Total third-quarter operating revenue was $265 million, up 15.8% year-over-year, while expenses were $236.2 million, up 18.3%, producing an operating income of $29 million, down 1.2% compared to the year-ago period.
Allegiant chairman and CEO Maurice Gallagher said, “During this quarter we saw the departure of Andrew Levy, our president and COO. … He has left the company in great shape. His legacy includes building a solid, capable management team which ensures the company will maintain its strong performance into the future.
In addition, we have also welcomed back Kris Bauer as the airline’s SVP-operations and COO while we conduct our search for a replacement. Earlier this week, our board of directors approved an increase to our share repurchase authority to $100 million from its current level of $7.4 million. We continue to see strength in the business model and are demonstrating that confidence by actively returning cash to shareholders.”
Scheduled traffic during the quarter was up 11% to 1.84 billion RPMs on an 11.5% increase in capacity to 2.03 billion ASMs, producing a load factor of 90.5% down 0.3%.
Yield was up 1.2% to 9.07 cents.
Allegiant said it had 70 aircraft in its fleet at the end of the third quarter, comprising 53 MD-80s, six Boeing 757s, four Airbus A319s and seven A320s. It plans to add nine more aircraft, comprising six A319s and three A320s by 2016.
(Linda Blachly - ATWOnline News)