Published on : Saturday, March 1, 2014
The Board of Directors of Allegiant Travel Company has authorized a new share repurchase program of $100 million.
“The actions of our board serve as another powerful example of the confidence in the cash generation of our business model,” stated Maurice J. Gallagher, Jr., Chairman and CEO of Allegiant Travel Company. “Since the beginning of the year, we have repurchased 448,000 shares at an average price of $93 per share and subsequently depleted our previous share repurchase authorization. Therefore, the board has reauthorized the company to repurchase up to $100 million of Allegiant shares. Our current cash balance and projections for cash from operations will allow us to continue to purchase aircraft and maintain our historic level of growth as well as return cash to shareholders as demonstrated by our actions today.”
Allegiant, Travel is our deal.
Las Vegas-based Allegiant Travel Company is focused on linking travelers in small cities to world-class leisure destinations. The company operates a low-cost, high-efficiency, all-jet passenger airline through its subsidiary, Allegiant Air, while also offering other travel-related products such as hotel rooms, rental cars, and attraction tickets. All can be purchased through the company website, Allegiant.com. The company has been named one of America’s 100 Best Small Companies by Forbes Magazine for four consecutive years.
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