Unaudited                                     2Q09     2Q08  Change   ---------                                     ----     ----  ------   Total operating revenue (millions)          $148.0   $131.6   12.5 %   Operating income (millions)                  $37.8     $4.7  708.2 %     Operating margin                            25.5%     3.6%  21.9pp    Net income (millions)                        $23.9     $2.6  801.4 %   Diluted earnings per share                   $1.17    $0.13  800.0 %    Scheduled Service:     Average fare - scheduled service          $65.16   $83.56  (22.0)%     Average fare - ancillary                   32.36    27.75   16.6 %     Average fare - total                      $97.52  $111.31  (12.4)%     Total revenue per ASM (cents)               9.95    11.27  (11.7)%     Average passengers per departure             133      133      -     Load factor                                 90.8%    90.5%   0.3pp     Average stage length (miles)                 873      881   (0.9)%    Total System*:     Operating expense per passenger           $74.76  $110.00  (32.0)%     Operating expense per passenger,      excluding fuel                           $46.38   $47.52   (2.4)%     Average departures per aircraft per day     3.10     2.84    9.2 %     Average stage length (miles)                 828      838   (1.1)%     ----------------------------                 ---      ---   -----    *Total system includes scheduled service, fixed-fee contract and   non-revenue flying   

Allegiant Travel Company also reported the following balance sheet information:

   Unaudited ($millions)               June 30,     March 31,    Change                                         2009         2009        ($mm)   ---------------------               --------     ---------    ------   Unrestricted cash (including    short-term investments)              228.2         236.4      (8.2)   Unrestricted cash net of air    traffic liability                    138.3         132.9       5.4   Total debt, including capital leases   60.7          59.3       1.4   ------------------------------------   ----          ----       ---   

"We had another very good quarter, our third highly-profitable quarter in a row," stated Maurice J. Gallagher, Jr., CEO and President of Allegiant Travel Company. "In these extremely difficult times when our industry has substantially reduced its operations and seen record declines in unit revenue, we are pleased to report these quality numbers. We increased scheduled departures and ASMs by 30% year over year and still posted a 25% operating and pre-tax margin. Once again our people have been critical to our success. Their enthusiasm and efforts continue to provide our customers with safe, reliable and inexpensive journeys.

"During the quarter we substantially increased the size of our nationwide footprint, including the successful start of 13 new routes to our new Southern California base in Los Angeles and an additional seven new routes across the network, ending the quarter at 134 routes between 71 cities. This further diversifies our exposure to regional economies and offers more protection to us in these uncertain times. Our Southern California routes are off to a great start, with July booked load factors now running ahead of our scheduled average.

"We achieved our second quarter results despite an almost 13% reduction in our average scheduled airfare from the first quarter of this year, a decline attributable to a softer economy, the introduction of new routes, and a 15% increase in year-over-year capacity on a 'same-store sales' basis in existing markets. Moreover, for the first time in a number of years, our ancillary revenue per passenger declined sequentially, albeit slightly, to $32.36. An additional challenge relative to the first quarter was a 13% sequential increase in the price per gallon of fuel.

"During the quarter we saw a steady degradation of the revenue environment, year-over-year, from April through June. However, we are hopeful June may mark the bottom of revenue softness. Fares for July, including ancillary, are, thus far, trending slightly upwards, despite the large year-over-year capacity increase we have in this month. An improvement in the revenue environment as well as the recent moderation in fuel prices will help us to extend strong year-over-year earnings growth into the third quarter, historically the seasonally weakest of the year," concluded Gallagher.

Andrew C. Levy, CFO & Managing Director - Planning, stated, "We had terrific cost management in the second quarter. Cost per passenger excluding fuel declined to $46.38 in the second quarter from $47.52 in the prior year and $49.62 in the first quarter. Moreover, these figures include bonus accrual, which has increased substantially in 2009 since it is tied to profitability and therefore disguises underlying cost improvement. Excluding bonus accrual, our cost per passenger excluding fuel declined to $43.84 in the second quarter from $47.26 a year ago and $46.23 in the first quarter.

"Our balance sheet continues to improve. We ended the quarter with unrestricted cash and short-term investments of $228.2 million, down from $236.4 million at the end of the prior quarter. Excluding air traffic liability, cash increased from $132.9 million to $138.3 million sequentially. Either measure is substantially in excess of quarter-end total debt of $60.7 million, up slightly from $59.3 million at year end 2008. During the quarter, we issued $7.0 million in debt at attractive rates, secured by two MD-80 aircraft, and made $5.6 million in principal repayment on existing debt. Note the seasonal reduction in our air traffic liability (representing a use of cash) during the second quarter of $13.5 million was actually less than that of the prior year, when it was $14.9 million.

"During the quarter, we had $7.8 million in capital expenditures mostly for the purchase of engines and improvements made to three aircraft prior to their induction into service. We now expect full year capital expenditures to be about $35 million, due to advancing the introduction of our 46th aircraft into the fourth quarter 2009 as well as a recently executed agreement with Japan Air Lines for the purchase of seven aircraft which will be parted-out to increase our engine and parts inventories. We purchased the first of these aircraft earlier this month and will close on the balance during the fourth quarter of 2009 and the first quarter 2010. We will continue to take advantage of favorable market conditions to opportunistically acquire aircraft, engines and parts.

"Lastly, our Board of Directors recently approved an increase of our existing $25 million authority in our Common Stock repurchase program by $10 million to a total of $35 million. Under the share repurchase program our Board of Directors approved in January 2009, we spent $10.5 million in open market transactions during the second quarter to acquire 255,350 shares of the Company's Common Stock at an average price of $41.25 per share. Including open market transactions in the first two quarters of 2009, the Company has repurchased a total of 465,525 shares at an average price of $37.79 returning a total of $17.6 million to our shareholders. With the additional $10 million of authority to repurchase shares that we recently received from our Board of Directors, we currently have $17.4 million in unused authority remaining for open market purchases under our current Common Stock repurchase plan."

   MD-80 Aircraft in Service*       June 30, 2009     June 30, 2008   -------------------------        -------------     -------------   Owned (including capital leases)            39                33   Leased                                       4                 4                                               --                --   Total                                       43                37   -----                                       --                --    * Does not include three aircraft acquired but not placed in service   as of June 30, 2009, two of which are currently leased to a third   party.   

During the second quarter of 2009, we placed two leased aircraft in service. Subsequent to the end of the second quarter, we placed an owned aircraft in service which was previously on lease to a third party. In the fourth quarter, we expect to place in service our final two owned aircraft which are currently on lease to a third party. We expect to continue to add high quality MD-80 aircraft to our fleet at attractive prices without the need for external financing.

In the second quarter, Allegiant Air successfully launched service to our new Southern California base at Los Angeles, with service from 13 small cities. We also inaugurated seasonal service to Myrtle Beach, SC with service from both Allentown, PA and Huntington, WV. Other routes we initiated during the quarter include Grand Rapids, MI and Bentonville, AR to Las Vegas, from Monterey, CA to San Diego and from Eugene, OR to Oakland.

In addition, during the second quarter, Allegiant Air initiated charter service under fixed-fee flying contracts with several different parties between Miami and four Cuban cities in support of the Cuban family charter program. As with all fixed fee flying, Allegiant Air is not exposed to fuel risk under this program.