Allegiant Travel Company 'leading the way out towards light ahead': CEO

Allegiant Travel Company announced (28-Oct-2020) a net loss of USD29.1 million in 3Q2020, down 166.3% year-on-year from the net income of USD43.9 million in 3Q2019. Allegiant Travel Company chairman and CEO Maurice J Gallagher Jr stated the company is "encouraged by the modest, yet consistent improvements" during 3Q2020 and into 4Q2020. Scheduled capacity declined less than 7%, while revenue totals are "also trending in the right direction", with Sep-2020 revenue down 43%. Variable operating expenses have also been reduced by nearly 30%, excluding CARES Act payroll support and one time special items, while initiatives to preserve cash and capital raises during the past few weeks have resulted in an addition of USD850 million to Allegiant's pro forma cash balance. "Although we still have a long road ahead of us, the progress we've seen is a direct reflection of the quality of our people and the nimbleness of the model", Mr Gallagher observed. Additionally, average daily gross bookings have increased from just over USD2 million in 3Q2020 to more than USD3 million into the 4Q2020. Mr Gallagher stated: "At this point, I believe we are leading the way out towards light ahead in the coming months and year". [more - original PR]