KING CITY, ONTARIO -- (Marketwire) -- 11/09/11 -- ClubLink Enterprises Limited (TSX: CLK) -

Consolidated Financial Highlights

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                                      Three months ended   Nine months ended
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                                               September           September
(in thousands of dollars except per  September  30, 2010 September  30, 2010
 share amounts)                       30, 2011       (a)  30, 2011       (a)
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Operating revenue                       89,151    86,727   170,630   160,216
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Net operating income (1)                32,864    33,077    47,748    48,776
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Net membership fee income (1)            3,663     3,354    10,655    10,150
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EBITDA (1)                              36,527    36,431    58,403    58,926
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Net earnings                            16,886    16,313    18,019    14,211
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Basic and diluted earnings per share     $0.61     $0.58     $0.65     $0.51
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Cash flow from operations (1)           31,327    30,847    40,398    38,381
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Basic and diluted cash flow from
 operations per share (1)                $1.12     $1.10     $1.45     $1.37
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Weighted average shares outstanding
 (000's)                                27,808    27,913    27,873    27,999
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(a) Amounts have been restated in accordance with International Financial
    Reporting Standards adopted as of January 1, 2011.


Operating Data

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                                     September September September September
                                      30, 2011  30, 2010  30, 2011  30, 2010
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ClubLink One Membership More Golf
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Championship rounds - Canada           536,000   537,000   909,000   913,000
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18-hole equivalent championship golf
 courses - Canada                         41.5      40.5      41.5      40.5
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Championship rounds - U.S.              33,000    13,000   140,000    18,000
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18-hole equivalent championship golf
 courses - U.S.                            9.0       6.0       9.0       6.0
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White Pass and Yukon Route
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Rail passengers                        244,000   229,000   382,000   368,000
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Port passengers from cruise ships      461,000   434,000   712,000   697,000
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Third Quarter 2011 Consolidated Operating Highlights

Consolidated operating revenue increased 2.8% to $89,151,000 for the three month period ending September 30, 2011 from $86,727,000 in 2010, primarily due to operating revenue from the Florida golf clubs and Glendale which have all been acquired since September 3, 2010.

Operating costs increased 4.4% to $44,462,000 for the three month period ending September 30, 2011 from $42,598,000 in 2010, primarily due to operating costs from the Florida golf clubs and Glendale which have all been acquired since September 3, 2010.

Net operating income decreased 0.6% to $32,864,000 for the three month period ending September 30, 2011 from $33,077,000 in 2010 primarily due to the third quarter being the off-season for the Florida golf courses, resulting in an operating loss for these operations. A stronger Canadian dollar in 2011 as compared to 2010 has also resulted in a decline in the Canadian dollar equivalent of the rail, tourism and port net operating income.

Net membership fee income increased 9.2% to $3,663,000 for the three month period ending September 30, 2011 from $3,354,000 in 2010.

Consolidated EBITDA increased 0.3% to $36,527,000 for the three month period ending September 30, 2011 from $36,431,000 in 2010.

Interest, net decreased 9.4% to $5,288,000 for the three month period ending September 30, 2011 from $5,838,000 in 2010 primarily due to a 2.9% decrease in borrowings and other financial liabilities from September 30, 2010 and a lower cost of debt.

Other income was $750,000 for the three month period ending September 30, 2011 compared to $481,000 for 2010 primarily due to the recognition of $2,528,000 in prior year property tax refunds for Ontario golf clubs offset by an unrealized foreign exchange loss in the amount of $1,404,000.

Net earnings increased 3.5% to $16,886,000 for the three month period ending September 30, 2011 from $16,313,000 in 2010.

Earnings per share increased 5.2% to $0.61 per share for the three month period ending September 30, 2011 from $0.58 per share in 2010.

Eligible Dividend

Today, ClubLink Enterprises Limited ("ClubLink") announced an eligible dividend of 7.5 cents per share to be paid on December 15, 2011 to shareholders of record as at December 1, 2011.

Normal Course Issuer Bid

The Company has been approved by the Toronto Stock Exchange for a normal course issuer bid to purchase up to 1,390,000 of its common shares which will expire on September 19, 2012. As at November 9, 2011 the Company has repurchased for cancellation 8,800 common shares for a total purchase price of $55,000 or $6.25 per common share, including commissions. As at November 9, 2011, ClubLink has 27,805,861 common shares outstanding.

Corporate Profile

ClubLink is engaged in golf club and resort operations under the trade name, "ClubLink One Membership More Golf." ClubLink is Canada's largest owner and operator of golf clubs with 50.5 18-hole equivalent championship and six 18-hole equivalent academy courses at 42 locations, primarily in Ontario, Quebec and Florida.

ClubLink is also engaged in rail, tourism and port operations based in Skagway, Alaska, which operates under the trade name "White Pass & Yukon Route." The railway stretches approximately 177 kilometres (110 miles) from Skagway, Alaska, through British Columbia to Whitehorse, Yukon. In addition, ClubLink operates three docks primarily for cruise ships.

(1) Net operating income, net membership fee income, EBITDA, cash flow from operations and basic and diluted cash flow from operations per share are not recognized performance measures under International Financial Reporting Standards ("IFRS"). EBITDA is defined as earnings before taxes, interest, depreciation, amortization, and other items. Management believes that in addition to net earnings, these measures are useful supplemental information to provide investors with an indication of the Company's performance. Investors should be cautioned, however, that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indicator of the Company's performance. ClubLink's method of calculating these measures is consistent from year to year, but may be different than those used by other companies (See "Management's Discussion and Analysis of Financial Condition and Results of Operations").

Management's discussion and analysis, financial statements and other disclosure information relating to the Company is available through SEDAR and at www.sedar.com and on the Company website at www.clublinkenterprises.ca.