Allegiant Travel Company Announces Further Increase to Stock Repurchase Authority

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Jul 26, 2010, 07:30 ET

LAS VEGAS, July 26 /PRNewswire-FirstCall/ -- Allegiant Travel Company (Nasdaq: ALGT), parent company of Allegiant Air and Allegiant Vacations, today reported that its Board of Directors has once again increased the authority of the Company to repurchase its shares. In January 2010, the Board increased the remaining authority to $25 million. The Board has now increased this number to $50 million applicable to shares repurchased in 2010 or after. Through July 23, 2010, the Company has repurchased 368,248 shares in 2010 at an average price of $49.42 per share for a total cost of $18.2 million, leaving $31.8 million of authority for future purchases.

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Maurice J. Gallagher, Jr., Allegiant Chairman and CEO, stated, "We are pleased to have the financial strength and flexibility to continue to profitably grow the business while at the same returning capital to our shareholders. We have had a share re-purchase program in place since early 2008 and with this new authority from our Board, we will continue to be able to opportunistically re-purchase our stock."

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. ALGT/G

Note: This press release was accurate at the date of issuance. However, information contained in the release may have changed. If you plan to use the information contained herein for any purpose, verification of its continued accuracy is your responsibility.

For further information please visit the company's investor web site: http://ir.allegiant.com

Reference to the Company's web site above does not constitute incorporation of any of the information thereon into this press release.

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 delivery and service dates for aircraft under contract, the cost to ready these aircraft for service the ability to secure financing on aircraft, future service to be offered, ability to obtain regulatory approvals, fleet growth, as well as other information regarding the aircraft under contract. 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.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, the effect of the economic downturn on leisure travel, increases in fuel prices, terrorist attacks, risks inherent to airlines, demand for air services to our leisure destinations from the markets served by us, our ability to implement our growth strategy, possible unionization efforts, our dependence on our leisure destination markets, our ability to add, renew or replace gate leases, our competitive environment, problems with our aircraft, dependence on fixed fee customers, our reliance on our automated systems, economic and other conditions in markets in which we operate, governmental regulation, increases in maintenance costs and cyclical and seasonal fluctuations in our operating results.

Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

SOURCE Allegiant Travel Company