They finished second overall during the regular season, advanced through the post season to the AJHL finals, going the full seven games before losing the championship to the Spruce Grove Mets, who would go on to win that year's Centennial Cup as the best Junior A hockey team in Canada, with no other challenger good enough to take them to a full 7-game series.

The Falcons would struggle with attendance the following season, then took a three-year leave of absence.

The Falcons returned in 1979, however were consistently overmatched, winning just 29 games total between 1979 and 1983.

The Falcons folded midway through the 1982-83 season having lost every game they played that year.

Four Falcons alumni went on to play in the National Hockey League: Merlin Malinowski, Jim Nill, Bryan Maxwell and John Hilworth.