equity:
Common shares		60,595		60,798
Contributed surplus		452		323
Retained earnings		57,274		54,972
Cumulative translation adjustment		2,692		3,092

		121,013		119,185

	$	175,475	$	173,044

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


	Three months			Three months
	Ended			ended
	Mar. 31, 2005			Mar. 31, 2004
Revenue	$	93,941		$	87,146
Operating expenses		80,144			75,574
Selling, general and administrative expenses		8,817			8,163
Other expense (income)		(10	)		(76	)

		88,951			83,661
Income from operations before depreciation		4,990			3,485
Depreciation expense		1,331			1,308

Income from operations before undernoted		3,659			2,177
Interest expense (income), net		(48	)		43
Income from operations before income taxes		3,707			2,134
Income taxes		953			485

Net Income	$	2,754		$	1,649

Earnings per share:
Basic – Net Income	$	0.22		$	0.14
Diluted – Net Income	$	0.22		$	0.13

Weighted average number of shares:
Basic		12,411,968			12,115,292

Diluted		12,754,930			12,697,994

VITRAN CORPORATION INC.
Consolidated Statements Of Cash Flows
(unaudited) (in thousands of $U.S.)


	Three months			Three months
	ended			ended
	Mar. 31, 2005			Mar. 31, 2004
Cash provided by (used in):
Operations:
Net income	$	2,754		$	1,649
Items not involving cash from operations:
Depreciation expense		1,331			1,308
Future income taxes		565			296
Stock based compensation expense		129			—
Loss (gain) on sale of fixed assets		(10	)		(76	)

		4,769			3,177
Change in non-cash working capital components		(2,249	)		(10,189	)

		2,520			(7,012	)
Investments:
Purchase of capital assets		(6,222	)		(1,635	)
Proceeds on sale of capital assets		14			135
Marketable securities		1,369			(145	)

		(4,839	)		(1,645	)
Financing:
Repayment of long-term debt		(570	)		(1,809	)
Issue of Common Shares upon exercise of stock options		17			351
Repurchase of Common Shares		(692	)		—

		(1,245	)		(1,458	)
Effect of translation adjustment on cash		(46	)		58

Increase (decrease) in cash position		(3,610	)		(10,057	)
Cash position, beginning of period		7,375			12,417

Cash position, end of period	$	3,765		$	2,360
Change in non-cash working capital components:
Accounts receivable	$	(3,361	)	$	(5,004	)
Inventory, deposits and prepaid expenses		324			(6	)
Income and other taxes recoverable/payable		(761	)		(1,285	)
Accounts payable and accrued liabilities		1,549			(3,894	)

	$	(2,249	)	$	(10,189	)


For the quarter ended March 31, 2005
			Q. overQ.						Q. over Q.
($U.S.)	U.S. LTL		% Change			($CDN)	CDN LTL		% Change

Revenue (000’s)	$	42,619		5.4		Revenue (000's)	$	41,088		4.1

No. of Shipments		370,426		3.9		No. of Shipments		201,566		(8.0	)

Weight (000’s lbs)		513,968		(1.5	)	Weight (000's lbs)		387,468		(8.7	)

Revenue per shipment	$	115.05		1.5		Revenue per shipment	$	203.84		13.1

Revenue per CWT	$	8.29		7		Revenue per CWT	$	10.60		14


For the quarter							For the quarter
ended March 31,							ended March 31,
2005							2004
	Revenue		Inc. from		OR%			Revenue		Inc. from		OR%
		—	Operations			—			—	Operations			—

LTL		76,105		3,263		95.7	LTL		70,259		2,031		97.1

LOG		8,876		364		95.9	LOG		8,167		337		95.9

TL		8,960		742		91.7	TL		8,720		446		94.9

VITRAN LOGISTICS SEGMENT FORGES MULTI-YEAR SUPPLY CHAIN MANAGEMENT CONTRACT WITH MARK’S WORK
WEARHOUSE

TORONTO, ONTARIO (April 21, 2005) – Vitran Corporation Inc. (NASDAQ: VTNC, TSX: VTN), a North American transportation and logistics firm, today announced that Vitran Logistics has been awarded a multi-year contract to operate a 125,000 square-foot dedicated distribution facility in Calgary, Canada on behalf of Mark’s Work Wearhouse (Mark’s) (www.marks.com), a subsidiary of Canadian Tire Corporation, Limited (TSX: CTR.NV, CTR).

“We are delighted to further expand Vitran’s relationship with Mark’s Work Wearhouse, a relationship now entering its eighth successful year,” stated Vitran President and Chief Executive Officer Rick Gaetz. “It’s been exciting to play a part in their growth through the years, and we look forward to continuing to assist them in maximizing operating efficiency and reducing costs through enhanced inventory management.”

The Calgary site is scheduled to go live in July, complementing three additional facilities and a national transportation network Vitran already operates on behalf of Mark’s, one of Canada’s leading apparel retailers, with 333 stores throughout the country. The facility is designed to optimize Mark’s supply chain efficiency.

About Mark’s Work Wearhouse
Mark’s Work Wearhouse is one of the country’s leading apparel retailers operating 333 stores in Canada. Under the Clothes that Work^TM banner, Mark’s sells apparel and footwear in work, work-related, causal, and active-wear categories, as well as health-care and business-to-business apparel. Mark’s is part of the Canadian Tire family.


Ontario	000-26256	000000000
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)

185 The West Mall , Suite 701, Toronto, Ontario		M9C 5L5
_________________________________ (Address of principal executive offices)		___________ (Zip Code)


	Vitran Corporation Inc.

April 21, 2005	By:	/s/ Sean Washchuk

		Name: Sean Washchuk
		Title: Vice President Finance and Chief Financial Officer


Exhibit No.		Description

99.1.1		Press Release - dated April 20, 2005. Vitran Delivers Net Income Growth Of 67%, Highlighting 14th Consecutive Quarter Of Net Income Growth
99.1.2		Press Release - dated April 21, 2005. Vitran Logistics Segment Forges Multi-Year Supply Chain Management Contract With Mark's Work Wearhouse


Date of Report (Date of Earliest Event Reported):		April 21, 2001


Registrant’s telephone number, including area code:		416-452-7664


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