Allegiant Travel Company announces further increase to stock repurchase authority
26-Jul-2010 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.
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."