Allegiant Travel Company Announces Increased Common Stock Repurchase Authority to Bring Remaining Authority to $25 Million

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Feb 01, 2010, 07:30 ET

LAS VEGAS, Feb. 1 /PRNewswire-FirstCall/ -- Allegiant Travel Company (Nasdaq: ALGT), parent company of Allegiant Air and Allegiant Vacations, today announced that its Board of Directors has approved increased authority under its existing Common Stock repurchase program.

Allegiant's current Common Stock repurchase program was first approved by Allegiant's Board of Directors in January 2009 with repurchase authority of $25 million. The Board of Directors increased this authority by $10 million in July 2009. As of January 1, 2010, remaining repurchase authority under this program was $10.4 million. On January 29, 2010, Allegiant's Board of Directors increased remaining authority under the program to $25 million effective January 1, 2010, an increase of $14.6 million.

Under the current Common Stock repurchase program, Allegiant spent $24.4 million in open market transactions during 2009, repurchasing a total of 637,902 shares at an average price of $38.26 per share.

About the Company

Las Vegas-based Allegiant Travel Company (Nasdaq: ALGT) is focused on linking travelers in small cities to major leisure destinations such as Las Vegas, Orlando, Fla., Tampa/St. Petersburg, Fla., Phoenix-Mesa, Los Angeles 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

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SOURCE Allegiant Travel Company