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Allegiant Travel Company Fourth Quarter And Full Year 2010 Financial Results

32 nd Consecutive Profitable Quarter

Fully Diluted Earnings Per Share of $.64

12.9% Operating Margin in the 4 th Quarter

15.8% Operating Margin in Full Year 2010

LAS VEGAS, Jan. 31, 2011 (GLOBE NEWSWIRE) -- Allegiant Travel Company (Nasdaq:ALGT) today reported the following financial results for the 4th quarter 2010 as well as full year 2010 and comparisons to prior year equivalents:

Unaudited 4Q10 4Q09 Change 2010 2009 Change
Total operating revenue (millions) $162.0 $134.7 20.3% $663.6 $557.9 18.9%
Operating income (millions) $20.9 $18.1 15.5% $104.7 $122.3 (14.4)%
Operating margin 12.9% 13.4% -0.5pp 15.8% 21.9% -6.1pp
EBITDA (millions) $30.0 $25.8 16.4% $139.6 $151.8 (8.0)%
EBITDA margin 18.5% 19.1% -0.6pp 21.0% 27.2% -6.2pp
Net income (millions) $12.4 $10.5 17.5% $65.7 $76.3 (13.9)%
Diluted earnings per share $0.64 $0.52 23.1% $3.32 $3.76 (11.7)%

"We have concluded another very successful year," stated Maurice J. Gallagher, Jr., Chairman and CEO of Allegiant Travel Company. "Our 4 th quarter results represented the 32 nd consecutive quarter and eight straight years of profits. Our $105M operating profit translated into $66M of net income and just short of $140M of EBITDA for the year. 4 th quarter results generated a 13% operating margin, lower than our goal of 20%. The substantial increase in jet fuel prices which peaked during the last two weeks of the quarter weighted on the quarter's results. In three months our scheduled service cost per gallon increased almost 11% or $.25 to $2.61. If we had maintained our 3 rd quarter unit fuel cost, our operating margin would have approached 17%. In spite of this, we were able to grow earnings per share by 23% compared to last year's 4 th quarter.

"On the revenue front, we had reasonable increases. Our total RASM in the 4 th quarter, including ancillary products, increased 9.2% year over year while sequentially total RASM was up 12%. Our scheduled service selling fare sequentially was up 16.6% in the 4 th quarter versus the 3 rd quarter, a healthy increase. Our combined scheduled service average fare of almost $117, exceeded only by our 3 rd quarter 2008 combined fare, was a necessary increase given the pressure from energy costs. 

"We have recently added several individuals to our senior management team, including new leaders in our flight operations and station operations areas as well as the creation of a new Chief Information Officer position. We are excited to be able to attract highly capable leaders who will help us manage the business as it becomes larger and more complex. Strengthening our foundation is a key part of our 2011 Plan and bringing on new leadership in certain areas of the business is a very important part of that effort.

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