Welcome to our dedicated page for Allegiant Travel Co news (Ticker: ALGT), a resource for investors and traders seeking the latest updates and insights on Allegiant Travel Co stock.
Allegiant Travel Company (NASDAQ: ALGT) generates a steady flow of news as a leisure-focused airline and integrated travel company based in Las Vegas, Nevada. This news page aggregates press releases and media coverage related to Allegiant’s scheduled passenger air transportation business, financial performance, network expansion, and strategic initiatives, giving readers a central place to review the latest developments affecting ALGT stock and the company’s operations.
Allegiant’s news often highlights its role in connecting small and mid-sized cities to world-class vacation destinations with all-nonstop flights and low average fares. Regular traffic updates provide monthly and quarterly statistics on passengers, revenue passenger miles, available seat miles, load factor, and departures for both scheduled service and total system flying, including fixed-fee contract operations. Earnings releases detail consolidated and airline-only results, non-GAAP measures such as adjusted operating margin and adjusted earnings per share, capital expenditures, liquidity, and debt management actions.
Readers can also expect news about Allegiant’s network and product offerings. The company frequently announces new nonstop routes and entry into new markets, such as its 2025 announcement of 30 new routes connecting 35 cities, including La Crosse, Philadelphia, Trenton, and Columbia. Other stories cover customer-experience initiatives like the launch of Altus Sol, a custom-crafted wine designed for consumption at cruising altitude, and promotional campaigns including Cyber Monday and Travel Tuesday sales and Allways Rewards bonus point offers.
Corporate and strategic updates are another key news category. Allegiant issues releases and files Form 8-Ks on leadership changes, such as the designation of a new President and promotions within its finance and integration teams. It also reports on financing arrangements, including amendments to revolving credit facilities and aircraft loan borrowings, as well as corporate transactions like the sale of Sunseeker Resort Charlotte Harbor and the definitive merger agreement to acquire Sun Country Airlines. Investors and followers of ALGT can use this page to review these updates in one place and revisit prior announcements for context.
Allegiant Travel Company (NASDAQ: ALGT) has closed a private offering of $150 million in 8.500% Senior Secured Notes due 2024. The Notes are backed by security interests in nearly all assets except aircraft and certain other assets. With this issuance, Allegiant's total secured debt rises to approximately $693 million, alongside a Term Loan of $543 million, both bearing an average interest rate of about 4.5%. Proceeds will be used for general corporate purposes. This offering was made under Rule 144A and Regulation S, catering to institutional and non-U.S. buyers.
Allegiant Travel Company (NASDAQ: ALGT) announced a private offering of $150 million in 8.5% Senior Secured Notes due 2024, expected to be issued on October 7, 2020. The Notes will be guaranteed by the Company's subsidiaries, excluding minor ones, and secured by most of the Company's assets, excluding aircraft. This brings Allegiant's total secured debt to approximately $693 million at a 4.5% average interest rate. The proceeds will fund general corporate purposes. Allegiant opted not to pursue a $276 million loan under the CARES Act.
Allegiant (NASDAQ: ALGT) announces its annual in-flight fundraiser for Breast Cancer Awareness Month, donating a portion of proceeds from pink refreshments sold in October to the National Breast Cancer Foundation. Over seven years, Allegiant has contributed over $100,000 to NBCF. Passengers can purchase pink lemonade for $5 and rosé wine for $10, while crew members will wear pink attire. NBCF supports communities by funding programs for early detection and treatment. October is significant for Allegiant's crew, many of whom have personal connections to breast cancer.
Allegiant Travel Company (NASDAQ: ALGT) and its employee unions commend the introduction of the Air Carrier Worker Support Extension Act in Congress, aimed at extending the Payroll Support Program through March 2021. This legislation is crucial for maintaining aviation jobs amidst pandemic challenges. Allegiant's CEO, Maurice J. Gallagher, Jr., emphasized the act's importance to the economy and the livelihoods of 4,500 Allegiant workers. Union representatives also urged Congress to act swiftly to support airline workers before the October 1 deadline.
Allegiant Travel Company (NASDAQ: ALGT) reported preliminary passenger traffic results for August 2020, showing a considerable decline from August 2019. Passenger numbers dropped by 49.0% to 633,155, with revenue passenger miles down 48.4% to 540,317, and a load factor of 44.1%, down 41.1 percentage points. Average daily bookings remained around $2 million, although cash burn is projected to exceed $1 million in Q3. The company noted some weekly improvements in bookings and anticipates lower cash burn in Q4.
Allegiant (NASDAQ: ALGT) announced the launch of seven new nonstop routes, including three to Florida and two to Palm Springs, California. To celebrate, the airline offers introductory fares as low as $29 each way. The expansion includes routes from Houston and Chicago to Punta Gorda (PGD), a route from Boston to Sarasota (SRQ), and seasonal offerings to Phoenix and Denver as well. The new routes are set to begin by November 19, 2020, and will operate twice weekly.
On August 11, 2020, Allegiant Travel Company (NASDAQ: ALGT) released preliminary passenger traffic results for July 2020, indicating challenges due to the pandemic. Gross bookings averaged approximately $2 million per day, with expectations of daily cash burn exceeding $1 million for Q3. The company operated 75% of its planned schedule, resulting in a 48.6% decline in passengers (894,679) from July 2019. Additionally, revenue passenger miles decreased by 48.2%, and load factor dropped to 50.7%, indicating reduced capacity and demand.
Allegiant Travel Company (NASDAQ: ALGT) reported second-quarter 2020 financial results, highlighting a significant decline in revenue and net income due to the COVID-19 pandemic. Total operating revenue fell to $133.3 million, a 72.9% decrease from $491.8 million in 2019. Net loss reached $93.1 million, compared to net income of $70.5 million in the same quarter last year. Adjusted loss per share was $5.96. Despite challenges, the company maintained a strong liquidity position of $663.1 million, aided by cost-saving measures and support from the CARES Act.
Allegiant Travel Company (NASDAQ: ALGT) will host its second quarter 2020 financial results conference call on Wednesday, July 29 at 4:30 p.m. EDT. The call will be accessible via the company's Investor Relations website, which will also archive the webcast in the 'Events & Presentations' section.
Since its establishment in 1999, Allegiant has been connecting travelers from smaller cities to major vacation destinations with non-stop flights. The airline boasts low base airfares, significantly below the industry average, appealing to leisure travelers.
Allegiant Travel Company announced a new policy requiring all customers to wear face masks during travel starting July 2. This initiative enhances the airline's existing health and safety measures, which include providing complimentary Health and Safety Kits to passengers. The policy aims to ensure customer safety amidst the ongoing pandemic and will be communicated at booking and check-in. Allegiant is also allowing passengers to opt out if their flight exceeds 65% capacity. The airline, based in Las Vegas, focuses on connecting travelers to leisure destinations with low fares.