Allegiant Travel announces further increase to stock repurchase authority

Allegiant Travel Company, parent company of Allegiant Air and Allegiant Vacations, reported (26-Jul-2010) its Board has once again increased the authority of the company to repurchase its shares. In Jan-2010, the Board increased the remaining authority to USD25 million, with this now increased to USD50 million, applicable to shares repurchased in 2010 or later. Through 23-Jul-2010, the company has repurchased 368,248 shares in 2010 at an average price of USD49.42 per share for a total cost of USD18.2 million, leaving USD31.8 million of authority for future purchases. [more]

Allegiant: "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 repurchase programme in place since early 2008 and with this new authority from our Board, we will continue to be able to opportunistically repurchase our stock," Maurice J Gallagher, Jr, Chairman and CEO. Source: Company Statement, 26-Jul-2010.