Exhibit 99.1

FOR IMMEDIATE RELEASE

(Unaudited. All amounts in Canadian dollars and presented in accordance with U.S. GAAP.)

Tim Hortons Inc. announces 2012 first quarter results:

Continued sales momentum and strong earnings growth

Financial & Highlights

(All numbers in millions, except EPS and effective tax rate. All numbers rounded.)

Highlights

OAKVILLE, ONTARIO, (May 9^th, 2012): Tim Hortons Inc. (TSX: THI, NYSE: THI) today announced results for the first quarter ended April 1^st, 2012.

“We continue to execute our ‘More than a Great Brand’ growth strategy and focus our efforts in a disciplined manner. By responding to our guests’ needs, we have continued to build momentum, as positively reflected in our strong first quarter results,” said Paul House, executive chairman, president and CEO.

Consolidated Results

All percentage increases and decreases represent year-over-year changes for the first quarter of 2012 compared to the first quarter of 2011, unless otherwise noted.

Systemwide sales⁽²⁾ increased 9.4% on a constant currency basis in the first quarter of 2012. We increased total revenues by 12.1% to $721.3 million compared to $643.5 million last year. Our strong systemwide sales growth drove higher rents and royalties revenue. Strength of our systemwide sales growth and new products managed through our supply chain drove our distribution sales, which was also impacted by higher pricing and favourable product mix. Higher pricing resulted primarily from higher commodity costs, which impacted cost of sales as well.

Rents and royalty growth was 7.4%, driven by higher same-store sales and sales from the year-over-year net addition of 211 new full-serve restaurants in Canada and the U.S. Our growth was partially offset by a negative impact from an increased number of consolidated non-owned restaurants, which essentially replaces rents and royalties with restaurant sales, which are included as sales from variable interest entities (VIEs). Excluding these impacts, rents and royalties grew approximately 9.1%, in line with systemwide sales growth. Fewer standard restaurant openings compared to the same period last year, mostly due to timing, resulted in lower year-over-year franchise fees.

First quarter cost of sales increased 15.7% compared to last year, with the increase primarily due to higher distribution cost of sales and higher cost of sales from VIEs. Higher distribution cost of sales was mainly due to systemwide sales growth and new products managed through our supply chain, higher commodity costs, product mix and investments in resources to optimize service levels to our restaurant owners during the transition of our replacement distribution facility in Kingston, Ontario.

Operating expenses were up 7.3% in the first quarter compared to last year as we continued to grow our system. Depreciation and rent expense increased as a result of the higher number of properties we either own or lease, due to additional properties in our system compared to last year. Franchise fee costs decreased approximately 4.9% due primarily to the fewer standard restaurant openings compared to last year.

General and administrative expenses were essentially flat in the first quarter compared to last year. Higher salaries and benefits, required to support the growth of the business, were essentially offset by favourable timing of certain benefit and other costs.

First quarter operating income was $131.6 million, increasing 9.1% compared to $120.6 million last year, driven by the factors described previously.

Net income attributable to Tim Hortons Inc. was $88.8 million, rising 10.0% compared to $80.7 million in the first quarter last year. Higher operating income and a lower effective tax rate contributed most to the increase, partially offset by higher net interest expense.

EPS grew 17.4% to $0.56, compared to $0.48 in the first quarter last year. The cumulative impact of our share repurchase programs continues to benefit EPS growth, as we had 6.3% fewer average fully diluted common shares outstanding this quarter compared to last year.

Segmented Performance Commentary

Canada

Same-store sales grew 5.2% in the first quarter in the Canadian segment. All of our same-store sales growth came from an increase in average cheque, which resulted from both favourable product mix and pricing. Recent menu innovation and a solid promotional calendar contributed to our strong Canadian same-store sales growth, and we believe mild, warm weather across several regions also contributed to our results.

Recent menu items that supported our growth included espresso-based lattes, real fruit smoothies and beef lasagna casserole. The new hot beverage cup sizing in Canada, including the introduction of the 24-ounce cup size, also proved popular with our guests. We continue to focus on reinforcing the value we represent through new and existing product offerings to help offset the potential impact on frequency caused by continued high unemployment and high gasoline pricing. We are also working to build incremental capacity, which should benefit peak day parts by enhancing speed of service for our guests.

During the quarter we opened 22 restaurants in Canada.

Canadian segment operating income was $140.5 million, increasing 6.8% compared to $131.5 million last year. Solid systemwide sales growth of 8.6% drove higher rents and royalties and distribution income. Lower franchise fee income and higher costs associated with increased investments in resources to help optimize the transition of the Kingston, Ontario distribution centre, offset some of these gains.

United States

The U.S. segment had robust same-store sales growth of 8.5%. This performance was driven in part by average cheque gains stemming from a combination of pricing and favourable product mix. Continued transaction growth was also a significant contributor to the same-store sales performance. Product mix changes benefited from recent menu innovation in our U.S. market, including contributions from Panini sandwiches, which guests have responded favourably towards. Transaction growth during the first quarter of 2012 was supported by these new products, and by ongoing marketing and promotional efforts, which were designed to increase brand awareness, and guest traffic. We believe favourable weather also contributed to the sales performance of our U.S. segment.

Our U.S. strategy of allocating the majority of restaurant development capital to core growth markets to increase densities, heightened advertising and promotional spending, and brand positioning efforts designed to increase and sharpen brand awareness and identity as a Cafe and Bake shop, have all contributed to our progression in the U.S. market over the past few years.

U.S. segment operating income was $3.2 million compared to $2.6 million last year. Systemwide sales growth of 15.8% resulted in higher rents and royalties, and higher manufacturing income. Higher relief relating mostly to restaurants open for less than 13 months, along with higher general and administrative costs to support growth of the business, offset some of the gains.

We opened 7 restaurants in the U.S. in the first quarter of which 6 were full-serve standard and non-standard restaurants.

Corporate Developments

CEO Succession Process Update

On May 24^th, 2011 Paul House assumed the role of President and CEO of the Corporation, in addition to his role as the Board’s Executive Chairman, pending the successful completion of a comprehensive CEO succession and global search process. The Board of Directors is pleased to announce that Mr. House has committed to continue his current appointment as President and CEO until the earlier of December, 2013 and the appointment and transition to a successor CEO. Mr. House will also continue in his role as Executive Chairman. His extensive industry knowledge, relevant experience and previous leadership of Tim Hortons continue to be highly valuable.

Under Mr. House’s leadership during the past year, the Company has enjoyed strong corporate performance and significantly advanced the strategic growth plan. The strength of the Company’s performance under Mr. House’s leadership allows the Board the opportunity to continue to conduct its rigorous CEO succession process in a deliberate and highly selective manner, while also affording the flexibility to achieve a smooth transition in leadership.

“I am fully committed to a successful leadership transition, and until that time, my energy is focused on building on our momentum. We have an outstanding team, a clear strategic plan and exciting growth initiatives that we will continue to execute,” said Paul House, Executive Chairman, President and CEO.

Board declares dividend payment of $0.21 per common share

A quarterly dividend of $0.21 per common share has been declared by the Board of Directors, payable on June 8^th, 2012 to shareholders of record as of May 24^th, 2012. Dividends are declared and paid in Canadian dollars to all shareholders with Canadian resident addresses. For U.S. resident shareholders, dividends paid will be converted to U.S. dollars based on prevailing exchange rates at the time of conversion by Tim Hortons for registered shareholders and by Clearing and Depository Services Inc. for beneficial shareholders.

Annual and Special Meeting of Shareholders

The annual and special meeting of shareholders (the “Annual Meeting”) will be held on Thursday, May 10^th, 2012 at 10:30 a.m. (EDST). A live web cast of the meeting, including presentation material, will be available at www.timhortons-invest.com in the Events and Presentations section, where an archive of the web cast and presentation material will also be available for a period of one year.

We are pleased to have received notification from The Humane Society of the United States (HSUS) that it has officially withdrawn its shareholder proposal pertaining to sow and hen housing systems due to recent commitments in these areas made by the Company. As a result, the HSUS proposal will not be presented nor voted upon at the Annual Meeting.

Tim Hortons conference call today at 2:30 p.m. (EDST) Wednesday, May 9^th, 2012

Tim Hortons will host a conference call today to discuss the first quarter results, scheduled to begin at 2:30 p.m. (EDST). The dial-in number is (416) 641-6712 or (800) 785-6502. No access code is required. A simultaneous web cast of the call, including presentation material, will be available at www.timhortons-invest.com. A replay of the call will be available until May 2013 and can be accessed at (416) 626-4100 or (800) 558-5253. The call replay reservation number is 21589542. The call and presentation material will also be archived for a period of one year in the Events and Presentations section.

Safe Harbor Statement

Certain information in this news release, particularly information regarding future economic performance, finances, and plans, expectations and objectives of management, and other information, constitutes forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We refer to all of these as forward-looking statements. Various factors including competition in the quick service segment of the food service industry, general economic conditions and others described as “risk factors” in the Company’s 2011 Annual Report on Form 10-K filed February 28^th, 2012, and our Quarterly Report on Form 10-Q expected to be filed today with the U.S. Securities and Exchange Commission and Canadian Securities Administrators, could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements. As such, readers are cautioned not to place undue reliance

on forward-looking statements contained in this news release, which speak only as to management’s expectations as of the date hereof. Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about: the absence of an adverse event or condition that damages our strong brand position and reputation; the absence of a material increase in competition within the quick service restaurant segment of the food service industry; cost and availability of commodities; continuing positive working relationships with the majority of the Company’s restaurant owners; the absence of any material adverse effects arising as a result of litigation; there being no significant change in the Company’s ability to comply with current or future regulatory requirements; and general worldwide economic conditions.

We are presenting this information for the purpose of informing you of management’s current expectations regarding these matters, and this information may not be appropriate for any other purpose. We assume no obligation to update or alter any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law. Please review the Company’s Safe Harbor Statement at www.timhortons.com/en/about/safeharbor.html.

⁽²⁾ Total systemwide sales growth includes restaurant level sales at both Company and Franchised restaurants. Approximately 99.4% of our consolidated system is franchised as at April 1^st, 2012. Systemwide sales growth is determined using a constant exchange rate where noted, to exclude the effects of foreign currency translation. U.S. dollar sales are converted to Canadian dollar amounts using the average exchange rate of the base year for the period covered. For the first quarter of 2012, systemwide sales on a constant currency basis increased 9.4% compared to the first quarter of 2011. Systemwide sales are important to understanding our business performance as they impact our franchise royalties and rental income, as well as our distribution income. Changes in systemwide sales are driven by changes in average same-store sales and changes in the number of systemwide restaurants, and are ultimately driven by consumer demand.

We believe systemwide sales and same-store sales growth provide meaningful information to investors regarding the size of our system, the overall health and financial performance of the system, and the strength of our brand and restaurant owner base, which ultimately impacts our consolidated and segmented financial performance. Franchised restaurant sales are not generally included in our Condensed Consolidated Financial Statements (except for certain non-owned restaurants consolidated in accordance with applicable accounting rules); however, franchised restaurant sales result in royalties and rental revenues, which are included in our franchise revenues, and also supports growth in distribution sales.

Tim Hortons Inc. Overview

Tim Hortons is one of the largest publicly-traded restaurant chains in North America based on market capitalization, and the largest in Canada. Operating in the quick service segment of the restaurant industry, Tim Hortons appeals to a broad range of consumer tastes, with a menu that includes premium coffee, espresso-based hot and cold specialty drinks including lattes, cappuccinos and espresso shots, specialty teas, fruit smoothies, home-style soups, fresh sandwiches, wraps, hot breakfast sandwiches and fresh baked goods, including our trademark donuts. As of April 1st, 2012, Tim Hortons had 4,042 systemwide restaurants, including 3,315 in Canada, 721 in the United States and 6 in the Gulf Cooperation Council. More information about the Company is available at www.timhortons.com.

For Further information:

Investors: Scott Bonikowsky, (905) 339-6186 or investor_relations@timhortons.com

Media: David Morelli, (905) 339-6277 or morelli_david@timhortons.com

TIM HORTONS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

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CONDENSED CONSOLIDATED BALANCE SHEET

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TIM HORTONS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

(in thousands of Canadian dollars, except share and per share data)

TIM HORTONS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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SEGMENT REPORTING

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TIM HORTONS INC. AND SUBSIDIARIES

SYSTEMWIDE RESTAURANT COUNT