Allegiant Air posts its 45th consecutive profitable quarter

Allegiant Travel Company (Allegiant Air) (Las Vegas) reported net income of $34.2 million for the first quarter, up 7.2 percent from the same quarter a year ago. The travel company issued the following financial results for the first quarter 2014, as well as comparisons to prior year equivalents:

Allegiant 1Q14 Results

“We are very proud to report our 45th consecutive profitable quarter,” stated Maurice J. Gallagher, Jr., Chairman and CEO of Allegiant Travel Company. “We are pleased to produce another profitable quarter despite significant operational challenges and unusually high one-time costs that impacted our overall financial performance. This was a very difficult operational quarter as we navigated through significant flight crew availability issues stemming from external factors that occurred last year. I am happy to report that our Team Members overcame this adversity and pulled together another solidly profitable quarter.”

Notable company highlights:

Integrated A320 aircraft into scheduled operations. Ended the quarter operating three A319 and seven A320 aircraft

A319 and A320 fleet accounted for 17.9 percent of total ASM production during the quarter

Integrated two MD-80 aircraft configured with 166 seats to the fleet in March. Ended the quarter operating 53 166 seat MD-80 aircraft

Completed the reconfiguration of the 757 fleet from 223 seats to 215 seats and added six Giant Seats per aircraft

Announced a seasonal base in Myrtle Beach, SC, which will support two aircraft beginning in late May

Announced 12 new routes to begin operation in the second quarter

Returned $114 million to shareholders through share repurchases and a special dividend paid in January
In April, prepaid $121.3 million term loan facility using unrestricted cash and proceeds from a new $45.3 million loan through Wells Fargo Bank, collateralized by 53 MD-80 aircraft

Read the full report: CLICK HERE

Copyright Photo: Jay Selman/ McDonnell Douglas DC-9-83 (MD-83) N420NV (msn 49424) brings another group of vacationers to the Las Vegas base.

Allegiant Air: AG Slide Show