Allegiant Announces Additional Stock Repurchase Authority

Sep 13, 2010, 02:38 ET from Allegiant Travel Company

LAS VEGAS, Sept. 13 /PRNewswire-FirstCall/ -- Allegiant Travel Company (Nasdaq: ALGT) today announced that its Board of Directors has again approved an expansion of its stock repurchase program, having authorized the repurchase of an additional $50 million of the company's stock.  As recently as July 2010, the Company had announced a $25 million increase in stock repurchase authority.  As of early September, the Company had completed the repurchases under this previously approved authority.  The Company has been repurchasing shares since 2008, having purchased 578,000 shares in 2008 for $16.7 million, 661,000 shares in 2009 for $25.4 million, and 1.1 million shares in 2010 to date for $50.0 million.

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"With most of our growth for the next couple of years having already been funded through the purchase of aircraft that we intend to add to our operating fleet in 2010 through 2012 and, while continuing to generate additional cash flow, we are pleased to be able to prudently invest in our stock and continue to return funds to our shareholders in this manner," Maurice J. Gallagher, Jr., Allegiant Chairman and CEO, said.

About the Company

Las Vegas-based Allegiant Travel Company (Nasdaq: ALGT) is focused on linking travelers in small cities to world-class leisure destinations such as Las Vegas, Phoenix, Los Angeles, Orlando, Fla. Tampa/St. Petersburg, Fla. and Fort Lauderdale, Fla.  Through its subsidiary, Allegiant Air, the Company operates a low-cost, high-efficiency, all-jet passenger airline offering air travel both on a stand-alone basis and bundled with hotel rooms, rental cars and other travel related services.  In 2010, Allegiant was ranked number one for low-cost carriers in Aviation Week's Top Performing Airline study and ranked 25 on FORTUNE magazine's Fastest-Growing Companies list. ALGT/G

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Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding placing aircraft into service in future periods and generating cash flow in the future. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as t he words "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "hope" or similar expressions.

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SOURCE Allegiant Travel Company