ClubLink Announces First Quarter 2005 Results.

KING CITY, Ontario -- For the three months ended April 3, 2005, ClubLink's operating revenue increased 8.4% to $11,643,000 from $10,739,000 in 2004, and net operating income increased 11.1% to $291,000 from $262,000 in 2004. Net membership fee income increased 11.1% to $1,764,000 from $1,588,000 in 2004. Net loss increased to $4,859,000 from $4,398,000 in 2004. Loss per share for the three months ended April 3, 2005 increased to $0.28 cents from $0.25 cents in 2004. Cash deficiency from operations per share was $0.07 compared to $0.03 in 2004.

For the 3 Months Ended
                                            April 3,        March 28,
Financial Highlights                            2005         2004 (1)

Operations

Operating revenue ($000)                      11,643           10,739
Net operating income ($000)(2)                   291              262
Operating margin (%)(2)                         2.5%             2.4%

Net membership fee income ($000)(2)            1,764            1,588

Earnings before interest, taxes,
 amortization and other items ($000)(2)        2,055            1,850

Net loss ($000)                              (4,859)          (4,398)

Cash flow from operations ($000)(2)          (1,261)            (520)

Membership Data

Sales and transfer fees ($000)                 2,311            2,575
Sales (Members)                                  123              150
Resignations and terminations ($000)           1,074            1,061
Resignations and terminations (Members)          179              136
Cash collected, net of origination costs
 ($000)                                        1,771            2,051
Deferred membership fees, net at
 period end ($000)                            30,671           22,461
Golf members at period end                    11,833           10,978

Per Common Share Data ($)

Basic and diluted loss                        (0.28)           (0.25)
Basic and diluted cash flow from
 operations(2)                                (0.07)           (0.03)
Cash dividends                                  0.04            0.035
Net book value at end of period(2)             10.08            10.34

Common Share Data (000)

Shares outstanding at end of period           17,158           17,530
Weighted average shares outstanding           17,172           17,650

First Quarter 2005 Operating Highlights

Operating revenue increased 8.4% to $11,643,000 from $10,739,000 in the first quarter of 2005. This is primarily the result of an increase of 9.9% in annual dues revenue resulting from a 7.8% increase in members on a year over year basis.

Operating expenses and costs of goods sold increased 9.0% to $8,977,000 from $8,238,000 in 2004. This is primarily due to the addition of Glencairn Golf Club, National Pines and the Talon course at GreyHawk Golf Club which all opened in the second quarter of 2004.

Sales and marketing costs decreased 3.5% to $442,000 from $458,000 in 2004. These costs were 3.8% of operating revenue compared to 4.3% in 2004.

General and administrative expenses and provincial capital taxes increased 8.5% to $1,933,000 from $1,781,000 in 2004 and were 16.6% of operating revenue in both 2005 and 2004.

Net operating income increased 11.1% to $291,000 from $262,000 in 2004.

Total Golf Members increased 7.8% to 11,833 on April 3, 2005 from 10,978 on March 28, 2004. New membership sales during the first quarter of 2005 decreased 13.8% to $1,597,000 (123 members) from $1,852,000 (150 members) during the first quarter in 2004. The average price of a new membership was $12,984 during the first quarter of 2005 compared to $12,347 during the first quarter in 2004. Transfer fees during the first quarter of 2005 decreased to $714,000 from $723,000 in 2004. Resignations and terminations increased to $1,074,000 (179 members) from $1,061,000 (136 members) in 2004. Membership fee instalments received in cash decreased to $1,959,000 from $2,134,000 in 2004.

Direct costs of originating membership fees increased to $188,000 from $83,000 in 2004 primarily due to increased advertising costs.

Net membership fee income increased 11.1% to $1,764,000 in 2005 from $1,588,000 in 2004 primarily due to the 7.8% increase in golf members.

Earnings before interest, amortization, taxes and other increased 11.1% to $2,055,000 from $1,850,000 in 2004.

Interest expense increased 24.7% to $5,286,000 from $4,239,000 in 2004 as a result of a 4.7% increase in aggregate debt outstanding on a year-over-year basis and the placement of $95,000,000 long-term (20 years) fully amortizing fixed rate debt during 2004, replacing short-term lower cost floating rate debt.

Net loss increased to $4,859,000 from $4,398,000.

Dividend

The Board of Directors has declared a dividend of 4 cents per common share payable June 15, 2005 to shareholders of record on May 31, 2005.

Normal Course Issuer Bid

On January 25, 2005, ClubLink announced a normal course issuer bid, expiring on January 26, 2006 to purchase up to 858,700 common shares of ClubLink. As of May 10, 2005, ClubLink has repurchased for cancellation 69,700 common shares for an aggregate purchase price of $626,000 or $8.98 per share, excluding commissions. The number of common shares issued and outstanding as of May 10, 2005 is 17,106,089.

ClubLink is Canada's largest owner, operator and developer of golf clubs.

(1) Certain comparative amounts have been restated from those previously presented to conform to the presentation of the 2005 consolidated financial statements.

(2) Net operating income, operating margin, net membership fee income, earnings before interest, taxes, amortization and other items, cash flow from operations, cash flow from operations per share and net book value per share are not recognized measures under Canadian generally accepted accounting principles (GAAP). Management believes these measures are useful supplemental information. Investors should be cautioned, however, that these measures should not be construed as an alternative to net income (loss) determined in accordance with GAAP as an indicator of the Company's performance or to cash flows from operating, investing and financing activities, as a measure of liquidity and cash flows. ClubLink's method of calculating these measures is consistent from year to year, but may be different than those used by other companies.

ClubLink Corporation
15675 Dufferin Street
King City, Ontario L7B 1K5

ClubLink Corporation (TSX:LNK)