Allegiant Travel Company Announces the Repurchase of Shares of Allegiant Stock From Chairman and CEO Maury Gallagher LAS VEGAS, NV --(Marketwired - September 11, 2014) - Allegiant
( NASDAQ : ALGT ) today announced the Company has purchased 200,000 shares of Allegiant company stock from CEO Maury Gallagher as part of the Company's stock repurchase program. The price paid was $126.20 per share, based on the average closing price over the five days preceding the transaction. Mr. Gallagher plans to use the proceeds to fund cash investment requirements for other ventures he is pursuing personally.
"I remain as committed to Allegiant as the day I started the company," stated Maurice J. Gallagher Jr., Chairman and CEO of Allegiant Travel Company. "Allegiant has proven to be consistently profitable, has continually produced strong financial metrics, and is one of the few airlines which can grow and return cash to shareholders. I am looking forward to my continued investment and involvement in the company for many years."
Mr. Gallagher had not previously sold any Allegiant shares (other than stock incentive transactions) since 2010 and continues to not take a salary. After this transaction, Mr. Gallagher continues to directly or indirectly hold more than 3.6 million shares which is approximately 20% of the current outstanding shares as of September 9, 2014. The company currently has approximately $16 million of share repurchase authority remaining.
Allegiant, Travel is our deal. ®
Las Vegas-based Allegiant Travel Company ( NASDAQ : ALGT ) 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 five consecutive years. In 2014, AVIATION WEEK ranked Allegiant the Top-Performing Airline in North America for the third consecutive year. For downloadable press kit, including photos, visit: http://gofly.us/xG7se .
