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 <p style="font-weight:bold;margin:0pt 0pt .0001pt;"><a name="scotch"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">As filed with the Securities and Exchange Commission on March 12, 2007</font></b></a></p> <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p align="right" style="border:none;margin:0pt 0pt .0001pt;padding:0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p> </div>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM S-8</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<div style="line-height:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">REGISTRATION STATEMENT</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">UNDER THE SECURITIES ACT OF
1933</font></b></p>

<div style="line-height:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">ALLEGIANT TRAVEL COMPANY</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;(Exact name of issuer as specified in its
charter)</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Nevada</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20-4745737</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction of</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">incorporation or
  organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification
  No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0pt .7pt 0pt .7pt;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>3301 N. Buffalo Drive, Suite B-9</b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0pt .7pt 0pt .7pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Las
  Vegas, Nevada 89129</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0pt .7pt 0pt .7pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
  principal executive offices, including zip code)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>ALLEGIANT TRAVEL COMPANY</b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2006
  LONG-TERM INCENTIVE PLAN</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Full title of
  the plan)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Andrew C. Levy</b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Managing
  Director and Secretary</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3301 N.
  Buffalo Drive, Suite B-9</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Las
  Vegas, Nevada 89129</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(702)
  851-7300</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name, address
  and telephone number, including area code, of agent for service)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Copies to:</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Robert B. Goldberg, Esq.</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ellis Funk, P.C.</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3490 Piedmont Road, N.E., Suite 400</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Atlanta, Georgia 30305</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(404)
233-2800</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.44%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading -->Title of securities<br>
  to be registered</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.44%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount to be<br>
  registered (1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.04%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proposed maximum<br>
  offering price per<br>
  share</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.04%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proposed maximum<br>
  aggregate offering price</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.48%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount of <br>
  registration fee</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="23%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:23.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock, par<br>
  value $.001 per share</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:14.44%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,000,000</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:20.04%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$29.74(2)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:20.04%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$89,206,740(3)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.48%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$2,738.65</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.16%;">
  <p align="right" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:right;"><!-- SET mrlNoTableShading -->(1)</p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Rule 416 under the Securities Act of
  1933, as amended, this Registration Statement shall also cover additional
  shares of common stock which may become issuable by reason of any stock
  split, stock dividend, recapitalization or other similar transactions
  effected without consideration which results in an increase in the number of
  the Registrant&#146;s shares of outstanding common stock.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.16%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The price per share for the shares registered hereby
  is calculated by dividing the proposed maximum aggregate offering price by
  the amount to be registered.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.16%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The maximum aggregate offering price is estimated in
  accordance with Rule 457(h)(1) under the Securities Act of 1933, as amended,
  solely for the purpose of calculating the registration fee and is equal to
  the sum of (i) the product resulting from multiplying 414,000, the number of
  shares registered by this Registration Statement as to which there are
  outstanding options under the Allegiant Travel Company 2006 Long-Term
  Incentive Plan, by $4.66, the average exercise price of such options, and
  (ii) the product resulting from multiplying 2,586,000, the number of shares
  registered by this Registration Statement as to which options may be granted
  under the Allegiant Travel Company 2006 Long-Term Incentive Plan, by $33.75,
  the average of the high and low sales prices of the Common Stock as reported
  on the Nasdaq Global Stock Market on March 8, 2007.</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXPLANATORY
NOTE</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Registration Statement registers shares of common stock, par value
$0.001 per share, of Allegiant Travel Company (the &#147;Company&#148;), consisting of
(i)&nbsp;shares previously issued as restricted stock under the Allegiant
Travel Company 2006 Long-Term Incentive Plan (the &#147;2006 Plan&#148;), and
(ii)&nbsp;shares that may in the future be issued under the 2006 Plan.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Registration Statement contains two parts. The first part contains
a &#147;reoffer&#148; prospectus prepared in accordance with Part&nbsp;I of Form S-3 (in
accordance with Instruction C of the General Instructions to Form S-8). The
reoffer prospectus permits reoffers and resales of those shares referred to
above that constitute &#147;restricted securities&#148;, within the meaning of Form S-8,
by certain of the Company&#146;s stockholders, as more fully set forth therein. The
second part contains information required to be set forth in the registration
statement pursuant to Part&nbsp;II of Form S-8. Pursuant to the Note to
Part&nbsp;I of Form S-8, the plan information specified by Part&nbsp;I of Form
S-8 is not required to be filed with the Securities and Exchange Commission
(the &#147;Commission&#148;). The Company will provide without charge to any person, upon
written or oral request of such person, a copy of each document incorporated by
reference in Item&nbsp;3 of Part II of this Registration Statement (which
documents are also incorporated by reference in the reoffer prospectus as set
forth in Form S-8), other than exhibits to such documents that are not
specifically incorporated by reference, the other documents required to be
delivered to eligible employees pursuant to Rule 428(b) under the Securities
Act and additional information about the 2006 Plan. Requests should be directed
to the Company&#146;s outside counsel, Robert B. Goldberg, Esq., Ellis Funk, P.C.,
3490 Piedmont Road, Suite 400, Atlanta, Georgia 30305; telephone (404)
233-2800.</font></p>


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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REOFFER PROSPECTUS</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ALLEGIANT TRAVEL COMPANY</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Up to 100,000 Shares of Common Stock</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Acquired by the Selling Stockholders Under</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ALLEGIANT TRAVEL COMPANY 2006 LONG-TERM INCENTIVE PLAN</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus relates to an aggregate of up to 100,000 shares (the &#147;Shares&#148;)
of Common Stock, par value $0.001 per share (the &#147;Common Stock&#148;), of Allegiant
Travel Company, a Nevada corporation (the &#147;Company&#148;), which may be offered and
sold from time to time by certain stockholders of the Company (the &#147;Selling
Stockholders&#148;) who have acquired such Shares pursuant to the Allegiant Travel
Company 2006 Long-Term Incentive Plan (the &#147;2006 Plan&#148;). See &#147;Selling
Stockholders.&#148; This prospectus covers the offering for resale of shares
acquired by the Selling Stockholders prior to the filing of a Registration
Statement on Form S-8 by the Company (&#147;Restricted Shares&#148;). The Company&#146;s
Common Stock is listed on The Nasdaq Global Market under the symbol &#147;ALGT.&#148; On
March 8, 2007, the last reported sales price of the Company&#146;s Common Stock on
The Nasdaq Global Market was $33.75 per share.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will not receive any of the proceeds from sales of the
Shares by any of the Selling Stockholders. The Shares may be offered from time
to time by any or all of the Selling Stockholders (and their donees and
pledgees) through ordinary brokerage transactions, in negotiated transactions
or in other transactions, at such prices as the Selling Stockholders may
determine, which may relate to market prices prevailing at the time of sale or
be a negotiated price. See &#147;Plan of Distribution.&#148; All costs, expenses and fees
in connection with the registration of the Shares will be borne by the Company.
Brokerage commissions and similar selling expenses, if any, attributable to the
offer or sale of the Shares will be borne by the Selling Stockholders (or their
donees and pledgees).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Selling Stockholder and any broker executing selling orders on
behalf of a Selling Stockholder may be deemed to be an &#147;underwriter&#148; as defined
in the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). If any
broker-dealers are used to effect sales, any commissions paid to broker-dealers
and, if broker-dealers purchase any of the Shares as principals, any profits
received by such broker-dealers on the resale of the Shares, may be deemed to
be underwriting discounts or commissions under the Securities Act. In addition,
any profits realized by the Selling Stockholders may be deemed to be
underwriting commissions.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">An investment in our securities involves a high degree of risk.&#160; See &#147;Risk Factors&#148; beginning at page 4.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED
BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION
NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The date of this
prospectus is March 12, 2007.</font></p>


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<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE
OF CONTENTS</font></b>  </p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="92%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:92.16%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.78%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:5.06%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Page</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:5.06%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SpecialNoteAboutForwardlookingSta_161306" title="Click to goto ">Special Note about Forward-Looking Information</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.06%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#BusinessOverview_161312" title="Click to goto ">Business
  Overview</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.06%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
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  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RiskFactors_161331" title="Click to goto ">Risk Factors</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.06%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
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  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#WhereYouCanFindMoreInformation_161457" title="Click to goto ">Where You Can Find More Information</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.06%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>
  </td>
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  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#IncorporationOfCertainDocumentsBy_161520" title="Click to goto ">Incorporation Of Certain Documents By Reference</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.06%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#UseOfProceeds_161554" title="Click to goto ">Use Of Proceeds</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.06%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DeterminationOfOfferingPrice_161554" title="Click to goto ">Determination of Offering Price</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.06%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SellingStockholders_161555" title="Click to goto ">Selling
  Stockholders</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PlanOfDistribution_161612" title="Click to goto ">Plan Of
  Distribution</a></font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#MaterialChanges_161645" title="Click to goto ">Material Changes</a></font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LegalMatters_161646" title="Click to goto ">Legal Matters</a></font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Experts_161647" title="Click to goto ">Experts</a></font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No person is
authorized to give any information or represent anything not contained or
incorporated by reference in this prospectus or any prospectus supplement. This
prospectus and any prospectus supplement do not constitute an offer to sell or
a solicitation of any offer to buy any securities in any jurisdiction to any
person to whom it is unlawful to make such offer or solicitation in such
jurisdiction. The information contained in this prospectus or any prospectus
supplement, as well as information incorporated by reference, is current only
as of the date of that information. Our business, financial condition and
results of operations may have changed since that date.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Special Note
about Forward-looking Statements</font></b><a name="SpecialNoteAboutForwardlookingSta_161306"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We
have made forward-looking statements in this prospectus that are based on
our management&#146;s beliefs and assumptions and on information currently available
to our management. Forward-looking statements include the information
concerning our possible or assumed future results of operations, business
strategies, financing plans, competitive position, industry environment,
potential growth opportunities, the effects of future regulation and the
effects of competition. Forward-looking statements include all statements
that are not historical facts and can be identified by the use of forward-looking
terminology such as the words &#147;believe,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;intend,&#148; &#147;plan,&#148;
&#147;estimate&#148; or similar expressions.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Forward-looking
statements involve risks, uncertainties and assumptions. Actual results may
differ materially from those expressed in the forward-looking statements.
We do not have any intention or obligation to update forward-looking
statements after we distribute this prospectus.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">You
should understand that many important factors, in addition to those discussed
elsewhere in this prospectus, could cause our results to differ materially from
those expressed in the forward-looking statements. These factors include,
without limitation, increases in fuel prices, terrorist attacks, risks inherent
to airlines, demand for air services to Las Vegas, Orlando and
Tampa/St.&nbsp;Petersburg from the markets served by us, our ability to
implement our growth strategy, our fixed obligations, our dependence on the Las
Vegas, Orlando and Tampa/St.&nbsp;Petersburg markets, our ability to add, renew
or replace gate leases, our competitive environment, problems with our
aircraft, dependence on fixed fee customers, economic and other conditions in
markets in which we operate, governmental regulation, increases in maintenance
costs and insurance premiums and cyclical and seasonal fluctuations in our
operating results.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">BUSINESS
OVERVIEW</font></b><a name="BusinessOverview_161312"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We are a leisure travel company focused on linking
travelers in small cities to world-class leisure destinations such as Las
Vegas, Nevada, Orlando, Florida and Tampa/St. Petersburg, Florida. We operate a
low-cost passenger airline marketed to leisure travelers in small cities,
allowing us to sell air travel both on a stand-alone basis and bundled
with hotel rooms, rental cars and other travel related services. Our route
network, pricing philosophy, advertising and diversified product offering built
around relationships with premier leisure companies are all intended to appeal
to leisure travelers and make it attractive for them to purchase air travel and
related services from us.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our business model provides for diversified revenue
streams, which we believe distinguishes us from other U.S. airlines and other
travel companies.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i style="letter-spacing:-.1pt;">Scheduled service revenues</i><font style="letter-spacing:-.1pt;"> currently consist of nonstop flights between our
leisure destinations and our small city markets.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i style="letter-spacing:-.1pt;">Fixed fee contract revenues</i><font style="letter-spacing:-.1pt;"> consist largely of fixed fee flying agreements
with affiliates of Harrah&#146;s Entertainment&nbsp;Inc. and Apple Vacations
West,&nbsp;Inc. that provide for a predictable revenue stream.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i style="letter-spacing:-.1pt;">Ancillary revenues</i><font style="letter-spacing:-.1pt;"> are generated from the sale of hotel rooms,
rental cars, advance seat assignments, in-flight products and other items sold
in conjunction with our scheduled air service. We recognize our ancillary
revenues on a net basis, net of amounts paid to wholesale providers, travel
agent commissions and credit card processing fees.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our business strategy has evolved as our experienced
management team has taken a different approach to the traditional way business
has been conducted in the airline industry. In contrast to the traditional
airline strategy, we focus primarily on the leisure traveler, provide low
frequency nonstop service from small cities in larger jet aircraft, sell direct
to travelers, do not offer connections, do not code-share, and provide
amenities at a small charge to our passengers. We have developed relationships
with many premier leisure companies to generate revenue beyond just air fares.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">As of January 31, 2007, we provide scheduled air service
to customers in 46&nbsp;small cities and have announced service from two
additional small cities to commence in first quarter 2007. These 48 cities have
an aggregate population of over 50&nbsp;million within a 50-mile radius of the
airports in those cities. We have identified at least 52 additional cities in
the United States and Canada with similar characteristics and where we do not
presently have any arrangements for service. These cities represent an
estimated population of over 50&nbsp;million people we could potentially serve
to our Las Vegas, Orlando and Tampa/St. Petersburg destinations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our principal executive offices are located at 3301 N.
Buffalo Drive, Suite B-9 Las Vegas, Nevada 89129. Our telephone number is
(702)&nbsp;851-7300. Our website&#146;s address is http://www.allegiantair.com. We
have not incorporated by reference into this prospectus the information on our
website and you should not consider it to be a part of this document. Our
website address is included in this document for reference only.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Allegiant Travel Company, Allegiant Air and Allegiant
Vacations are service marks of Allegiant Travel Company in the U.S. This
prospectus also contains trademarks and tradenames of other companies.</font></p>


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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">RISK FACTORS</font></b><a name="RiskFactors_161331"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;letter-spacing:-.1pt;">An investment in our common stock
involves a high degree of risk. You should carefully consider the risks
described below before making an investment decision. The risks described below
are not the only ones facing our company. Additional risks not presently known
to us or that we currently deem immaterial may also impair our business and
operations. Our business, financial condition or results of operations could be
materially and adversely affected by any of these risks. The trading price of
our common stock could decline due to any of these risks, and you may lose all
or part of your investment.</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Risks Related to Allegiant</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Increases in fuel prices or unavailability of fuel would harm
our business and profitability.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Fuel costs constitute a significant portion of our total
operating expenses (46.0% during 2006). Significant increases in fuel costs
would harm our financial condition and results of operations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our MD80 series aircraft are less fuel efficient than new
aircraft. An increase in the price of aircraft fuel would therefore result in a
disproportionately higher increase in our average total costs than our
competitors using more fuel efficient aircraft.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Historically, fuel costs have been subject to wide price
fluctuations. Aircraft fuel availability is also subject to periods of market
surplus and shortage and is affected by demand for heating oil, gasoline and
other petroleum products. Because of the effect of these events on the price
and availability of aircraft fuel, the cost and future availability of fuel
cannot be predicted with any degree of certainty. A fuel supply shortage or
higher fuel prices could result in the curtailment of our service. Some of our
competitors may be better positioned to obtain fuel in the event of a shortage.
We cannot assure you increases in the price of fuel can be offset by higher revenue.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In addition, although we implemented a fuel derivatives
program in 2003 to partially protect against fuel price volatility, our hedging
program does not protect us against ordinary course price increases and is
limited in fuel volume and duration. We cannot assure you our fuel hedging
program is sufficient to protect us against increases in the price of fuel.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We carry limited fuel inventory and we rely heavily on
our fuel suppliers. We cannot assure you we will always have access to adequate
supplies of fuel in the event of shortages or other disruptions in the fuel
supply.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">If our credit card processing company were to require
significant holdbacks for processing credit card transactions for the purchase
of air travel and other services, our cash flow would be adversely affected.</font></b></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Credit card companies frequently require significant
holdbacks when future air travel and other future services are purchased
through credit card transactions. We rely on a single credit card processing
company at this time, and our agreement is terminable on 30&nbsp;days notice.
As virtually all of our scheduled service and ancillary revenue is paid with
credit cards and our credit card processing agreement does not require a
significant holdback, our cash flow would suffer in the event the terms of our
current agreement were changed or terminated. Although we believe that we would
be able to secure a replacement credit card processing agreement if our current
agreement is terminated, the terms of any new agreement may not be as favorable
to us. These cash flow issues could be exacerbated during periods of rapid
growth as we would be incurring additional costs associated with our growth,
but our receipt of these revenues would be delayed.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Our failure to successfully implement our growth strategy and
generate demand for our services could harm our business.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Successfully implementing our growth strategy is critical
for our business to achieve economies of scale and to sustain or increase our
profitability. Increasing the number of small city markets we serve depends on
our ability to identify and effectively evaluate new target markets and then
access suitable airports located in these markets in a manner consistent with
our cost strategy.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Most of our scheduled air service is sold to customers
traveling from our small city markets to our leisure destinations of Las Vegas,
Orlando or Tampa/St.&nbsp;Petersburg. While we seek to generate demand for our
services in these markets, the smaller size of these markets makes it more
difficult to create this demand. If we are unable to do so in a particular
market, our revenues could be negatively affected and our ability to grow could
be constrained. Under those circumstances, we may decide to reduce or terminate
service to that market, which could result in additional costs.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We will also need to obtain additional gates in Las
Vegas, Orlando and Tampa/St.&nbsp;Petersburg, and obtain access to markets we
seek to serve in the future. Any condition that would deny, limit or delay our
access to airports we seek to serve in the future would constrain our ability
to grow. Opening new markets may require us to commit a substantial amount of
resources, even before the new services commence, including additional skilled
personnel, equipment and facilities. An inability to hire and retain skilled
personnel or to secure the required equipment and facilities efficiently and
cost-effectively may affect our ability to implement our growth strategy. We
cannot assure you we will be able to successfully establish new markets and our
failure to do so could harm our business.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We have recently commenced service from 12 small cities
to Tampa/St.&nbsp;Petersburg. As we do not have any significant historical data
on the performance of Tampa/St.&nbsp;Petersburg as one of our leisure
destinations, we may not be able to profitably operate these routes.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We expect to serve other leisure destinations, in
addition to Las Vegas, Orlando and Tampa/St.&nbsp;Petersburg, which we believe
are attractive to small city markets. However, if we fail to successfully implement
service to additional leisure destinations, our growth prospects will be
limited and our profitability could be adversely impacted.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Expansion of our markets and services may also strain our
existing management resources and operational, financial and management
information systems to the point they may no longer be adequate to support our
operations, requiring us to make significant expenditures in these areas. We
expect we will need to develop further financial, operational and management
controls, reporting systems and procedures to accommodate future growth. We
cannot assure you we will be able to develop these controls, systems or
procedures on a timely basis and the failure to do so could harm our business.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Additionally, we are subject to regulation by the Federal
Aviation Administration (&#147;FAA&#148;) and must receive its approval to add aircraft
to our operating certificate. If the FAA does not grant us approval to add
aircraft to our fleet as quickly as we desire, our growth may be limited and
our profitability could be adversely impacted.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Any inability to acquire and maintain additional compatible
aircraft, engines or parts on favorable terms or at all would increase our
operating costs and could harm our profitability.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our fleet currently consists of MD80 series aircraft
equipped with Pratt&nbsp;&amp; Whitney JT8D-200 series engines. Although our
management believes there is currently an adequate supply of suitable MD80
series aircraft available at favorable prices and terms, we are unable to predict
how long these conditions will continue. Any increase in demand for the MD80
aircraft or the Pratt&nbsp;&amp; Whitney JT8D-200 series engine could restrict
our ability to obtain additional MD80 aircraft, engines and spare parts.
Because the aircraft and the engine are no longer being manufactured, we may be
unable to obtain additional suitable aircraft, engines or spare parts on
satisfactory terms or at the time needed for our operations or for our
implementation of our growth plan.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In April&nbsp;2006, the FAA indicated it intends to issue
regulations limiting the age of aircraft that may be flown in the U.S. The
announcement did not indicate the maximum age that would be allowed, the
effective date of the regulation or any grandfathering provisions. These
regulations, if and when implemented, may have a material effect on our future
operations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We cannot assure you we will be able to purchase
additional MD80s on favorable terms, or at all. Instead, we may be required to
lease MD80s from current owners. Because, in our experience, the cost of
leasing generally exceeds the ownership costs associated with the purchase of
the MD80, our operating costs would increase if we are required to lease,
instead of purchase, additional MD80 aircraft, and this could harm our
profitability.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">If the available MD80 series aircraft, whether by
purchase or lease, are not compatible with the rest of our fleet in terms of
takeoff weight, avionics, engine type or other factors, the costs of operating
and maintaining our fleet would likely increase. Similarly, our aircraft
ownership costs will likely increase if we decide to acquire aircraft which are
not MD80 series aircraft.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">There is also a greater risk with acquiring used aircraft
because we may incur additional costs to remedy any mechanical issues not found
in our inspection and acceptance process and, generally, the cost to maintain
used aircraft exceeds the cost to maintain new aircraft.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Any inability to obtain financing for additional aircraft
could harm our growth plan.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We typically finance our aircraft through either mortgage
debt or lease financing. Although we believe debt and/or lease financing will
be available for the aircraft we will acquire, we cannot assure you we will be
able to secure such financing on terms attractive to us or at all. To the
extent we cannot secure such financing on acceptable terms or at all, we may be
required to modify our aircraft acquisition plans, incur higher than
anticipated financing costs or use more of our cash balances for aircraft
acquisitions than we currently expect.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Aircraft lenders often require that they receive the
benefit of Section&nbsp;1110 protection under the U.S. Bankruptcy Code. It is
more difficult to provide lenders Section&nbsp;1110 protection for aircraft
manufactured before 1994. Most MD80s, and almost all of our MD80s, were
manufactured before 1994. As a result, we may face difficulty obtaining
financing for aircraft transactions.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Our maintenance costs will increase as our fleet ages.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our aircraft range from 10 to 20&nbsp;years old, with an
average age of 16 years. Our aircraft are significantly older than the U.S.
industry average. In general, the cost to maintain aircraft increases as they
age and exceeds the cost to maintain new aircraft. FAA regulations require
additional maintenance inspections for older aircraft. For example, a repair
assessment program must be implemented for each of our aircraft once they reach
60,000 cycles. A cycle is defined as one take-off and landing. The average
cycles on our fleet is approximately 25,500 cycles and the highest number of
cycles on any of our aircraft is approximately 43,500. Based on our current and
expected aircraft utilization rates of approximately 1,000 cycles per year, we
will not have to comply with the repair assessment program for several years.
We will also need to comply with other programs which require enhanced
inspections of aircraft including Aging Aircraft Airworthiness Directives,
which typically increase as an aircraft ages and vary by aircraft or engine
type depending on the unique characteristics of each aircraft and/or engine.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In addition, we may be required to comply with any future
aging aircraft issues, law changes, regulations or airworthiness directives. We
cannot assure you our maintenance costs will not exceed our expectations.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We believe our aircraft are and will be mechanically
reliable based on the percentage of scheduled flights completed. We cannot
assure you our aircraft will continue to be sufficiently reliable over longer
periods of time. Furthermore, given the age of our fleet, any public perception
that our aircraft are less than completely reliable could have an adverse
effect on our profitability.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">We may be subject to unionization, work stoppages, slowdowns
or increased labor costs.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Unlike most airlines, we have a non-union workforce. If
our employees unionize, it could result in demands that may increase our
operating expenses and adversely affect our profitability. Our pilots have
formed an in-house pilot association. Although we have negotiated a
mutually acceptable arrangement with our pilots, our costs could be adversely
affected by the cumulative results of discussions with employee groups in the
future.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Each of our different employee groups could unionize at
any time and would require separate collective bargaining agreements. If any
group of our employees were to unionize and we were unable to agree on the
terms of their collective bargaining agreement or we were to experience
widespread employee dissatisfaction, we could be subject to work slowdowns or
stoppages. In addition, we may be subject to disruptions by organized labor
groups protesting our non-union status. Any of these events would be disruptive
to our operations, could harm our business, and therefore have an adverse
effect on our future results.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Our reputation and financial results could be harmed in the
event of an accident or incident involving our aircraft or other MD80 aircraft.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Although we have not had any accidents or material
incidents to date, an accident or incident involving one of our aircraft could
involve repair or replacement of a damaged aircraft and its consequential
temporary or permanent loss from service, and significant potential claims of
injured passengers and others. Although we believe we currently maintain
liability insurance in amounts and of the type generally consistent with
industry practice, the amount of such coverage may not be adequate and we may
be forced to bear substantial losses from an accident. Substantial claims
resulting from an accident in excess of our related insurance coverage would
harm our business and financial results. Moreover, any aircraft accident or
incident, even if fully insured, could cause a public perception that we are
less safe or reliable than other airlines, which would harm our business.
Because we are a relatively new company and because we are smaller than most
airlines, an accident would be likely to adversely affect us to a greater
degree than a larger, more established airline.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Additionally, our dependence on this single type of
aircraft and engine for all of our flights makes us particularly vulnerable to
any problems that might be associated with this aircraft type or these engines.
Our business would be significantly harmed if a mechanical problem with the
MD80 series aircraft or the Pratt&nbsp;&amp; Whitney JT8D-200 series engine
were discovered causing our aircraft to be grounded while any such problem is
being corrected, assuming it could be corrected at all. The FAA could also
suspend or restrict the use of our aircraft in the event of any actual or</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">perceived
mechanical problems, whether involving our aircraft or another U.S. or foreign
airline&#146;s aircraft, while it conducts its own investigation. Our business would
also be significantly harmed if the public avoids flying our aircraft due to an
adverse perception of the MD80 series aircraft or the Pratt&nbsp;&amp; Whitney
JT8D-200 series engine because of safety concerns or other problems, whether
real or perceived, or in the event of an accident involving an MD80 aircraft.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">We depend on our ability to maintain existing and develop new
relationships with hotels and other providers of travel related services. Any
adverse changes in these relationships could adversely affect our business,
financial condition and results of operations, as well as our ability to provide
air-hotel packages in our leisure destination markets.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">An important component of our business success depends on
our ability to maintain our existing, as well as build new, relationships with
hotels and other travel suppliers in our leisure destination markets. We do not
currently have long-term contracts with any of our hotel room suppliers,
nor do we anticipate entering into long-term contracts with them in the
future. Adverse changes in or the failure to renew existing relationships, or
our inability to enter into arrangements with new hotel suppliers on favorable
terms, if at all, could reduce the amount, quality and breadth of attractively
priced travel products and services we are able to offer, which could adversely
affect our business, financial condition and results of operations. Our ability
to continue to grow and enter new markets also depends on our ability to obtain
a sufficient supply of suitable hotel rooms on favorable terms in our existing
and new leisure destinations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Hotels and other travel suppliers are increasingly
seeking to lower their distribution costs by promoting direct online bookings
through their own websites, and we expect this trend to continue. Hotels and
travel suppliers may choose not to make their travel products and services
available through our distribution channels. To the extent consumers increase
the percentage of their travel purchases through supplier direct websites
and/or if travel suppliers choose not to make their products and services
available to us, our business may suffer.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">We have a significant amount of fixed obligations and we
expect to incur significantly more fixed obligations which could hurt our
ability to meet our strategic goals.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">As of December&nbsp;31, 2006, maturities of our long-term
debt (including capital leases) were $14.9&nbsp;million in 2007,
$14.2&nbsp;million in 2008, $16.8&nbsp;million in 2009, $14.3&nbsp;million in
2010 and $12.6 million in 2011. All of our long-term and short-term debt
has fixed interest rates. In addition to long-term debt, we have a
significant amount of other fixed obligations under operating leases related to
our aircraft, airport terminal space, other airport facilities and office
space. As of December&nbsp;31, 2006, future minimum lease payments under
noncancelable operating leases with initial or remaining terms in excess of one
year were approximately $2.7&nbsp;million in 2007, $1.9&nbsp;million in 2008,
$0.6&nbsp;million in 2009, $0.1&nbsp;million in 2010, $0.1 million in 2011 and
$0.1 million thereafter. We expect to incur additional debt and other fixed
obligations as we take delivery of additional aircraft and other equipment and
continue to expand into new markets.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The amount of our debt and other fixed obligations could:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">limit our ability to obtain additional financing
to support capital expansion plans and for working capital and other purposes;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">divert substantial cash flow from our operations
and expansion plans to service our fixed obligations;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">limit our flexibility in planning for, or reacting
to, changes in our business and the industry in which we compete; and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">place us at a possible competitive disadvantage
compared to less leveraged competitors and competitors with better access to
capital resources.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our ability to make scheduled payments on our debt and
other fixed obligations will depend upon our future operating performance and
cash flow, which in turn will depend upon prevailing economic and political
conditions and financial, competitive, regulatory, business and other factors,
many of which are beyond our control. We cannot assure you we will be able to
generate sufficient cash flow from our operations to pay our debt and other
fixed obligations as they become due, and our failure to do so could harm our
business. If we are unable to make payments on our debt and other fixed
obligations, we could be forced to renegotiate those obligations or obtain
additional equity or debt financing. To the extent we finance our activities or
future aircraft acquisitions with additional debt, we may become subject to
financial and other covenants that may restrict our ability to pursue our
growth strategy. We cannot assure you any renegotiation efforts would be
successful or timely or that we could refinance our obligations on acceptable
terms, if at all.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Our lack of an established line of
credit or borrowing facility makes us highly dependent upon our cash balances
and operating cash flows.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We have no lines of credit and rely on operating cash
flows to provide working capital. Unless we secure a line of credit or
borrowing facility, we will be dependent upon our operating cash flows and cash
balances to fund our operations and to make scheduled payments on our debt and
other fixed obligations. If we fail to generate sufficient funds from
operations to meet these cash requirements or do not secure a line of credit,
other borrowing facility or equity financing, we could default on our debt and
other fixed obligations. Our inability to meet our obligations as they become
due would materially restrict our ability to grow and seriously harm our
business and financial results.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Our business is heavily dependent on the
attractiveness of our leisure destinations and a reduction in demand for air
travel to these markets would harm our business.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Almost all of our scheduled flights have Las Vegas,
Orlando or Tampa/St.&nbsp;Petersburg as either their destination or origin. Our
business would be harmed by any circumstances causing a reduction in demand for
air transportation to the Las Vegas, Orlando or Tampa/St.&nbsp;Petersburg markets,
such as adverse changes in local economic conditions, negative public
perception of the particular city, significant price increases, or the impact
of past or future terrorist attacks.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We serve Orlando Sanford International Airport, which is
not the principal airport in the Orlando market. A refusal by passengers to
view Orlando Sanford International Airport as a reasonable alternative to
Orlando International Airport, the main airport serving Orlando, could harm our
business.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We serve St. Petersburg-Clearwater International
Airport, which is not the principal airport in the Tampa Bay market. A refusal
by passengers to view the St. Petersburg-Clearwater International Airport
as a reasonable alternative to Tampa International Airport, the main airport
serving the Tampa Bay area, could harm our business.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">We may face increased competition in our
markets which could harm our business.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The small cities we serve on a scheduled basis have
traditionally attracted considerably less attention from our potential
competitors than larger markets, and in most of our markets, we are the only
provider of nonstop service to Las Vegas, Orlando or Tampa/St. Petersburg. It
is possible other airlines will begin to provide nonstop services to and from
these markets or otherwise target these markets. An increase in the amount of
direct or indirect competition could harm our business.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">We may be unable to renew our lease or
increase our facilities at Las Vegas&#146; McCarran International Airport.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">McCarran International Airport was the 9th busiest
airport in the world in 2005 and its gate space, terminal space, aircraft
parking space and facilities in general are constrained. To meet our growth
plan, we will require additional facilities at McCarran. However, we may not be
able to maintain sufficient or obtain additional facilities at McCarran on
favorable terms, or at all. In addition, our present agreement can be
terminated at any time upon 30&nbsp;days&#146; notice. Since Las Vegas is one of our
principal destinations, our inability to maintain sufficient facilities or to
obtain additional facilities as needed would harm our business by limiting our
ability to grow and increasing our costs.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We also currently rely on the availability of overnight
aircraft parking space at McCarran. However, due to anticipated airport growth,
we may find it difficult to obtain sufficient overnight aircraft parking space
in the future. Over time, this may result in our having to overnight aircraft
in other cities, which would increase our costs and could adversely impact our
business and results of operations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Our business could be harmed if we lose
the services of our key personnel.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our business depends upon the efforts of our chief
executive officer, Maurice J. Gallagher, Jr., and a small number of management
and operating personnel. We do not currently have an employment agreement with
or maintain key-man life insurance on Mr.&nbsp;Gallagher. We may have
difficulty replacing management or other key personnel who leave and,
therefore, the loss of the services of any of these individuals could harm our
business.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Our results of operations will
fluctuate.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We expect our quarterly operating results to fluctuate in
the future based on a variety of factors, including:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">the timing and success of our growth plans as we
enter new markets;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">changes in fuel, security and insurance costs;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">mark-to-market adjustments
attributable to our fuel hedging transactions;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">increases in personnel, marketing, aircraft
ownership and other operating expenses to support our anticipated growth; and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">the timing and amount of maintenance expenditures.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In addition, seasonal variations in traffic, the timing
of significant repair events and weather affect our operating results from
quarter to quarter. Quarter-to-quarter comparisons of our operating results may
not be good indicators of our future performance. In addition, it is possible
our operating results in any future quarter could be below the expectations of
investors and any published reports or analyses regarding Allegiant. In that
event, the price of our common stock could decline, perhaps substantially.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Due to our limited fleet size, if any of
our aircraft becomes unavailable, we may suffer greater damage to our service,
reputation and profitability than airlines with larger fleets.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We operate a fleet of 26 aircraft. Given the limited
number of aircraft we operate, if an aircraft becomes unavailable due to
unscheduled maintenance, repairs or other reasons, we could suffer greater
adverse financial and reputational impacts than larger airlines if our flights
are delayed or cancelled due to the absence of replacement aircraft. Our
business strategy involves concentrating our aircraft overnight at our
destination airports. If we are unable to operate those aircraft for a
prolonged period of time for reasons outside of our control, for example, a catastrophic
event or a terrorist act, our results of operations and business could be
disproportionately harmed.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">We rely heavily on automated systems to
operate our business and any failure of these systems could harm our business.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We depend on automated systems to operate our business,
including our computerized airline reservation system, our telecommunication
systems, our website and other automated systems. We rely on a single vendor to
support many of these systems and it would be difficult to readily replace this
vendor on whom we have relied since our inception. A failure of this vendor to
satisfactorily service our automation needs could negatively affect our
Internet sales and customer service and result in increased costs.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Unlike many other airlines, which issue traditional paper
tickets to some or all of their passengers, we issue only electronic tickets.
Our website and reservation system must be able to accommodate a high volume of
traffic and deliver important flight information. Substantial or repeated
website, reservations system or telecommunication systems failures or a failure
by our vendor could reduce the attractiveness of our services. Any disruption
in these systems could result in the loss of important data, increase our
expenses and generally harm our business.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Currently, our fixed fee flying business
is substantially dependent on a single customer and the loss of this business
could have a material adverse effect on our continuing fixed fee contract
revenue.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">During 2006, approximately 58.9% of our fixed fee
contract revenue was derived from Harrah&#146;s Entertainment&nbsp;Inc. We provide
these services under contracts which expire in December&nbsp;2008. If Harrah&#146;s
suffers a decline in business, decides to change its strategy or otherwise
decides to reduce or terminate the fixed fee flying services provided by us,
our revenues from fixed fee flying operations could be adversely affected.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">If we are unable to attract and retain
qualified personnel at reasonable costs or fail to maintain our company culture,
our business could be harmed.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our business is labor intensive, with labor costs
representing 15.8% of our operating expenses during 2006. We expect wages and
benefits to increase on a gross basis; these costs could also increase as a
percentage of our overall costs, which could harm our business. Our expansion
plans will require us to hire, train and retain a significant number of new
employees in the future. From time to time, the airline industry has
experienced a shortage of personnel licensed by the FAA, especially pilots and
mechanics. We compete against other U.S. airlines for labor in these highly
skilled positions. Many U.S. airlines offer wage and benefit packages that
exceed our wage and benefit packages. As a result, in the future, we may have
to significantly increase wages and benefits in order to attract and retain
qualified personnel or risk considerable employee turnover. If we are unable to
hire, train and retain qualified employees at a reasonable cost, we may be
unable to complete our expansion plans and our business could be harmed.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In addition, as we hire more people and grow, we believe
it may be increasingly challenging to continue to hire people who will maintain
our company culture. One of our principal competitive strengths is our service-oriented
company culture that emphasizes friendly, helpful, team-oriented and customer-focused
employees. Our company culture is important to providing high quality customer
service and having a highly productive workforce that helps keep our costs low.
As we grow, we may be unable to identify, hire or retain enough people who meet
the above criteria, and our company culture could otherwise be adversely
affected by our growing operations and geographic diversity. If we fail to
maintain the strength of our company culture, our competitive ability and
business may be harmed.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">We rely on third parties to provide us
with facilities and services that are integral to our business and can be
withdrawn on short notice.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We have entered into agreements with more than 30 third-party
contractors, including other airlines, to provide certain facilities and
services required for our operations, such as aircraft maintenance, ground
handling, flight dispatch, baggage services and ticket counter space. We will
likely need to enter into similar agreements in any new markets we decide to
serve. All of these agreements are subject to termination upon short notice.
Although we believe there are alternative service providers available to
perform these services for us in the event of a contract termination or failure
by a service provider, the loss or expiration of these contracts, the loss of
FAA certification by our outside maintenance providers or any inability to
renew our contracts or negotiate contracts with other providers at comparable
rates could harm our business. Our reliance on others to provide essential
services on our behalf also gives us less control over costs and the
efficiency, timeliness and quality of contract services. Recently, failures by
our flight dispatch vendor significantly delayed all of our flights on a
particular day. Although we seek to have redundant processes in place to
protect against such failures, we remain subject to the performance by our
outside vendors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Imposition of additional sales and hotel
occupancy and other related taxes may increase our expenses.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Currently, hotels collect and remit hotel occupancy and
related taxes to the various tax authorities based on the amounts collected by
the hotels. Consistent with this practice, we recover the taxes on the
underlying cost of the hotel room night from customers and remit the taxes to
the hotel operators for payment to the appropriate tax authorities. We
understand some jurisdictions have indicated to the public that they may take
the position that sales or hotel occupancy tax may also be applicable to the
differential between the price paid by a customer for our service and the cost
to us for the underlying room. Historically, we have not collected taxes on
this differential. Some state and local jurisdictions could assert we are
subject to hotel occupancy taxes on this differential and could seek to collect
such taxes, either retroactively or prospectively or both. Such actions may
result in substantial liabilities for past sales and could have a material
adverse effect on our business and results of operations. To the extent any tax
authority succeeds in asserting such a tax collection responsibility exists, it
is likely, with respect to future transactions, we would collect any such additional
tax obligation from our customers, which would increase the price of hotel room
nights we charge our customers and, consequently, could reduce hotel sales and
our profitability. We will continue to assess the risks of the potential
financial impact of additional tax exposure, and to the extent appropriate,
reserve for those estimates of liabilities.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">We employ a non-traditional distribution
system, which could negatively affect our ability to sell our services.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We employ a computerized airline reservation system
designed to meet our specifications. Under this system, we do not issue paper
airline tickets. Furthermore, we do not participate in the global airline
reservation systems such as Sabre or Worldspan, nor can travel on us be
purchased through Expedia, Travelocity, or similar air travel services. The
inability to make reservations for travel on us through the global reservation
systems or travel websites may harm our competitive position. Alternatively, if
we decide to later participate in the global reservation systems or travel
websites, we would be forced to pay fees charged by these systems or websites.
As a result, our costs would increase and this may adversely affect our
business and results of operations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Our processing, storage, use and disclosure
of personal data could give rise to liabilities as a result of governmental
regulation, conflicting legal requirements or differing views of personal
privacy rights.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In the processing of our customer transactions, we
receive and store a large volume of identifiable personal data. This data is
increasingly subject to legislation and regulation. This government action is
typically intended to protect the privacy of personal data that is collected,
processed and transmitted. We could be adversely affected if legislation or
regulations are expanded to require changes in our business practices in ways
that negatively affect our business, financial condition and results of
operations. As privacy and data protection become more sensitive issues, we may
also become exposed to potential liabilities as a result of differing views on
the privacy of travel data. These and other privacy developments are difficult
to anticipate and could adversely affect our business, financial condition and
results of operations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">The Internet as a medium for commerce is
subject to uncertainty.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Consumer use of the Internet as a medium for commerce is
subject to uncertainty. While the number of Internet users has been rising, the
Internet infrastructure may not expand fast enough to meet the increased levels
of demand. In addition, activities that diminish the experience for Internet
users, such as spyware, spoof emails, viruses and spam directed at Internet
users, as well as viruses and &#147;denial of service&#148; attacks directed at Internet
companies and service providers, may discourage people from using the Internet,
including for commerce. If consumer use diminishes or grows at a slower rate,
then our business and results of operations could be adversely affected.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Our lack of a marketing alliance and
frequent flyer program could harm our business and competitive position.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Many airlines have marketing alliances with other
airlines, under which they market and advertise their status as marketing
alliance partners. Among other things, they share the use of two-letter flight
designator codes to identify their flights and fares in the computerized
reservation systems, and permit reciprocity in their frequent flyer programs.
Our business and competitive ability could be harmed since we are not a member
of any marketing alliance. In addition, our lack of a frequent flyer program
could harm our business and competitive position.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">We will be controlled by our management
as long as they own or control a majority of our common stock, and they may make
decisions with which you disagree.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The members of our board of directors and our executive
officers own beneficially more than 56% of the outstanding shares of our common
stock. As a result, our management will control all matters affecting us,
including the election of directors as long as they continue to own or control
a majority of our common stock. They may make decisions you and other
stockholders will not be able to affect by voting your shares.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">The historical consolidated financial
information incorporated by reference in this prospectus does not reflect the
added costs and internal control reporting standards we expect to incur or will
be required to comply with as a public company or the resulting changes that
will occur in our capital structure and operations.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We will face increased legal, accounting, administrative
and other expenses as a public company we did not incur as a private company.
The Sarbanes-Oxley Act of 2002 (the &#147;Sarbanes-Oxley Act&#148;), as well
as new rules subsequently implemented by the Securities and Exchange Commission
(the &#147;Commission&#148;), the Public Company Accounting Oversight Board (&#147;PCAOB&#148;) and
the Nasdaq Global Market, require changes in the corporate governance practices
of public companies. We expect these new rules and regulations to result in
both a significant initial cost, as we initiate certain internal controls and
other procedures designed to comply with the requirements of the Sarbanes-Oxley
Act, and an ongoing increase in our legal, audit and financial compliance costs.
Compliance will also divert management attention from operations and strategic
opportunities and will make legal, accounting and administrative activities
more time-consuming and costly. We also expect to incur substantially higher
costs to maintain directors and officers insurance. We currently anticipate
increased annual costs following our initial public offering and we expect to
incur additional costs during 2007 in implementing and verifying internal
control procedures as required by Section&nbsp;404 of the Sarbanes-Oxley
Act, and the rules and regulations thereunder, and in connection with preparing
our financial statements on a timely basis to meet the Commission&#146;s reporting
requirements.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We will be required to furnish a report by our management
on our internal control over financial reporting. This report will contain,
among other matters, an assessment of the effectiveness of our internal
controls over financial reporting as of the end of each fiscal year, including
a statement as to whether or not our internal controls over financial reporting
are effective. Any failure to implement and maintain effective controls over
our financial reporting, or difficulties encountered in the implementation of
these controls, could result in a material misstatement to the annual or
interim financial statements that could cause us to fail to meet our reporting
obligations under applicable securities laws. Any failure to maintain our
internal controls could result in our incurring substantial liability for not
having met our legal obligations and could</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">also
cause investors to lose confidence in our reported financial information, which
could have a negative impact on the trading price of our stock. Similar adverse
effects could result if our auditors express an adverse opinion or disclaim or
qualify an opinion on management&#146;s assessment or on the effectiveness of our
internal control over financial reporting.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In addition, we will be required under these new rules
and regulations to attract and retain independent directors to serve on our
board of directors and our audit committee, in particular. If we fail to retain
independent directors, we may be subject to SEC enforcement proceedings and
delisting by the Nasdaq Global Market.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Because we were a limited liability company prior to our
transition to corporate form, we paid minimal taxes on profits. In preparing
the unaudited pro forma condensed consolidated financial information
incorporated herein by reference, we deducted and charged to earnings estimated
statutory income taxes based on an estimated blended tax rate, which may be
different from our actual tax rate in the future. The estimates we used in our
unaudited pro forma consolidated financial information may not be similar to
our actual experience as a public corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">We may be required to make substantial
payments under certain indemnification agreements.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In connection with our initial public offering and
conversion to corporate form, we have entered into agreements that provide for
the indemnification of our members, managers, officers and certain other
persons authorized to act on our behalf against certain losses that may arise
out of our initial public offering or the reorganization transactions, and
certain tax liabilities of our members that may arise in respect of periods
when we operated as a limited liability company. We may be required to make
substantial payments under these indemnification agreements, which could
adversely affect our financial condition.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Failure to achieve and maintain
effective internal control over financial reporting in accordance with
Section&nbsp;404 of the Sarbanes-Oxley Act could have a material adverse
effect on our business and stock price, and could subject us to liability.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Section&nbsp;404 of the Sarbanes-Oxley Act and the
related rules of the Securities and Exchange Commission require our management
to conduct annual assessments of the effectiveness of our internal control over
financial reporting and will require a report by our independent registered
public accounting firm addressing these assessments, beginning as early as our
fiscal year ending December&nbsp;31, 2007. During the course of documenting and
testing our internal control procedures to satisfy the requirements of
Section&nbsp;404, we may identify deficiencies which we may not be able to
remediate in time to meet the deadline imposed by the Sarbanes-Oxley Act
for compliance with the requirements of Section&nbsp;404. In addition, if we
fail to maintain the adequacy of our internal control over financial reporting,
as these standards are modified, supplemented or amended from time to time, we
may not be able to conclude on an ongoing basis that we have effective internal</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">control
over financial reporting in accordance with Section&nbsp;404. If we fail to
achieve and maintain an effective internal control environment, we could suffer
material misstatements in our financial statements and fail to meet our
reporting obligations, which would likely cause investors to lose confidence in
our reported financial information. This could harm our operating results and
lead to a decline in our stock price. Additionally, ineffective internal
control over financial reporting could expose us to increased risk of fraud or
misuse of corporate assets and subject us to potential delisting from the
Nasdaq Global Market, regulatory investigations and civil or criminal
sanctions.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Changing laws, rules and regulations,
and legal uncertainties relating to the way we do business may adversely impact
our business, financial condition and results of operations.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Unfavorable changes in existing, or the promulgation of
new, laws, rules and regulations applicable to us, including those relating to
the Internet and online commerce, consumer protection and privacy, and sales,
use, occupancy, value-added and other taxes, could decrease demand for
our products and services, increase our costs and/or subject us to additional
liabilities, which could adversely impact our business. For example, there is,
and will likely continue to be, an increasing number of laws and regulations
pertaining to Internet and online commerce, which may relate to liability for
information retrieved from or transmitted over the Internet, user privacy,
taxation and the quality of products and services. Furthermore, the growth and
development of online commerce may prompt calls for more stringent consumer
protection laws that may impose additional burdens on online businesses
generally.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In addition, the application of various sales, use,
occupancy, value-added and other tax laws, rules and regulations to our
products and services is subject to interpretation by the applicable taxing
authorities. While we believe we are compliant with these tax provisions, we
cannot assure you taxing authorities will not take a contrary position, or that
such positions would not have an adverse effect on our business, financial
condition and results of operations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Risks Associated with the Airline and
Travel Industry</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">The airline industry has incurred
significant losses resulting in airline restructurings and bankruptcies, which
could result in changes in our industry.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We believe airline traffic is particularly sensitive to
changes in economic growth and expectations. In addition, the war in Iraq or
other conflicts or events in the Middle East or elsewhere may impact the
economy and result in an adverse impact on the airline business. In 2005, the
domestic airline industry reported its fifth consecutive year of losses, which
is causing significant changes in the industry. Low fares and escalating fuel
prices contributed to these losses. As a result, many airlines are renegotiating
or attempting to renegotiate labor contracts, reconfiguring flight schedules,
furloughing or terminating employees, as well as considering other efficiency
and cost-cutting measures. Despite these actions, several airlines have sought
reorganization under Chapter&nbsp;11 of the U.S. Bankruptcy Code permitting
them to reduce labor rates, restructure debt, terminate pension plans and
generally reduce their cost structure. Additionally, other airlines have
consolidated in an attempt to lower costs and rationalize their route
structures in order to improve their results. It is foreseeable that further
airline reorganizations, bankruptcies or consolidations may occur, the effects
of which we are unable to predict. The occurrence of these events, or potential
changes resulting from these events, may harm our business or the industry.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">The airline industry is highly
competitive, is characterized by low profit margins and high fixed costs, and
we may be unable to compete effectively against other airlines with greater
financial resources or lower operating costs.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The airline industry is characterized generally by low
profit margins and high fixed costs, primarily for personnel, aircraft fuel,
debt service and aircraft lease rentals. The expenses of an aircraft flight do
not vary significantly with the number of passengers carried and, as a result,
a relatively small change in the number of passengers or in pricing could have
a disproportionate effect on an airline&#146;s operating and financial results.
Accordingly, a minor shortfall in expected revenue levels could harm our
business.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In addition, the airline industry is highly competitive
and is particularly susceptible to price discounting because airlines incur
only nominal costs to provide service to passengers occupying otherwise unsold
seats. As of January 31, 2007, we face nonstop competition on only four of our
routes from small cities to Las Vegas, Orlando or Tampa/St. Petersburg.
However, competing airlines provide connecting service on many of our routes or
serve nearby airports. In addition, we have faced other competing services in
the past, and we cannot assure you other airlines will not begin to provide
nonstop service in the future on the routes we serve. Many of these competing
airlines are larger and have significantly greater financial resources and name
recognition. We may, therefore, be unable to compete effectively against other
airlines that introduce service or discounted fares in the markets we serve.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">A future act of terrorism, the threat of
such acts or escalation of U.S. military involvement overseas could adversely
affect our industry.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Even if not directed at the airline industry, a future
act of terrorism, the threat of such acts or escalation of U.S. military
involvement overseas could have an adverse effect on the airline industry. In
the event of a terrorist attack, the industry would likely experience
significantly reduced demand for our travel services. These actions, or
consequences resulting from these actions, would likely harm our business and
the airline and travel industry.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Changes in government regulations
imposing additional requirements and restrictions on our operations could
increase our operating costs and result in service delays and disruptions.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Airlines are subject to extensive regulatory and legal
compliance requirements, both domestically and internationally, that involve
significant costs. In the last several years, the FAA has issued a number of
directives and other regulations relating to the maintenance and operation of aircraft,
including rules regarding assumed average passenger weight, that have required
us to make significant expenditures. FAA requirements cover, among other
things, retirement of older aircraft, security measures, collision avoidance
systems, airborne windshear avoidance systems, noise abatement, weight and
payload limits, and increased inspection and maintenance procedures to be
conducted on aging aircraft.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We incur substantial costs in maintaining our current
certifications and otherwise complying with the laws, rules and regulations to
which we are subject. We cannot predict whether we will be able to comply with
all present and future laws, rules, regulations and certification requirements
or that the cost of continued compliance will not significantly increase our
costs of doing business.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The FAA has the authority to issue mandatory orders
relating to, among other things, the grounding of aircraft, inspection of
aircraft, installation of new safety-related items and removal and
replacement of aircraft parts that have failed or may fail in the future. A
decision by the FAA to ground, or require time consuming inspections of or
maintenance on, all or any of our MD80 series aircraft, for any reason, could
negatively impact our results of operations. In addition to state and federal
regulation, airports and municipalities enact rules and regulations that affect
our operations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Additional laws, regulations, taxes and airport rates and
charges have been proposed from time to time that could significantly increase
the cost of airline operations or reduce revenues. For example, the FAA has
recently adopted regulations requiring airlines to monitor the compliance with
drug testing standards of all mechanics and maintenance personnel, including
those of third party vendors. In addition, as a result of the terrorist attacks
in New York and Washington, D.C. in September&nbsp;2001, the FAA and the
Transportation Security Administration (&#147;TSA&#148;) have imposed more stringent
security procedures on airlines. We cannot predict what other new regulations
may be imposed on airlines and we cannot assure you these laws or regulations,
or any laws or regulations enacted in the future, will not materially adversely
affect our financial condition, results of operations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our ability to operate as an airline is dependent upon
our maintaining certifications issued to us by the Department of Transportation
(&#147;DOT&#148;) and the FAA. Federal law requires that air carriers operating large
aircraft, such as our MD80 series aircraft, be continuously &#147;fit, willing and
able&#148; to provide the services for which they are licensed. Our &#147;fitness&#148; is
monitored by the DOT, which considers factors such as consumer-relations
practices, legal and regulatory compliance disposition, financial resources and
U.S. citizenship in making its determinations. While DOT has seldom revoked a
carrier&#146;s certification for lack of fitness, such an occurrence would render it
impossible for us to continue operating as an airline. Similarly, in a
worst-case scenario, the FAA could restrict or suspend our ability to operate
as an airline, and could do so on an emergency basis with little or no advance
warning, in the event the FAA should consider our operations unsafe. While
under such circumstances we would have a right to expedited judicial review of
the legality of the FAA&#146;s actions, such a development would likely harm our
business severely regardless of the outcome of such review.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In the event we elect in the future to expand our
scheduled service offerings into international markets, we would be subject to
increased regulation by U.S. and foreign aeronautical authorities as well as
customs, immigration and other border-protection agencies. Additionally,
there is no assurance we would be able to obtain the right to serve all routes
we may wish to serve. These factors, alone or in combination, could materially
adversely affect any international scheduled service we may choose to pursue in
the future.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Airlines are often affected by factors
beyond their control, including traffic congestion at airports, weather
conditions, increased security measures or the outbreak of disease, any of
which could harm our operating results and financial condition.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Like other airlines, we are subject to delays caused by
factors beyond our control, including air traffic congestion at airports,
adverse weather conditions, increased security measures or the outbreak of
disease. Delays frustrate passengers and increase costs, which in turn could
affect profitability. During periods of fog, snow, rain, storms or other
adverse weather conditions, flights may be cancelled or significantly delayed.
Cancellations or delays due to weather conditions, traffic control problems and
breaches in security could harm our operating results and financial condition.
An outbreak of a disease that affects travel behavior, such as severe acute
respiratory syndrome (&#147;SARS&#148;) or avian flu, could have a material adverse
impact on the airline industry. Any general reduction in airline passenger
traffic as a result of an outbreak of disease could harm our business,
financial condition and results of operations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">The airline and travel industry tends to
experience adverse financial results during general economic downturns.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Since a substantial portion of airline travel, for both
business and leisure, is discretionary, the airline and travel industries tend
to experience adverse financial results during general economic downturns. Any
general reduction in airline passenger traffic would likely harm our business.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Risks Related to Our Stock Price</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">There was no public market for our
common stock prior to December 8, 2006, and our stock may experience extreme
price and volume fluctuations.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">As our common stock has just recently been listed, an
active trading market in our common stock might not develop or continue. If a
market does not develop or is not sustained, it may be difficult for you to
sell your shares of common stock at a price that is attractive to you, or at
all.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">The market price of our common stock may
be volatile, which could cause the value of your investment in Allegiant to
decline.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The market price of our common stock may fluctuate
substantially due to a variety of factors, many of which are beyond our
control, including:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">announcements concerning our competitors, the
airline industry or the economy in general;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">strategic actions by us or our competitors, such
as acquisitions or restructurings;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">media reports and publications about the safety of
our aircraft or the aircraft type we operate;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">new regulatory pronouncements and changes in
regulatory guidelines;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">general and industry-specific economic
conditions;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">changes in financial estimates or recommendations
by securities analysts;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">sales of our common stock or other actions by
investors with significant shareholdings; and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">general market conditions.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The stock markets in general have experienced substantial
volatility that has often been unrelated to the operating performance of
particular companies. These types of broad market fluctuations may adversely
affect the trading price of our common stock.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In the past, stockholders have sometimes instituted
securities class action litigation against companies following periods of
volatility in the market price of their securities. Any similar litigation
against us could result in substantial costs, divert management&#146;s attention and
resources, and harm our business or results of operations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Other companies may have difficulty
acquiring us, even if doing so would benefit our stockholders, due to
provisions under our corporate charter, bylaws and option plan, as well as
Nevada law.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Provisions in our articles of incorporation, our bylaws,
and under Nevada law could make it more difficult for other companies to
acquire us, even if doing so would benefit our stockholders. Our articles of incorporation
and bylaws contain the following provisions, among others, which may inhibit an
acquisition of our company by a third party:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">advance notification procedures for matters to be
brought before stockholder meetings;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">a limitation on who may call stockholder meetings;
and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;letter-spacing:-.1pt;">&#183;</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">the ability of our board of directors to issue up
to 5,000,000 shares of preferred stock without a stockholder vote.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We are also subject to provisions of Nevada law that
prohibit us from engaging in any business combination with any &#147;interested
stockholder,&#148; meaning generally that a stockholder who beneficially owns more
than 10% of our stock cannot acquire us for a period of time after the date
this person became an interested stockholder, unless various conditions are
met, such as approval of the transaction by our board of directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Under U.S. laws and the regulations of the DOT, U.S.
citizens must effectively control us. As a result, our president and at least
two-thirds of our board of directors must be U.S. citizens and not more than
25% of our voting stock may be owned by non-U.S. citizens (although subject to
DOT approval, the percent of foreign economic ownership may be as high as 49%).
Any of these restrictions could have the effect of delaying or preventing a
change in control.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In addition, options under our Long-Term Incentive Plan
may have a special acceleration feature pursuant to which those options will
vest in full in the event we are acquired. The accelerated vesting of our
employee stock options may prove to be a deterrent to a potential acquisition
of us because the acquiring company may have to implement additional retention
programs to ensure the continued service of our employees, and the additional
dilution that will result from the accelerated vesting of our outstanding
employee stock options will likely reduce the amount otherwise payable to our
stockholders in an acquisition.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Our corporate charter and bylaws include provisions limiting
voting by non-U.S. citizens.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">To comply with restrictions imposed by federal law on
foreign ownership of U.S. airlines, our articles of incorporation and bylaws
restrict voting of shares of our capital stock by non-U.S. citizens. The
restrictions imposed by federal law currently require no more than 25% of our
stock be voted, directly or indirectly, by persons who are not U.S. citizens,
and that our president and at least two-thirds of the members of our board of
directors be U.S. citizens. Our bylaws provide no shares of our capital stock
may be voted by or at the direction of non-U.S. citizens unless such shares are
registered on a separate stock record, which we refer to as the foreign stock
record. Our bylaws further provide no shares of our capital stock will be
registered on the foreign stock record if the amount so registered would exceed
the foreign ownership restrictions imposed by federal law. Registration on the
foreign stock record is made in chronological order based on the date we
receive a written request for registration. One of our significant
stockholders, Declan Ryan, is a non-U.S. citizen and owns approximately 4.8% of
our outstanding common stock. Other non-U.S. citizens will be able to own and
vote shares of our common stock, only if the combined ownership by all non-U.S.
citizens does not violate these requirements.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Substantial sales of our common stock could cause our stock
price to fall.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">If our existing stockholders sell a large number of
shares of our common stock or the public market perceives existing stockholders
might sell shares of common stock, the market price of our common stock could
decline significantly. The 5,750,000 shares sold in our initial public offering
are freely tradable without restriction or further registration under the
federal securities laws, unless purchased by our &#147;affiliates&#148; as that term is
defined in Rule&nbsp;144 under the Securities Act of 1933, as amended, or the
Securities Act. In addition, a substantial number of shares held by our current
stockholders or issuable upon exercise of options are eligible for sale and could
be sold pursuant to registration under the Securities Act or an exemption from
registration. We, our executive officers and directors and substantially all of
our existing stockholders have signed lock-up agreements under which they have
agreed not to sell or transfer any common stock or securities convertible into,
exchangeable for, exercisable for, or repayable with common stock, prior to
June 6, 2007, without first obtaining the written consent of Merrill Lynch. Of
our outstanding 19,795,933&nbsp;shares of common stock, the 5,750,000 shares of
common stock sold in our initial public offering are freely tradable, without
restriction, in the public market. After the lock-up agreements pertaining to
this offering expire on June 6, 2007, an additional 12,195,933&nbsp;shares of
common stock will be eligible for sale in the public market at various times,
subject, in some cases, to volume limitations under Rule&nbsp;144 of the
Securities Act of 1933, as amended.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We cannot predict whether future sales of our common
stock or the availability of our common stock for sale will adversely affect
the market price for our common stock or our ability to raise capital by
offering equity securities.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Registration of shares of our common stock subject to
registration rights may depress the trading price of our stock.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We entered into an investors agreement with certain of
our shareholders. The holders of up to 7,612,600 shares of common stock are
entitled to registration rights pursuant to the investors agreement with
respect to their shares. The investors agreement provides, among other things,
that holders of 25% of the securities with registration rights can require us,
subject to certain limitations, to register with the Commission all or a
portion of their shares of common stock after June 7, 2007. Additionally, these
stockholders may also require us, subject to certain limitations, to include
their shares in future registration statements we file. In addition, we have
filed a shelf registration statement covering the 1,750,000 shares of common
stock owned by PAR Investment Partners, L.P. and we have agreed to keep the
registration statement in effect until up to December 13, 2008. Upon any of
these registrations, these shares would be freely tradable in the public market
without restrictions. If these stockholders exercise these or other similar
rights under the investors agreement to sell substantial amounts common stock
in the public market, or if it is perceived that such exercise or sale could
occur, the market price of our common stock may fall.</font></p>


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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHERE YOU
CAN FIND MORE INFORMATION</font></b><a name="WhereYouCanFindMoreInformation_161457"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are subject to the information requirements of the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), and, in accordance
therewith, file reports, proxy statements and other information with the
Securities and Exchange Commission (the &#147;Commission&#148;). The reports, proxy
statements and other information filed by us with the Commission can be
inspected and copied at the Public Reference Room of the Commission at 100 F
Street, N.E., Washington, D.C. 20549. Copies of such material also may be
obtained by mail from the Public Reference Room of the Commission, 100 F
Street, N.E., Washington, D.C. 20549, at prescribed rates. Information
regarding the operation of the Public Reference Room may be obtained by calling
the Commission at 1-800-SEC-0330. Additionally, the Commission maintains an
Internet site that contains reports, proxy and information statements and other
information regarding registrants that file electronically with the Commission
and that is located at http://www.sec.gov.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus constitutes part of a Registration Statement on Form
S-8 filed on the date hereof (herein, together with all amendments and
exhibits, referred to as the &#147;Registration Statement&#148;) by us with the
Commission under the Securities Act. This prospectus does not contain all of
the information set forth in the Registration Statement, certain parts of which
are omitted in accordance with the rules and regulations of the Commission. For
further information with respect to us and the common stock, reference is
hereby made to the Registration Statement. Statements contained herein
concerning the provisions of any contract, agreement or other document are not
necessarily complete, and in each instance reference is made to the copy of
such contract, agreement or other document filed as an exhibit to the
Registration Statement or otherwise filed with the Commission. Each such
statement is qualified in its entirety by such reference. Copies of the
Registration Statement together with exhibits may be inspected at the offices
of the Commission as indicated above without charge and copies thereof may be
obtained therefrom upon payment of a prescribed fee.</font></p>


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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE</font></b><a name="IncorporationOfCertainDocumentsBy_161520"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following documents, which
we have filed with or furnished to the Securities and Exchange Commission (the &#147;Commission&#148;),
are incorporated herein by reference and made part of this Registration
Statement:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our prospectus filed with the Commission
pursuant to Rule 424(b) promulgated under the Securities Act of 1933, as
amended (the &#147;1933 Act&#148;), in connection with our Registration Statement on Form
S-1 (Reg. No. 333-134145), in which there is set forth our audited financial
statements as of December 31, 2005 and December 31, 2004 and for the years
ended December 31, 2005, 2004 and 2003;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our Current Reports on Form 8-K filed with
the Commission on December 22, 2006, January 31, 2007 and February 1, 2007; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>description of our common stock as set forth
in our Registration Statement on Form S-1 (File No. 333-134145), filed with the
Commission on December 6, 2006.</p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, all documents
filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), subsequent to the
effective date of this Registration Statement and prior to the filing of a post-effective
amendment to this Registration Statement indicating that all securities offered
hereby have been sold or deregistering all securities then remaining unsold,
shall be deemed to be incorporated by reference herein and to be a part hereof
from the date of filing of such documents.&#160;
Any statement contained herein or in any document incorporated or deemed
to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement.&#160; Any such
statement so modified or superseded shall not be deemed to constitute a part of
this Registration Statement, except as so modified or superseded.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information relating to
us contained in this prospectus should be read together with the information in
the documents incorporated by reference.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby undertake to
provide without charge to each person to whom a copy of this prospectus has
been delivered, upon the written or oral request of any such person, a copy of
any and all of the documents referred to above which have been or may be
incorporated in this prospectus by reference, other than exhibits to such
documents which are not specifically incorporated by reference into such
documents. Requests for such copies should be directed to our outside counsel,
Robert B. Goldberg, Esq., Ellis Funk, P.C., 3490 Piedmont Road, NE, Suite 400,
Atlanta, Georgia 30305; telephone (404) 233-2800.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">26</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">USE OF
PROCEEDS</font></b><a name="UseOfProceeds_161554"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will not receive any proceeds from the sale of the Shares by the
Selling Stockholders.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DETERMINATION
OF OFFERING PRICE</font></b><a name="DeterminationOfOfferingPrice_161554"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Selling Stockholders may sell the common
shares issued to them from time-to-time at prices and on terms then prevailing
or at prices related to the then current market price, or in negotiated
transactions.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SELLING STOCKHOLDERS</font></b><a name="SellingStockholders_161555"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus relates to Shares that are being registered for
reoffers and resales by Selling Stockholders who have acquired Shares pursuant
to the 2006 Plan. Non-affiliates holding less than 1,000 Restricted Shares
issued under the 2006 Plan and who are not named below may also use this
prospectus for the offer or sale of those Shares.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beneficial ownership is determined in accordance with the rules of the
Commission, is based upon 19,795,933 shares outstanding as of the date of this
prospectus, and generally includes voting or investment power with respect to
securities. Options to purchase shares of common stock that are currently
exercisable or exercisable within 60&nbsp;days of the date of this prospectus
are deemed to be outstanding and to be beneficially owned by the person holding
such options for the purpose of computing the percentage ownership of such
person but are not treated as outstanding for the purpose of computing the
percentage ownership of any other person. Shares of Restricted Stock, whether
vested or unvested, are deemed to be outstanding and to be beneficially owned
by the person holding such Restricted Stock for the purpose of computing the
percentage ownership of such person and are treated as outstanding for the
purpose of computing the percentage ownership of each other person. After the
resale of all Shares that may be so offered for resale pursuant to this
prospectus, and assuming no other changes in beneficial ownership of our common
stock after the date of this prospectus, each Selling Stockholder would own
less than 1% of our common stock.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The inclusion in the table of the individuals named therein shall not
be deemed to be an admission that any such individuals are &#147;affiliates&#148; of
ours.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">27</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Selling&nbsp;Stockholder&nbsp;(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Shares&nbsp;Beneficially&nbsp;Owned</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;Shares&nbsp;of<br>
  Restricted&nbsp;Stock&nbsp;Offered<br>
  for&nbsp;Resale&nbsp;(2)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Beneficially&nbsp;Owned&nbsp;After<br>
  the&nbsp;Resale&nbsp;(3)</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jonathan Becker</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,400</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">380</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joe Blackwood</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian Davis</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,200</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,200</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ronald Doig</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gregory Frazer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stanley Gordon</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,260</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">240</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Susan Hulings</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,500</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,500</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark Jines</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,630</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,610</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sean Landram</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Marielle Landry</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,230</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,100</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">130</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Martin McDermott</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark Overgaard</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Leroy Paine</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,200</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,200</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pablo Paucar</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,320</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">300</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Norman Ragland</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,070</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James Schmidt</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,620</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">600</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Breck Shortley</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,020</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.28%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All Selling Stockholders are employees of
ours.&#160; None of the Selling Stockholders
are executive officers or directors of ours.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Includes shares of Restricted Stock previously
granted under the 2006 Plan.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Assumes that all Shares offered for resale pursuant to this prospectus
are sold.</p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PLAN OF
DISTRIBUTION</font></b><a name="PlanOfDistribution_161612"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose of the prospectus is to permit the Selling Stockholders, if
they desire, to offer for sale and sell the Shares they acquired pursuant to
the 2006 Plan at such times and at such places as the Selling Stockholders
choose.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The decision to sell any Shares is within the discretion of the holders
thereof, subject generally to our policies affecting the timing and manner of
sale of common stock by certain individuals and certain volume limitations set
forth in Rule 144(e) of the Securities Act. There can be no assurance that any
of the Shares will be sold by the Selling Stockholders.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sales of Shares may be effected from time to time in one or more types
of transactions (which may include block transactions) on The Nasdaq Global
Market, in the over-the-counter market, in negotiated transactions, through the
writing of options on the Shares, through settlement of short sales of Shares,
or a combination of such methods of sale, at market prices prevailing at the
time of sale, at fixed prices (which may be changed) or at negotiated prices.
Such transactions may or may not involve brokers or dealers. We understand that
the Selling Stockholders have not entered into any agreements, understandings
or arrangements with any underwriters or broker-dealers regarding the sale of
their Shares, nor are we aware of any underwriter or coordinating broker acting
in connection with the proposed sale of the Shares by the Selling Stockholders.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">28</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Selling Stockholders may effect such transactions by selling Shares
directly to purchasers or to or through broker-dealers, which may act as agents
or principals. Such broker-dealers may receive compensation in the form of
discounts, concessions, or commissions from the Selling Stockholders and/or the
purchasers of Shares for whom such broker-dealers may act as agents or to whom
they sell as principal, or both (which compensation as to a particular
broker-dealer might be in excess of customary commissions).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Selling Stockholders and any broker-dealers that act in connection
with the sale of Shares might be deemed to be &#147;underwriters&#148; within the meaning
of Section&nbsp;2(11) of the Securities Act, and any commissions received by
such broker-dealers and any profit on the resale of the Shares sold by them
while acting as principals might be deemed to be underwriting discounts or
commissions under the Securities Act. The Selling Stockholders may agree to
indemnify any agent, dealer or broker-dealer that participates in transactions
involving sales of the Shares against certain liabilities, including
liabilities arising under the Securities Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because the Selling Stockholders may be deemed to be &#147;underwriters&#148;
within the meaning of Section&nbsp;2(11) of the Securities Act, the Selling
Stockholders will be subject to the prospectus delivery requirements of the
Securities Act, which may include delivery through the facilities of the The
Nasdaq Global Market pursuant to Rule&nbsp;153 under the Securities Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under applicable rules and regulations under the Securities Exchange
Act of 1934, as amended, no person engaged in the distribution of the shares
may simultaneously engage in market making activities with respect to our
common stock for a restricted period before the commencement of the
distribution.&#160; In addition, the Selling
Stockholders will be subject to applicable provisions of the Securities
Exchange Act and the associated rules and regulations under the Securities
Exchange Act, including Regulation M, the provisions of which may limit the
timing of purchases and sales of the shares by the Selling Stockholders.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will make copies of this prospectus available to the Selling
Stockholders and have informed the Selling Stockholders of the need to deliver
copies of this prospectus to purchasers at or before the time of any sale of
the shares.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional information related to the Selling Stockholders and the plan
of distribution may be provided in one or more supplemental prospectuses.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are bearing all costs relating to the registration of the common
stock.&#160; These expenses are estimated to
be $20,000, including, but not limited to, legal, accounting, printing, and
mailing fees.&#160; The Selling Stockholders,
however, will pay any commissions or other fees payable to brokers or dealers
in connection with any sale of the Shares.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Selling Stockholders also may resell all or a portion of the Shares
in open market transactions in reliance upon Rule&nbsp;144 under the Securities
Act rather than under this prospectus, provided they meet the criteria and
conform to the requirements of such Rule.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">29</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MATERIAL
CHANGES<a name="MaterialChanges_161645"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There
are no material changes to our business not otherwise described in the material
incorporated herein by reference.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">LEGAL MATTERS</font></b><a name="LegalMatters_161646"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The validity of the shares of common stock offered by
this prospectus will be passed upon for us by Ellis Funk, P.C., Atlanta,
Georgia. Members of Ellis Funk, P.C. own approximately 8,500 shares of our
common stock.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">EXPERTS</font></b><a name="Experts_161647"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The consolidated financial statements of Allegiant Travel
Company,&nbsp;LLC appearing in Allegiant Travel Company&#146;s Registration
Statement (Form S-1 No. 333-134145) as of December&nbsp;31, 2005 and 2004, and
for each of the three years in the period ended December&nbsp;31, 2005, have
been audited by Ernst&nbsp;&amp; Young LLP, independent registered public
accounting firm, as set forth in their report thereon, included therein, and
incorporated herein by reference.&#160; Such
consolidated financial statements are incorporated herein by reference in
reliance upon such report given on the authority of such firm as experts in
accounting and auditing.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">30</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NO
DEALER, SALESMAN OR ANY OTHER PERSON HAS BEEN AUTHORIZED TO GIVE ANY
INFORMATION OR TO MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS
PROSPECTUS, AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATIONS MUST NOT
BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE COMPANY OR ANY SELLING
STOCKHOLDER. NEITHER THE DELIVERY OF THIS PROSPECTUS NOR ANY SALE MADE
HEREUNDER SHALL, UNDER ANY CIRCUMSTANCES, IMPLY THAT THERE HAS BEEN NO CHANGE
IN THE AFFAIRS OF THE COMPANY OR THAT THE INFORMATION HEREIN IS CORRECT AS OF
ANY TIME SUBSEQUENT TO THE DATE AS OF WHICH SUCH INFORMATION IS GIVEN. THIS
PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF ANY
OFFER TO BUY ANY OF THE SECURITIES OFFERED HEREBY TO ANYONE IN ANY JURISDICTION
IN WHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED OR IN WHICH THE PERSON
MAKING SUCH OFFER OR SOLICITATION IS NOT QUALIFIED TO DO SO OR TO ANYONE TO
WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100,000 SHARES</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ALLEGIANT TRAVEL COMPANY</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMMON STOCK<br>
PROSPECTUS</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March 12, 2007</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">31</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART I</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INFORMATION REQUIRED IN THE
SECTION 10(a) PROSPECTUS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.&#160;
Plan Information.</font></b>*</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 24.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.&#160; Registrant Information and Employee Plan
Annual Information.</font></b>*</p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Separately
given to participants.&#160; Pursuant to the
rules for filing a Registration Statement on Form S-8, such information is
contained in a document which does not constitute a part of this Registration
Statement but which shall, together with the documents incorporated by
reference in this Registration Statement pursuant to Item 3 of Part II hereof,
constitute a prospectus under Section 10(a) of the Securities Act of 1933.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">32</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART II</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3.&#160; Incorporation of Documents by Reference.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following documents, which have been filed with or furnished to the Securities
and Exchange Commission (the &#147;Commission&#148;) by the Company, are incorporated
herein by reference and made part of this Registration Statement:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company&#146;s prospectus filed with the
Commission pursuant to Rule 424(b) promulgated under the Securities Act of
1933, as amended (the &#147;1933 Act&#148;), in connection with the Company&#146;s
Registration Statement on Form S-1 (Reg. No. 333-134145), in which there is set
forth the audited financial statements for the Company as of December 31, 2005
and December 31, 2004 and for the years ended December 31, 2005, 2004 and 2003;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company&#146;s Current Reports on Form 8-K
filed with the Commission on December 22, 2006, January 31, 2007 and February
1, 2007; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>description of the Company&#146;s Common Stock as
set forth in the Company&#146;s Registration Statement on Form S-1 (File No. 333-134145),
filed with the Commission on December 6, 2006.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
addition, all documents filed by the Company pursuant to Sections 13(a), 13(c),
14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), subsequent to the effective date of this Registration Statement and
prior to the filing of a post-effective amendment to this Registration
Statement indicating that all securities offered hereby have been sold or
deregistering all securities then remaining unsold, shall be deemed to be incorporated
by reference herein and to be a part hereof from the date of filing of such
documents.&#160; Any statement contained
herein or in any document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein or
in any other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement.&#160; Any such statement so modified or superseded
shall not be deemed to constitute a part of this Registration Statement, except
as so modified or superseded.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
4.&#160; Description of Securities.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
Applicable.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.&#160; Interests of Named Experts and Counsel.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
legality of the common stock offered hereby has been passed on for the Company
by Ellis Funk, P.C., Atlanta, Georgia.&#160;
Certain shareholders of Ellis Funk, P.C. own approximately 8,500 shares
of common stock of the Company.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-</font><font face="Times New Roman">1</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 252.0pt;text-indent:-252.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6.&#160; Indemnification of
Directors and Officers.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company&#146;s Articles of Incorporation provide that directors of the Company will
not be personally liable for monetary damages to the Company for certain
breaches of fiduciary duty as directors to the fullest extent allowable by
Nevada law. Under Nevada law, subject to specified exceptions, or unless the
articles of incorporation provide for greater individual liability, a director
or officer is not individually liable to the company or its stockholders or
creditors for any damages as a result of any act or failure to act in his
capacity as a director or officer unless it is proven that (a)&nbsp;his act or
failure to act constituted a breach of his fiduciary duties as a director or
officer, and (b)&nbsp;his breach of those duties involved intentional misconduct,
fraud, or a knowing violation of law. Under current Nevada law, directors and
officers would remain liable for: (i)&nbsp;acts or omissions which constitute a
breach of fiduciary and which involve intentional misconduct, fraud or a
knowing violation of law, and (ii)&nbsp;approval of certain illegal dividends
or redemptions. In appropriate circumstances, equitable remedies or
non-monetary relief, such as an injunction, may remain available to a
stockholder seeking redress from any such violation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company also has the obligation, pursuant to Article Ten of the Company&#146;s
By-Laws, to indemnify any officer or director of the Company for all expenses
actually and reasonably incurred by them in connection with any legal action
brought or threatened against such person for or on account of any action or
omission alleged to have been committed because such person was an officer or
director, if the person acted in good faith and in a manner which the person
believed to be in, or believed was not opposed to, the best interests of the
Company and, with respect to criminal actions, such person had no reasonable
cause to believe his conduct was unlawful; provided that such indemnification
shall not be made if a final adjudication establishes such person&#146;s acts or
omissions involved intentional misconduct, fraud, or a knowing violation of law
and was material to the cause of action.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.&#160; Exemption from Registration Claimed.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:60.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
shares of common stock which may be sold pursuant to the reoffer prospectus for
the respective accounts of the Selling Stockholders issued to the Selling
Stockholders under the 2006 Plan were issued by the Company in reliance upon
the available exemptions from the registration requirements of the Securities
Act, including those contained in Rule 701 promulgated under Section 3(b),
which relates to exemptions for offers and sales of securities pursuant to
certain compensatory benefit plans.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-</font><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.&#160; Exhibits.</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 72.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>2006 Long-Term Incentive Plan (1).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 72.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2*</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Form of Restricted Stock Agreement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 72.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1*</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Opinion of Ellis Funk, P.C.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 72.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consent of Ellis Funk, P.C. (Included in Exhibit 5.1).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 72.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2*</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Consent of Ernst &amp; Young, LLP.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Powers of Attorney (on signature page).</p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt 12.0pt 72.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Filed herewith.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; Incorporated by reference to Exhibit 10.7 to
the Company&#146;s Registration Statement on Form S-1 (File No. 333-134145) filed
with the Commission on July 6, 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.&#160; Undertakings.</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The undersigned Registrant hereby undertakes:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To file, during any period in which offers or
sales are being made, a post-effective amendment to this Registration
Statement:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 146.25pt;text-indent:-38.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to include any prospectus required by Section
10(a)(3) of the Securities Act;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 146.25pt;text-indent:-38.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to reflect in the prospectus any facts or
events arising after the effective date of this Registration Statement (or the
most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the
Registration Statement;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 146.25pt;text-indent:-38.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to include any material information with
respect to the plan of distribution not previously disclosed in this
Registration Statement or any material change to such information in the
Registration Statement;</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if
the information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the Company pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the Registration Statement.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That, for the purpose of determining any
liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial <i>bona fide</i>
offering thereof; and</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-</font><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To remove from registration by means of a
post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The undersigned Company hereby undertakes that, for purposes of
determining liability under the Securities Act, each filing of the Company&#146;s
annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act
that is incorporated by reference in this Registration Statement shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial <i>bona fide</i> offering
thereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
Company pursuant to the foregoing provisions, or otherwise, the Company has
been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable.&#160; In the event that a claim
for indemnification against such liabilities (other than the payment by the
Company of expenses incurred or paid by a director, officer, or controlling
person of the Company in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Company will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-</font><font face="Times New Roman">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Act of
1933, the Company certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Las Vegas, State of Nevada, on this 9</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th&nbsp;</font>day of March, 2007.</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
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  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.18%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALLEGIANT TRAVEL COMPANY</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;/s/ Maurice J. Gallagher, Jr.</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Maurice J.
  Gallagher, Jr.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Chief
  Executive Officer and President</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">POWER
OF ATTORNEY</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">KNOW ALL MEN BY THESE PRESENTS that each person whose
signature to this Registration Statement appears below hereby constitutes and
appoints each of Maurice J. Gallagher, Jr., Andrew C. Levy and Linda Marvin as
such person&#146;s true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for such person and in such person&#146;s name,
place and stead, in any and all capacities, to sign any and all amendments to
the Registration Statement, including post-effective amendments, and
registration statements filed pursuant to Rule 462 under the Securities Act,
and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Commission, and does hereby grant unto each said
attorney-in-fact and agent full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as such person might or could do
in person, hereby ratifying and confirming all that each said attorney-in-fact
and agent, or any substitute therefor, may lawfully do or cause to be done by
virtue hereof.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Act of
1933, this Registration Statement has been signed by the following persons in
the capacities indicated on the 9</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;day of March, 2007.</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
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  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SIGNATURE</font></b><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">TITLE</font></b></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="41%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:41.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Maurice J.
  Gallagher, Jr.</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer (Principal Executive
  Officer)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maurice J.
  Gallagher, Jr.</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Linda A.
  Marvin</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer (Principal Financial and</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Linda A. Marvin</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting Officer)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael S. Falk</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Timothy P.
  Flynn</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Timothy P. Flynn</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ A. Maurice
  Mason</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A. Maurice Mason</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert L.
  Priddy</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert L. Priddy</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:22.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Declan F. Ryan</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-</font><font face="Times New Roman">5</font></p>
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{"company-data": {"conformed-name": "Allegiant Travel CO", "cik": "0001362468", "assigned-sic": "4512", "irs-number": "204745737", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-141227", "film-number": "07687898"}, "business-address": {"street1": "3301 N. BUFFALO DRIVE", "street2": "SUITE B-9", "city": "LAS VEGAS", "state": "NV", "zip": "89129", "phone": "702-851-7300"}, "mail-address": {"street1": "3301 N. BUFFALO DRIVE", "street2": "SUITE B-9", "city": "LAS VEGAS", "state": "NV", "zip": "89129"}}
As filed with the Securities and Exchange Commission on March 12, 2007
Registration No. 333-
FORM S-8
SECURITIES AND EXCHANGE COMMISSION
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF
1933
ALLEGIANT TRAVEL COMPANY
(Exact name of issuer as specified in its
charter)
Nevada
20-4745737
(State or other
  jurisdiction of
(I.R.S. Employer
incorporation or
  organization)
Identification
  No.)
3301 N. Buffalo Drive, Suite B-9
Las
  Vegas, Nevada 89129
(Address of
  principal executive offices, including zip code)
ALLEGIANT TRAVEL COMPANY
2006
  LONG-TERM INCENTIVE PLAN
(Full title of
  the plan)
Andrew C. Levy
Managing
  Director and Secretary
3301 N.
  Buffalo Drive, Suite B-9
Las
  Vegas, Nevada 89129
(702)
  851-7300
(Name, address
  and telephone number, including area code, of agent for service)
Copies to:
Robert B. Goldberg, Esq.
Ellis Funk, P.C.
3490 Piedmont Road, N.E., Suite 400
Atlanta, Georgia 30305
(404)
233-2800
Title of securities
to be registered
Amount to be
registered (1)
Proposed maximum
offering price per
share
Proposed maximum
aggregate offering price
Amount of
registration fee
Common Stock, par
value $.001 per share
3,000,000
$29.74(2)
$89,206,740(3)
$2,738.65
(1)
Pursuant to Rule 416 under the Securities Act of
  1933, as amended, this Registration Statement shall also cover additional
  shares of common stock which may become issuable by reason of any stock
  split, stock dividend, recapitalization or other similar transactions
  effected without consideration which results in an increase in the number of
  the Registrant's shares of outstanding common stock.
(2)
The price per share for the shares registered hereby
  is calculated by dividing the proposed maximum aggregate offering price by
  the amount to be registered.
(3)
The maximum aggregate offering price is estimated in
  accordance with Rule 457(h)(1) under the Securities Act of 1933, as amended,
  solely for the purpose of calculating the registration fee and is equal to
  the sum of (i) the product resulting from multiplying 414,000, the number of
  shares registered by this Registration Statement as to which there are
  outstanding options under the Allegiant Travel Company 2006 Long-Term
  Incentive Plan, by $4.66, the average exercise price of such options, and
  (ii) the product resulting from multiplying 2,586,000, the number of shares
  registered by this Registration Statement as to which options may be granted
  under the Allegiant Travel Company 2006 Long-Term Incentive Plan, by $33.75,
  the average of the high and low sales prices of the Common Stock as reported
  on the Nasdaq Global Stock Market on March 8, 2007.
EXPLANATORY
NOTE
This Registration Statement registers shares of common stock, par value
$0.001 per share, of Allegiant Travel Company (the "Company"), consisting of
(i) shares previously issued as restricted stock under the Allegiant
Travel Company 2006 Long-Term Incentive Plan (the "2006 Plan"), and
(ii) shares that may in the future be issued under the 2006 Plan.
This Registration Statement contains two parts. The first part contains
a "reoffer" prospectus prepared in accordance with Part I of Form S-3 (in
accordance with Instruction C of the General Instructions to Form S-8). The
reoffer prospectus permits reoffers and resales of those shares referred to
above that constitute "restricted securities", within the meaning of Form S-8,
by certain of the Company's stockholders, as more fully set forth therein. The
second part contains information required to be set forth in the registration
statement pursuant to Part II of Form S-8. Pursuant to the Note to
Part I of Form S-8, the plan information specified by Part I of Form
S-8 is not required to be filed with the Securities and Exchange Commission
(the "Commission"). The Company will provide without charge to any person, upon
written or oral request of such person, a copy of each document incorporated by
reference in Item 3 of Part II of this Registration Statement (which
documents are also incorporated by reference in the reoffer prospectus as set
forth in Form S-8), other than exhibits to such documents that are not
specifically incorporated by reference, the other documents required to be
delivered to eligible employees pursuant to Rule 428(b) under the Securities
Act and additional information about the 2006 Plan. Requests should be directed
to the Company's outside counsel, Robert B. Goldberg, Esq., Ellis Funk, P.C.,
3490 Piedmont Road, Suite 400, Atlanta, Georgia 30305; telephone (404)
233-2800.
ii
REOFFER PROSPECTUS
ALLEGIANT TRAVEL COMPANY
Up to 100,000 Shares of Common Stock
Acquired by the Selling Stockholders Under
ALLEGIANT TRAVEL COMPANY 2006 LONG-TERM INCENTIVE PLAN
This prospectus relates to an aggregate of up to 100,000 shares (the "Shares")
of Common Stock, par value $0.001 per share (the "Common Stock"), of Allegiant
Travel Company, a Nevada corporation (the "Company"), which may be offered and
sold from time to time by certain stockholders of the Company (the "Selling
Stockholders") who have acquired such Shares pursuant to the Allegiant Travel
Company 2006 Long-Term Incentive Plan (the "2006 Plan"). See "Selling
Stockholders." This prospectus covers the offering for resale of shares
acquired by the Selling Stockholders prior to the filing of a Registration
Statement on Form S-8 by the Company ("Restricted Shares"). The Company's
Common Stock is listed on The Nasdaq Global Market under the symbol "ALGT." On
March 8, 2007, the last reported sales price of the Company's Common Stock on
The Nasdaq Global Market was $33.75 per share.
The Company will not receive any of the proceeds from sales of the
Shares by any of the Selling Stockholders. The Shares may be offered from time
to time by any or all of the Selling Stockholders (and their donees and
pledgees) through ordinary brokerage transactions, in negotiated transactions
or in other transactions, at such prices as the Selling Stockholders may
determine, which may relate to market prices prevailing at the time of sale or
be a negotiated price. See "Plan of Distribution." All costs, expenses and fees
in connection with the registration of the Shares will be borne by the Company.
Brokerage commissions and similar selling expenses, if any, attributable to the
offer or sale of the Shares will be borne by the Selling Stockholders (or their
donees and pledgees).
Each Selling Stockholder and any broker executing selling orders on
behalf of a Selling Stockholder may be deemed to be an "underwriter" as defined
in the Securities Act of 1933, as amended (the "Securities Act"). If any
broker-dealers are used to effect sales, any commissions paid to broker-dealers
and, if broker-dealers purchase any of the Shares as principals, any profits
received by such broker-dealers on the resale of the Shares, may be deemed to
be underwriting discounts or commissions under the Securities Act. In addition,
any profits realized by the Selling Stockholders may be deemed to be
underwriting commissions.
An investment in our securities involves a high degree of risk.  See "Risk Factors" beginning at page 4.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED
BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION
NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this
prospectus is March 12, 2007.
TABLE
OF CONTENTS
Page
Special Note about Forward-Looking Information
2
Business
  Overview
3
Risk Factors
4
Where You Can Find More Information
25
Incorporation Of Certain Documents By Reference
26
Use Of Proceeds
27
Determination of Offering Price
27
Selling
  Stockholders
27
Plan Of
  Distribution
28
Material Changes
30
Legal Matters
30
Experts
30
No person is
authorized to give any information or represent anything not contained or
incorporated by reference in this prospectus or any prospectus supplement. This
prospectus and any prospectus supplement do not constitute an offer to sell or
a solicitation of any offer to buy any securities in any jurisdiction to any
person to whom it is unlawful to make such offer or solicitation in such
jurisdiction. The information contained in this prospectus or any prospectus
supplement, as well as information incorporated by reference, is current only
as of the date of that information. Our business, financial condition and
results of operations may have changed since that date.
Special Note
about Forward-looking Statements
We
have made forward-looking statements in this prospectus that are based on
our management's beliefs and assumptions and on information currently available
to our management. Forward-looking statements include the information
concerning our possible or assumed future results of operations, business
strategies, financing plans, competitive position, industry environment,
potential growth opportunities, the effects of future regulation and the
effects of competition. Forward-looking statements include all statements
that are not historical facts and can be identified by the use of forward-looking
terminology such as the words "believe," "expect," "anticipate," "intend," "plan,"
"estimate" or similar expressions.
Forward-looking
statements involve risks, uncertainties and assumptions. Actual results may
differ materially from those expressed in the forward-looking statements.
We do not have any intention or obligation to update forward-looking
statements after we distribute this prospectus.
You
should understand that many important factors, in addition to those discussed
elsewhere in this prospectus, could cause our results to differ materially from
those expressed in the forward-looking statements. These factors include,
without limitation, increases in fuel prices, terrorist attacks, risks inherent
to airlines, demand for air services to Las Vegas, Orlando and
Tampa/St. Petersburg from the markets served by us, our ability to
implement our growth strategy, our fixed obligations, our dependence on the Las
Vegas, Orlando and Tampa/St. Petersburg markets, our ability to add, renew
or replace gate leases, our competitive environment, problems with our
aircraft, dependence on fixed fee customers, economic and other conditions in
markets in which we operate, governmental regulation, increases in maintenance
costs and insurance premiums and cyclical and seasonal fluctuations in our
operating results.
2
BUSINESS
OVERVIEW
We are a leisure travel company focused on linking
travelers in small cities to world-class leisure destinations such as Las
Vegas, Nevada, Orlando, Florida and Tampa/St. Petersburg, Florida. We operate a
low-cost passenger airline marketed to leisure travelers in small cities,
allowing us to sell air travel both on a stand-alone basis and bundled
with hotel rooms, rental cars and other travel related services. Our route
network, pricing philosophy, advertising and diversified product offering built
around relationships with premier leisure companies are all intended to appeal
to leisure travelers and make it attractive for them to purchase air travel and
related services from us.
Our business model provides for diversified revenue
streams, which we believe distinguishes us from other U.S. airlines and other
travel companies.
·
Scheduled service revenues
currently consist of nonstop flights between our
leisure destinations and our small city markets.
·
Fixed fee contract revenues
consist largely of fixed fee flying agreements
with affiliates of Harrah's Entertainment Inc. and Apple Vacations
West, Inc. that provide for a predictable revenue stream.
·
Ancillary revenues
are generated from the sale of hotel rooms,
rental cars, advance seat assignments, in-flight products and other items sold
in conjunction with our scheduled air service. We recognize our ancillary
revenues on a net basis, net of amounts paid to wholesale providers, travel
agent commissions and credit card processing fees.
Our business strategy has evolved as our experienced
management team has taken a different approach to the traditional way business
has been conducted in the airline industry. In contrast to the traditional
airline strategy, we focus primarily on the leisure traveler, provide low
frequency nonstop service from small cities in larger jet aircraft, sell direct
to travelers, do not offer connections, do not code-share, and provide
amenities at a small charge to our passengers. We have developed relationships
with many premier leisure companies to generate revenue beyond just air fares.
As of January 31, 2007, we provide scheduled air service
to customers in 46 small cities and have announced service from two
additional small cities to commence in first quarter 2007. These 48 cities have
an aggregate population of over 50 million within a 50-mile radius of the
airports in those cities. We have identified at least 52 additional cities in
the United States and Canada with similar characteristics and where we do not
presently have any arrangements for service. These cities represent an
estimated population of over 50 million people we could potentially serve
to our Las Vegas, Orlando and Tampa/St. Petersburg destinations.
Our principal executive offices are located at 3301 N.
Buffalo Drive, Suite B-9 Las Vegas, Nevada 89129. Our telephone number is
(702) 851-7300. Our website's address is http://www.allegiantair.com. We
have not incorporated by reference into this prospectus the information on our
website and you should not consider it to be a part of this document. Our
website address is included in this document for reference only.
Allegiant Travel Company, Allegiant Air and Allegiant
Vacations are service marks of Allegiant Travel Company in the U.S. This
prospectus also contains trademarks and tradenames of other companies.
3
RISK FACTORS
An investment in our common stock
involves a high degree of risk. You should carefully consider the risks
described below before making an investment decision. The risks described below
are not the only ones facing our company. Additional risks not presently known
to us or that we currently deem immaterial may also impair our business and
operations. Our business, financial condition or results of operations could be
materially and adversely affected by any of these risks. The trading price of
our common stock could decline due to any of these risks, and you may lose all
or part of your investment.
Risks Related to Allegiant
Increases in fuel prices or unavailability of fuel would harm
our business and profitability.
Fuel costs constitute a significant portion of our total
operating expenses (46.0% during 2006). Significant increases in fuel costs
would harm our financial condition and results of operations.
Our MD80 series aircraft are less fuel efficient than new
aircraft. An increase in the price of aircraft fuel would therefore result in a
disproportionately higher increase in our average total costs than our
competitors using more fuel efficient aircraft.
Historically, fuel costs have been subject to wide price
fluctuations. Aircraft fuel availability is also subject to periods of market
surplus and shortage and is affected by demand for heating oil, gasoline and
other petroleum products. Because of the effect of these events on the price
and availability of aircraft fuel, the cost and future availability of fuel
cannot be predicted with any degree of certainty. A fuel supply shortage or
higher fuel prices could result in the curtailment of our service. Some of our
competitors may be better positioned to obtain fuel in the event of a shortage.
We cannot assure you increases in the price of fuel can be offset by higher revenue.
In addition, although we implemented a fuel derivatives
program in 2003 to partially protect against fuel price volatility, our hedging
program does not protect us against ordinary course price increases and is
limited in fuel volume and duration. We cannot assure you our fuel hedging
program is sufficient to protect us against increases in the price of fuel.
We carry limited fuel inventory and we rely heavily on
our fuel suppliers. We cannot assure you we will always have access to adequate
supplies of fuel in the event of shortages or other disruptions in the fuel
supply.
If our credit card processing company were to require
significant holdbacks for processing credit card transactions for the purchase
of air travel and other services, our cash flow would be adversely affected.
4
Credit card companies frequently require significant
holdbacks when future air travel and other future services are purchased
through credit card transactions. We rely on a single credit card processing
company at this time, and our agreement is terminable on 30 days notice.
As virtually all of our scheduled service and ancillary revenue is paid with
credit cards and our credit card processing agreement does not require a
significant holdback, our cash flow would suffer in the event the terms of our
current agreement were changed or terminated. Although we believe that we would
be able to secure a replacement credit card processing agreement if our current
agreement is terminated, the terms of any new agreement may not be as favorable
to us. These cash flow issues could be exacerbated during periods of rapid
growth as we would be incurring additional costs associated with our growth,
but our receipt of these revenues would be delayed.
Our failure to successfully implement our growth strategy and
generate demand for our services could harm our business.
Successfully implementing our growth strategy is critical
for our business to achieve economies of scale and to sustain or increase our
profitability. Increasing the number of small city markets we serve depends on
our ability to identify and effectively evaluate new target markets and then
access suitable airports located in these markets in a manner consistent with
our cost strategy.
Most of our scheduled air service is sold to customers
traveling from our small city markets to our leisure destinations of Las Vegas,
Orlando or Tampa/St. Petersburg. While we seek to generate demand for our
services in these markets, the smaller size of these markets makes it more
difficult to create this demand. If we are unable to do so in a particular
market, our revenues could be negatively affected and our ability to grow could
be constrained. Under those circumstances, we may decide to reduce or terminate
service to that market, which could result in additional costs.
We will also need to obtain additional gates in Las
Vegas, Orlando and Tampa/St. Petersburg, and obtain access to markets we
seek to serve in the future. Any condition that would deny, limit or delay our
access to airports we seek to serve in the future would constrain our ability
to grow. Opening new markets may require us to commit a substantial amount of
resources, even before the new services commence, including additional skilled
personnel, equipment and facilities. An inability to hire and retain skilled
personnel or to secure the required equipment and facilities efficiently and
cost-effectively may affect our ability to implement our growth strategy. We
cannot assure you we will be able to successfully establish new markets and our
failure to do so could harm our business.
We have recently commenced service from 12 small cities
to Tampa/St. Petersburg. As we do not have any significant historical data
on the performance of Tampa/St. Petersburg as one of our leisure
destinations, we may not be able to profitably operate these routes.
5
We expect to serve other leisure destinations, in
addition to Las Vegas, Orlando and Tampa/St. Petersburg, which we believe
are attractive to small city markets. However, if we fail to successfully implement
service to additional leisure destinations, our growth prospects will be
limited and our profitability could be adversely impacted.
Expansion of our markets and services may also strain our
existing management resources and operational, financial and management
information systems to the point they may no longer be adequate to support our
operations, requiring us to make significant expenditures in these areas. We
expect we will need to develop further financial, operational and management
controls, reporting systems and procedures to accommodate future growth. We
cannot assure you we will be able to develop these controls, systems or
procedures on a timely basis and the failure to do so could harm our business.
Additionally, we are subject to regulation by the Federal
Aviation Administration ("FAA") and must receive its approval to add aircraft
to our operating certificate. If the FAA does not grant us approval to add
aircraft to our fleet as quickly as we desire, our growth may be limited and
our profitability could be adversely impacted.
Any inability to acquire and maintain additional compatible
aircraft, engines or parts on favorable terms or at all would increase our
operating costs and could harm our profitability.
Our fleet currently consists of MD80 series aircraft
equipped with Pratt & Whitney JT8D-200 series engines. Although our
management believes there is currently an adequate supply of suitable MD80
series aircraft available at favorable prices and terms, we are unable to predict
how long these conditions will continue. Any increase in demand for the MD80
aircraft or the Pratt & Whitney JT8D-200 series engine could restrict
our ability to obtain additional MD80 aircraft, engines and spare parts.
Because the aircraft and the engine are no longer being manufactured, we may be
unable to obtain additional suitable aircraft, engines or spare parts on
satisfactory terms or at the time needed for our operations or for our
implementation of our growth plan.
In April 2006, the FAA indicated it intends to issue
regulations limiting the age of aircraft that may be flown in the U.S. The
announcement did not indicate the maximum age that would be allowed, the
effective date of the regulation or any grandfathering provisions. These
regulations, if and when implemented, may have a material effect on our future
operations.
We cannot assure you we will be able to purchase
additional MD80s on favorable terms, or at all. Instead, we may be required to
lease MD80s from current owners. Because, in our experience, the cost of
leasing generally exceeds the ownership costs associated with the purchase of
the MD80, our operating costs would increase if we are required to lease,
instead of purchase, additional MD80 aircraft, and this could harm our
profitability.
6
If the available MD80 series aircraft, whether by
purchase or lease, are not compatible with the rest of our fleet in terms of
takeoff weight, avionics, engine type or other factors, the costs of operating
and maintaining our fleet would likely increase. Similarly, our aircraft
ownership costs will likely increase if we decide to acquire aircraft which are
not MD80 series aircraft.
There is also a greater risk with acquiring used aircraft
because we may incur additional costs to remedy any mechanical issues not found
in our inspection and acceptance process and, generally, the cost to maintain
used aircraft exceeds the cost to maintain new aircraft.
Any inability to obtain financing for additional aircraft
could harm our growth plan.
We typically finance our aircraft through either mortgage
debt or lease financing. Although we believe debt and/or lease financing will
be available for the aircraft we will acquire, we cannot assure you we will be
able to secure such financing on terms attractive to us or at all. To the
extent we cannot secure such financing on acceptable terms or at all, we may be
required to modify our aircraft acquisition plans, incur higher than
anticipated financing costs or use more of our cash balances for aircraft
acquisitions than we currently expect.
Aircraft lenders often require that they receive the
benefit of Section 1110 protection under the U.S. Bankruptcy Code. It is
more difficult to provide lenders Section 1110 protection for aircraft
manufactured before 1994. Most MD80s, and almost all of our MD80s, were
manufactured before 1994. As a result, we may face difficulty obtaining
financing for aircraft transactions.
Our maintenance costs will increase as our fleet ages.
Our aircraft range from 10 to 20 years old, with an
average age of 16 years. Our aircraft are significantly older than the U.S.
industry average. In general, the cost to maintain aircraft increases as they
age and exceeds the cost to maintain new aircraft. FAA regulations require
additional maintenance inspections for older aircraft. For example, a repair
assessment program must be implemented for each of our aircraft once they reach
60,000 cycles. A cycle is defined as one take-off and landing. The average
cycles on our fleet is approximately 25,500 cycles and the highest number of
cycles on any of our aircraft is approximately 43,500. Based on our current and
expected aircraft utilization rates of approximately 1,000 cycles per year, we
will not have to comply with the repair assessment program for several years.
We will also need to comply with other programs which require enhanced
inspections of aircraft including Aging Aircraft Airworthiness Directives,
which typically increase as an aircraft ages and vary by aircraft or engine
type depending on the unique characteristics of each aircraft and/or engine.
In addition, we may be required to comply with any future
aging aircraft issues, law changes, regulations or airworthiness directives. We
cannot assure you our maintenance costs will not exceed our expectations.
7
We believe our aircraft are and will be mechanically
reliable based on the percentage of scheduled flights completed. We cannot
assure you our aircraft will continue to be sufficiently reliable over longer
periods of time. Furthermore, given the age of our fleet, any public perception
that our aircraft are less than completely reliable could have an adverse
effect on our profitability.
We may be subject to unionization, work stoppages, slowdowns
or increased labor costs.
Unlike most airlines, we have a non-union workforce. If
our employees unionize, it could result in demands that may increase our
operating expenses and adversely affect our profitability. Our pilots have
formed an in-house pilot association. Although we have negotiated a
mutually acceptable arrangement with our pilots, our costs could be adversely
affected by the cumulative results of discussions with employee groups in the
future.
Each of our different employee groups could unionize at
any time and would require separate collective bargaining agreements. If any
group of our employees were to unionize and we were unable to agree on the
terms of their collective bargaining agreement or we were to experience
widespread employee dissatisfaction, we could be subject to work slowdowns or
stoppages. In addition, we may be subject to disruptions by organized labor
groups protesting our non-union status. Any of these events would be disruptive
to our operations, could harm our business, and therefore have an adverse
effect on our future results.
Our reputation and financial results could be harmed in the
event of an accident or incident involving our aircraft or other MD80 aircraft.
Although we have not had any accidents or material
incidents to date, an accident or incident involving one of our aircraft could
involve repair or replacement of a damaged aircraft and its consequential
temporary or permanent loss from service, and significant potential claims of
injured passengers and others. Although we believe we currently maintain
liability insurance in amounts and of the type generally consistent with
industry practice, the amount of such coverage may not be adequate and we may
be forced to bear substantial losses from an accident. Substantial claims
resulting from an accident in excess of our related insurance coverage would
harm our business and financial results. Moreover, any aircraft accident or
incident, even if fully insured, could cause a public perception that we are
less safe or reliable than other airlines, which would harm our business.
Because we are a relatively new company and because we are smaller than most
airlines, an accident would be likely to adversely affect us to a greater
degree than a larger, more established airline.
Additionally, our dependence on this single type of
aircraft and engine for all of our flights makes us particularly vulnerable to
any problems that might be associated with this aircraft type or these engines.
Our business would be significantly harmed if a mechanical problem with the
MD80 series aircraft or the Pratt & Whitney JT8D-200 series engine
were discovered causing our aircraft to be grounded while any such problem is
being corrected, assuming it could be corrected at all. The FAA could also
suspend or restrict the use of our aircraft in the event of any actual or
8
perceived
mechanical problems, whether involving our aircraft or another U.S. or foreign
airline's aircraft, while it conducts its own investigation. Our business would
also be significantly harmed if the public avoids flying our aircraft due to an
adverse perception of the MD80 series aircraft or the Pratt & Whitney
JT8D-200 series engine because of safety concerns or other problems, whether
real or perceived, or in the event of an accident involving an MD80 aircraft.
We depend on our ability to maintain existing and develop new
relationships with hotels and other providers of travel related services. Any
adverse changes in these relationships could adversely affect our business,
financial condition and results of operations, as well as our ability to provide
air-hotel packages in our leisure destination markets.
An important component of our business success depends on
our ability to maintain our existing, as well as build new, relationships with
hotels and other travel suppliers in our leisure destination markets. We do not
currently have long-term contracts with any of our hotel room suppliers,
nor do we anticipate entering into long-term contracts with them in the
future. Adverse changes in or the failure to renew existing relationships, or
our inability to enter into arrangements with new hotel suppliers on favorable
terms, if at all, could reduce the amount, quality and breadth of attractively
priced travel products and services we are able to offer, which could adversely
affect our business, financial condition and results of operations. Our ability
to continue to grow and enter new markets also depends on our ability to obtain
a sufficient supply of suitable hotel rooms on favorable terms in our existing
and new leisure destinations.
Hotels and other travel suppliers are increasingly
seeking to lower their distribution costs by promoting direct online bookings
through their own websites, and we expect this trend to continue. Hotels and
travel suppliers may choose not to make their travel products and services
available through our distribution channels. To the extent consumers increase
the percentage of their travel purchases through supplier direct websites
and/or if travel suppliers choose not to make their products and services
available to us, our business may suffer.
We have a significant amount of fixed obligations and we
expect to incur significantly more fixed obligations which could hurt our
ability to meet our strategic goals.
As of December 31, 2006, maturities of our long-term
debt (including capital leases) were $14.9 million in 2007,
$14.2 million in 2008, $16.8 million in 2009, $14.3 million in
2010 and $12.6 million in 2011. All of our long-term and short-term debt
has fixed interest rates. In addition to long-term debt, we have a
significant amount of other fixed obligations under operating leases related to
our aircraft, airport terminal space, other airport facilities and office
space. As of December 31, 2006, future minimum lease payments under
noncancelable operating leases with initial or remaining terms in excess of one
year were approximately $2.7 million in 2007, $1.9 million in 2008,
$0.6 million in 2009, $0.1 million in 2010, $0.1 million in 2011 and
$0.1 million thereafter. We expect to incur additional debt and other fixed
obligations as we take delivery of additional aircraft and other equipment and
continue to expand into new markets.
9
The amount of our debt and other fixed obligations could:
·
limit our ability to obtain additional financing
to support capital expansion plans and for working capital and other purposes;
·
divert substantial cash flow from our operations
and expansion plans to service our fixed obligations;
·
limit our flexibility in planning for, or reacting
to, changes in our business and the industry in which we compete; and
·
place us at a possible competitive disadvantage
compared to less leveraged competitors and competitors with better access to
capital resources.
Our ability to make scheduled payments on our debt and
other fixed obligations will depend upon our future operating performance and
cash flow, which in turn will depend upon prevailing economic and political
conditions and financial, competitive, regulatory, business and other factors,
many of which are beyond our control. We cannot assure you we will be able to
generate sufficient cash flow from our operations to pay our debt and other
fixed obligations as they become due, and our failure to do so could harm our
business. If we are unable to make payments on our debt and other fixed
obligations, we could be forced to renegotiate those obligations or obtain
additional equity or debt financing. To the extent we finance our activities or
future aircraft acquisitions with additional debt, we may become subject to
financial and other covenants that may restrict our ability to pursue our
growth strategy. We cannot assure you any renegotiation efforts would be
successful or timely or that we could refinance our obligations on acceptable
terms, if at all.
Our lack of an established line of
credit or borrowing facility makes us highly dependent upon our cash balances
and operating cash flows.
We have no lines of credit and rely on operating cash
flows to provide working capital. Unless we secure a line of credit or
borrowing facility, we will be dependent upon our operating cash flows and cash
balances to fund our operations and to make scheduled payments on our debt and
other fixed obligations. If we fail to generate sufficient funds from
operations to meet these cash requirements or do not secure a line of credit,
other borrowing facility or equity financing, we could default on our debt and
other fixed obligations. Our inability to meet our obligations as they become
due would materially restrict our ability to grow and seriously harm our
business and financial results.
Our business is heavily dependent on the
attractiveness of our leisure destinations and a reduction in demand for air
travel to these markets would harm our business.
Almost all of our scheduled flights have Las Vegas,
Orlando or Tampa/St. Petersburg as either their destination or origin. Our
business would be harmed by any circumstances causing a reduction in demand for
air transportation to the Las Vegas, Orlando or Tampa/St. Petersburg markets,
such as adverse changes in local economic conditions, negative public
perception of the particular city, significant price increases, or the impact
of past or future terrorist attacks.
10
We serve Orlando Sanford International Airport, which is
not the principal airport in the Orlando market. A refusal by passengers to
view Orlando Sanford International Airport as a reasonable alternative to
Orlando International Airport, the main airport serving Orlando, could harm our
business.
We serve St. Petersburg-Clearwater International
Airport, which is not the principal airport in the Tampa Bay market. A refusal
by passengers to view the St. Petersburg-Clearwater International Airport
as a reasonable alternative to Tampa International Airport, the main airport
serving the Tampa Bay area, could harm our business.
We may face increased competition in our
markets which could harm our business.
The small cities we serve on a scheduled basis have
traditionally attracted considerably less attention from our potential
competitors than larger markets, and in most of our markets, we are the only
provider of nonstop service to Las Vegas, Orlando or Tampa/St. Petersburg. It
is possible other airlines will begin to provide nonstop services to and from
these markets or otherwise target these markets. An increase in the amount of
direct or indirect competition could harm our business.
We may be unable to renew our lease or
increase our facilities at Las Vegas' McCarran International Airport.
McCarran International Airport was the 9th busiest
airport in the world in 2005 and its gate space, terminal space, aircraft
parking space and facilities in general are constrained. To meet our growth
plan, we will require additional facilities at McCarran. However, we may not be
able to maintain sufficient or obtain additional facilities at McCarran on
favorable terms, or at all. In addition, our present agreement can be
terminated at any time upon 30 days' notice. Since Las Vegas is one of our
principal destinations, our inability to maintain sufficient facilities or to
obtain additional facilities as needed would harm our business by limiting our
ability to grow and increasing our costs.
We also currently rely on the availability of overnight
aircraft parking space at McCarran. However, due to anticipated airport growth,
we may find it difficult to obtain sufficient overnight aircraft parking space
in the future. Over time, this may result in our having to overnight aircraft
in other cities, which would increase our costs and could adversely impact our
business and results of operations.
Our business could be harmed if we lose
the services of our key personnel.
Our business depends upon the efforts of our chief
executive officer, Maurice J. Gallagher, Jr., and a small number of management
and operating personnel. We do not currently have an employment agreement with
or maintain key-man life insurance on Mr. Gallagher. We may have
difficulty replacing management or other key personnel who leave and,
therefore, the loss of the services of any of these individuals could harm our
business.
11
Our results of operations will
fluctuate.
We expect our quarterly operating results to fluctuate in
the future based on a variety of factors, including:
·
the timing and success of our growth plans as we
enter new markets;
·
changes in fuel, security and insurance costs;
·
mark-to-market adjustments
attributable to our fuel hedging transactions;
·
increases in personnel, marketing, aircraft
ownership and other operating expenses to support our anticipated growth; and
·
the timing and amount of maintenance expenditures.
In addition, seasonal variations in traffic, the timing
of significant repair events and weather affect our operating results from
quarter to quarter. Quarter-to-quarter comparisons of our operating results may
not be good indicators of our future performance. In addition, it is possible
our operating results in any future quarter could be below the expectations of
investors and any published reports or analyses regarding Allegiant. In that
event, the price of our common stock could decline, perhaps substantially.
Due to our limited fleet size, if any of
our aircraft becomes unavailable, we may suffer greater damage to our service,
reputation and profitability than airlines with larger fleets.
We operate a fleet of 26 aircraft. Given the limited
number of aircraft we operate, if an aircraft becomes unavailable due to
unscheduled maintenance, repairs or other reasons, we could suffer greater
adverse financial and reputational impacts than larger airlines if our flights
are delayed or cancelled due to the absence of replacement aircraft. Our
business strategy involves concentrating our aircraft overnight at our
destination airports. If we are unable to operate those aircraft for a
prolonged period of time for reasons outside of our control, for example, a catastrophic
event or a terrorist act, our results of operations and business could be
disproportionately harmed.
We rely heavily on automated systems to
operate our business and any failure of these systems could harm our business.
We depend on automated systems to operate our business,
including our computerized airline reservation system, our telecommunication
systems, our website and other automated systems. We rely on a single vendor to
support many of these systems and it would be difficult to readily replace this
vendor on whom we have relied since our inception. A failure of this vendor to
satisfactorily service our automation needs could negatively affect our
Internet sales and customer service and result in increased costs.
12
Unlike many other airlines, which issue traditional paper
tickets to some or all of their passengers, we issue only electronic tickets.
Our website and reservation system must be able to accommodate a high volume of
traffic and deliver important flight information. Substantial or repeated
website, reservations system or telecommunication systems failures or a failure
by our vendor could reduce the attractiveness of our services. Any disruption
in these systems could result in the loss of important data, increase our
expenses and generally harm our business.
Currently, our fixed fee flying business
is substantially dependent on a single customer and the loss of this business
could have a material adverse effect on our continuing fixed fee contract
revenue.
During 2006, approximately 58.9% of our fixed fee
contract revenue was derived from Harrah's Entertainment Inc. We provide
these services under contracts which expire in December 2008. If Harrah's
suffers a decline in business, decides to change its strategy or otherwise
decides to reduce or terminate the fixed fee flying services provided by us,
our revenues from fixed fee flying operations could be adversely affected.
If we are unable to attract and retain
qualified personnel at reasonable costs or fail to maintain our company culture,
our business could be harmed.
Our business is labor intensive, with labor costs
representing 15.8% of our operating expenses during 2006. We expect wages and
benefits to increase on a gross basis; these costs could also increase as a
percentage of our overall costs, which could harm our business. Our expansion
plans will require us to hire, train and retain a significant number of new
employees in the future. From time to time, the airline industry has
experienced a shortage of personnel licensed by the FAA, especially pilots and
mechanics. We compete against other U.S. airlines for labor in these highly
skilled positions. Many U.S. airlines offer wage and benefit packages that
exceed our wage and benefit packages. As a result, in the future, we may have
to significantly increase wages and benefits in order to attract and retain
qualified personnel or risk considerable employee turnover. If we are unable to
hire, train and retain qualified employees at a reasonable cost, we may be
unable to complete our expansion plans and our business could be harmed.
In addition, as we hire more people and grow, we believe
it may be increasingly challenging to continue to hire people who will maintain
our company culture. One of our principal competitive strengths is our service-oriented
company culture that emphasizes friendly, helpful, team-oriented and customer-focused
employees. Our company culture is important to providing high quality customer
service and having a highly productive workforce that helps keep our costs low.
As we grow, we may be unable to identify, hire or retain enough people who meet
the above criteria, and our company culture could otherwise be adversely
affected by our growing operations and geographic diversity. If we fail to
maintain the strength of our company culture, our competitive ability and
business may be harmed.
13
We rely on third parties to provide us
with facilities and services that are integral to our business and can be
withdrawn on short notice.
We have entered into agreements with more than 30 third-party
contractors, including other airlines, to provide certain facilities and
services required for our operations, such as aircraft maintenance, ground
handling, flight dispatch, baggage services and ticket counter space. We will
likely need to enter into similar agreements in any new markets we decide to
serve. All of these agreements are subject to termination upon short notice.
Although we believe there are alternative service providers available to
perform these services for us in the event of a contract termination or failure
by a service provider, the loss or expiration of these contracts, the loss of
FAA certification by our outside maintenance providers or any inability to
renew our contracts or negotiate contracts with other providers at comparable
rates could harm our business. Our reliance on others to provide essential
services on our behalf also gives us less control over costs and the
efficiency, timeliness and quality of contract services. Recently, failures by
our flight dispatch vendor significantly delayed all of our flights on a
particular day. Although we seek to have redundant processes in place to
protect against such failures, we remain subject to the performance by our
outside vendors.
Imposition of additional sales and hotel
occupancy and other related taxes may increase our expenses.
Currently, hotels collect and remit hotel occupancy and
related taxes to the various tax authorities based on the amounts collected by
the hotels. Consistent with this practice, we recover the taxes on the
underlying cost of the hotel room night from customers and remit the taxes to
the hotel operators for payment to the appropriate tax authorities. We
understand some jurisdictions have indicated to the public that they may take
the position that sales or hotel occupancy tax may also be applicable to the
differential between the price paid by a customer for our service and the cost
to us for the underlying room. Historically, we have not collected taxes on
this differential. Some state and local jurisdictions could assert we are
subject to hotel occupancy taxes on this differential and could seek to collect
such taxes, either retroactively or prospectively or both. Such actions may
result in substantial liabilities for past sales and could have a material
adverse effect on our business and results of operations. To the extent any tax
authority succeeds in asserting such a tax collection responsibility exists, it
is likely, with respect to future transactions, we would collect any such additional
tax obligation from our customers, which would increase the price of hotel room
nights we charge our customers and, consequently, could reduce hotel sales and
our profitability. We will continue to assess the risks of the potential
financial impact of additional tax exposure, and to the extent appropriate,
reserve for those estimates of liabilities.
14
We employ a non-traditional distribution
system, which could negatively affect our ability to sell our services.
We employ a computerized airline reservation system
designed to meet our specifications. Under this system, we do not issue paper
airline tickets. Furthermore, we do not participate in the global airline
reservation systems such as Sabre or Worldspan, nor can travel on us be
purchased through Expedia, Travelocity, or similar air travel services. The
inability to make reservations for travel on us through the global reservation
systems or travel websites may harm our competitive position. Alternatively, if
we decide to later participate in the global reservation systems or travel
websites, we would be forced to pay fees charged by these systems or websites.
As a result, our costs would increase and this may adversely affect our
business and results of operations.
Our processing, storage, use and disclosure
of personal data could give rise to liabilities as a result of governmental
regulation, conflicting legal requirements or differing views of personal
privacy rights.
In the processing of our customer transactions, we
receive and store a large volume of identifiable personal data. This data is
increasingly subject to legislation and regulation. This government action is
typically intended to protect the privacy of personal data that is collected,
processed and transmitted. We could be adversely affected if legislation or
regulations are expanded to require changes in our business practices in ways
that negatively affect our business, financial condition and results of
operations. As privacy and data protection become more sensitive issues, we may
also become exposed to potential liabilities as a result of differing views on
the privacy of travel data. These and other privacy developments are difficult
to anticipate and could adversely affect our business, financial condition and
results of operations.
The Internet as a medium for commerce is
subject to uncertainty.
Consumer use of the Internet as a medium for commerce is
subject to uncertainty. While the number of Internet users has been rising, the
Internet infrastructure may not expand fast enough to meet the increased levels
of demand. In addition, activities that diminish the experience for Internet
users, such as spyware, spoof emails, viruses and spam directed at Internet
users, as well as viruses and "denial of service" attacks directed at Internet
companies and service providers, may discourage people from using the Internet,
including for commerce. If consumer use diminishes or grows at a slower rate,
then our business and results of operations could be adversely affected.
Our lack of a marketing alliance and
frequent flyer program could harm our business and competitive position.
Many airlines have marketing alliances with other
airlines, under which they market and advertise their status as marketing
alliance partners. Among other things, they share the use of two-letter flight
designator codes to identify their flights and fares in the computerized
reservation systems, and permit reciprocity in their frequent flyer programs.
Our business and competitive ability could be harmed since we are not a member
of any marketing alliance. In addition, our lack of a frequent flyer program
could harm our business and competitive position.
15
We will be controlled by our management
as long as they own or control a majority of our common stock, and they may make
decisions with which you disagree.
The members of our board of directors and our executive
officers own beneficially more than 56% of the outstanding shares of our common
stock. As a result, our management will control all matters affecting us,
including the election of directors as long as they continue to own or control
a majority of our common stock. They may make decisions you and other
stockholders will not be able to affect by voting your shares.
The historical consolidated financial
information incorporated by reference in this prospectus does not reflect the
added costs and internal control reporting standards we expect to incur or will
be required to comply with as a public company or the resulting changes that
will occur in our capital structure and operations.
We will face increased legal, accounting, administrative
and other expenses as a public company we did not incur as a private company.
The Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), as well
as new rules subsequently implemented by the Securities and Exchange Commission
(the "Commission"), the Public Company Accounting Oversight Board ("PCAOB") and
the Nasdaq Global Market, require changes in the corporate governance practices
of public companies. We expect these new rules and regulations to result in
both a significant initial cost, as we initiate certain internal controls and
other procedures designed to comply with the requirements of the Sarbanes-Oxley
Act, and an ongoing increase in our legal, audit and financial compliance costs.
Compliance will also divert management attention from operations and strategic
opportunities and will make legal, accounting and administrative activities
more time-consuming and costly. We also expect to incur substantially higher
costs to maintain directors and officers insurance. We currently anticipate
increased annual costs following our initial public offering and we expect to
incur additional costs during 2007 in implementing and verifying internal
control procedures as required by Section 404 of the Sarbanes-Oxley
Act, and the rules and regulations thereunder, and in connection with preparing
our financial statements on a timely basis to meet the Commission's reporting
requirements.
We will be required to furnish a report by our management
on our internal control over financial reporting. This report will contain,
among other matters, an assessment of the effectiveness of our internal
controls over financial reporting as of the end of each fiscal year, including
a statement as to whether or not our internal controls over financial reporting
are effective. Any failure to implement and maintain effective controls over
our financial reporting, or difficulties encountered in the implementation of
these controls, could result in a material misstatement to the annual or
interim financial statements that could cause us to fail to meet our reporting
obligations under applicable securities laws. Any failure to maintain our
internal controls could result in our incurring substantial liability for not
having met our legal obligations and could
16
also
cause investors to lose confidence in our reported financial information, which
could have a negative impact on the trading price of our stock. Similar adverse
effects could result if our auditors express an adverse opinion or disclaim or
qualify an opinion on management's assessment or on the effectiveness of our
internal control over financial reporting.
In addition, we will be required under these new rules
and regulations to attract and retain independent directors to serve on our
board of directors and our audit committee, in particular. If we fail to retain
independent directors, we may be subject to SEC enforcement proceedings and
delisting by the Nasdaq Global Market.
Because we were a limited liability company prior to our
transition to corporate form, we paid minimal taxes on profits. In preparing
the unaudited pro forma condensed consolidated financial information
incorporated herein by reference, we deducted and charged to earnings estimated
statutory income taxes based on an estimated blended tax rate, which may be
different from our actual tax rate in the future. The estimates we used in our
unaudited pro forma consolidated financial information may not be similar to
our actual experience as a public corporation.
We may be required to make substantial
payments under certain indemnification agreements.
In connection with our initial public offering and
conversion to corporate form, we have entered into agreements that provide for
the indemnification of our members, managers, officers and certain other
persons authorized to act on our behalf against certain losses that may arise
out of our initial public offering or the reorganization transactions, and
certain tax liabilities of our members that may arise in respect of periods
when we operated as a limited liability company. We may be required to make
substantial payments under these indemnification agreements, which could
adversely affect our financial condition.
Failure to achieve and maintain
effective internal control over financial reporting in accordance with
Section 404 of the Sarbanes-Oxley Act could have a material adverse
effect on our business and stock price, and could subject us to liability.
Section 404 of the Sarbanes-Oxley Act and the
related rules of the Securities and Exchange Commission require our management
to conduct annual assessments of the effectiveness of our internal control over
financial reporting and will require a report by our independent registered
public accounting firm addressing these assessments, beginning as early as our
fiscal year ending December 31, 2007. During the course of documenting and
testing our internal control procedures to satisfy the requirements of
Section 404, we may identify deficiencies which we may not be able to
remediate in time to meet the deadline imposed by the Sarbanes-Oxley Act
for compliance with the requirements of Section 404. In addition, if we
fail to maintain the adequacy of our internal control over financial reporting,
as these standards are modified, supplemented or amended from time to time, we
may not be able to conclude on an ongoing basis that we have effective internal
17
control
over financial reporting in accordance with Section 404. If we fail to
achieve and maintain an effective internal control environment, we could suffer
material misstatements in our financial statements and fail to meet our
reporting obligations, which would likely cause investors to lose confidence in
our reported financial information. This could harm our operating results and
lead to a decline in our stock price. Additionally, ineffective internal
control over financial reporting could expose us to increased risk of fraud or
misuse of corporate assets and subject us to potential delisting from the
Nasdaq Global Market, regulatory investigations and civil or criminal
sanctions.
Changing laws, rules and regulations,
and legal uncertainties relating to the way we do business may adversely impact
our business, financial condition and results of operations.
Unfavorable changes in existing, or the promulgation of
new, laws, rules and regulations applicable to us, including those relating to
the Internet and online commerce, consumer protection and privacy, and sales,
use, occupancy, value-added and other taxes, could decrease demand for
our products and services, increase our costs and/or subject us to additional
liabilities, which could adversely impact our business. For example, there is,
and will likely continue to be, an increasing number of laws and regulations
pertaining to Internet and online commerce, which may relate to liability for
information retrieved from or transmitted over the Internet, user privacy,
taxation and the quality of products and services. Furthermore, the growth and
development of online commerce may prompt calls for more stringent consumer
protection laws that may impose additional burdens on online businesses
generally.
In addition, the application of various sales, use,
occupancy, value-added and other tax laws, rules and regulations to our
products and services is subject to interpretation by the applicable taxing
authorities. While we believe we are compliant with these tax provisions, we
cannot assure you taxing authorities will not take a contrary position, or that
such positions would not have an adverse effect on our business, financial
condition and results of operations.
Risks Associated with the Airline and
Travel Industry
The airline industry has incurred
significant losses resulting in airline restructurings and bankruptcies, which
could result in changes in our industry.
We believe airline traffic is particularly sensitive to
changes in economic growth and expectations. In addition, the war in Iraq or
other conflicts or events in the Middle East or elsewhere may impact the
economy and result in an adverse impact on the airline business. In 2005, the
domestic airline industry reported its fifth consecutive year of losses, which
is causing significant changes in the industry. Low fares and escalating fuel
prices contributed to these losses. As a result, many airlines are renegotiating
or attempting to renegotiate labor contracts, reconfiguring flight schedules,
furloughing or terminating employees, as well as considering other efficiency
and cost-cutting measures. Despite these actions, several airlines have sought
reorganization under Chapter 11 of the U.S. Bankruptcy Code permitting
them to reduce labor rates, restructure debt, terminate pension plans and
generally reduce their cost structure. Additionally, other airlines have
consolidated in an attempt to lower costs and rationalize their route
structures in order to improve their results. It is foreseeable that further
airline reorganizations, bankruptcies or consolidations may occur, the effects
of which we are unable to predict. The occurrence of these events, or potential
changes resulting from these events, may harm our business or the industry.
18
The airline industry is highly
competitive, is characterized by low profit margins and high fixed costs, and
we may be unable to compete effectively against other airlines with greater
financial resources or lower operating costs.
The airline industry is characterized generally by low
profit margins and high fixed costs, primarily for personnel, aircraft fuel,
debt service and aircraft lease rentals. The expenses of an aircraft flight do
not vary significantly with the number of passengers carried and, as a result,
a relatively small change in the number of passengers or in pricing could have
a disproportionate effect on an airline's operating and financial results.
Accordingly, a minor shortfall in expected revenue levels could harm our
business.
In addition, the airline industry is highly competitive
and is particularly susceptible to price discounting because airlines incur
only nominal costs to provide service to passengers occupying otherwise unsold
seats. As of January 31, 2007, we face nonstop competition on only four of our
routes from small cities to Las Vegas, Orlando or Tampa/St. Petersburg.
However, competing airlines provide connecting service on many of our routes or
serve nearby airports. In addition, we have faced other competing services in
the past, and we cannot assure you other airlines will not begin to provide
nonstop service in the future on the routes we serve. Many of these competing
airlines are larger and have significantly greater financial resources and name
recognition. We may, therefore, be unable to compete effectively against other
airlines that introduce service or discounted fares in the markets we serve.
A future act of terrorism, the threat of
such acts or escalation of U.S. military involvement overseas could adversely
affect our industry.
Even if not directed at the airline industry, a future
act of terrorism, the threat of such acts or escalation of U.S. military
involvement overseas could have an adverse effect on the airline industry. In
the event of a terrorist attack, the industry would likely experience
significantly reduced demand for our travel services. These actions, or
consequences resulting from these actions, would likely harm our business and
the airline and travel industry.
Changes in government regulations
imposing additional requirements and restrictions on our operations could
increase our operating costs and result in service delays and disruptions.
Airlines are subject to extensive regulatory and legal
compliance requirements, both domestically and internationally, that involve
significant costs. In the last several years, the FAA has issued a number of
directives and other regulations relating to the maintenance and operation of aircraft,
including rules regarding assumed average passenger weight, that have required
us to make significant expenditures. FAA requirements cover, among other
things, retirement of older aircraft, security measures, collision avoidance
systems, airborne windshear avoidance systems, noise abatement, weight and
payload limits, and increased inspection and maintenance procedures to be
conducted on aging aircraft.
19
We incur substantial costs in maintaining our current
certifications and otherwise complying with the laws, rules and regulations to
which we are subject. We cannot predict whether we will be able to comply with
all present and future laws, rules, regulations and certification requirements
or that the cost of continued compliance will not significantly increase our
costs of doing business.
The FAA has the authority to issue mandatory orders
relating to, among other things, the grounding of aircraft, inspection of
aircraft, installation of new safety-related items and removal and
replacement of aircraft parts that have failed or may fail in the future. A
decision by the FAA to ground, or require time consuming inspections of or
maintenance on, all or any of our MD80 series aircraft, for any reason, could
negatively impact our results of operations. In addition to state and federal
regulation, airports and municipalities enact rules and regulations that affect
our operations.
Additional laws, regulations, taxes and airport rates and
charges have been proposed from time to time that could significantly increase
the cost of airline operations or reduce revenues. For example, the FAA has
recently adopted regulations requiring airlines to monitor the compliance with
drug testing standards of all mechanics and maintenance personnel, including
those of third party vendors. In addition, as a result of the terrorist attacks
in New York and Washington, D.C. in September 2001, the FAA and the
Transportation Security Administration ("TSA") have imposed more stringent
security procedures on airlines. We cannot predict what other new regulations
may be imposed on airlines and we cannot assure you these laws or regulations,
or any laws or regulations enacted in the future, will not materially adversely
affect our financial condition, results of operations.
Our ability to operate as an airline is dependent upon
our maintaining certifications issued to us by the Department of Transportation
("DOT") and the FAA. Federal law requires that air carriers operating large
aircraft, such as our MD80 series aircraft, be continuously "fit, willing and
able" to provide the services for which they are licensed. Our "fitness" is
monitored by the DOT, which considers factors such as consumer-relations
practices, legal and regulatory compliance disposition, financial resources and
U.S. citizenship in making its determinations. While DOT has seldom revoked a
carrier's certification for lack of fitness, such an occurrence would render it
impossible for us to continue operating as an airline. Similarly, in a
worst-case scenario, the FAA could restrict or suspend our ability to operate
as an airline, and could do so on an emergency basis with little or no advance
warning, in the event the FAA should consider our operations unsafe. While
under such circumstances we would have a right to expedited judicial review of
the legality of the FAA's actions, such a development would likely harm our
business severely regardless of the outcome of such review.
20
In the event we elect in the future to expand our
scheduled service offerings into international markets, we would be subject to
increased regulation by U.S. and foreign aeronautical authorities as well as
customs, immigration and other border-protection agencies. Additionally,
there is no assurance we would be able to obtain the right to serve all routes
we may wish to serve. These factors, alone or in combination, could materially
adversely affect any international scheduled service we may choose to pursue in
the future.
Airlines are often affected by factors
beyond their control, including traffic congestion at airports, weather
conditions, increased security measures or the outbreak of disease, any of
which could harm our operating results and financial condition.
Like other airlines, we are subject to delays caused by
factors beyond our control, including air traffic congestion at airports,
adverse weather conditions, increased security measures or the outbreak of
disease. Delays frustrate passengers and increase costs, which in turn could
affect profitability. During periods of fog, snow, rain, storms or other
adverse weather conditions, flights may be cancelled or significantly delayed.
Cancellations or delays due to weather conditions, traffic control problems and
breaches in security could harm our operating results and financial condition.
An outbreak of a disease that affects travel behavior, such as severe acute
respiratory syndrome ("SARS") or avian flu, could have a material adverse
impact on the airline industry. Any general reduction in airline passenger
traffic as a result of an outbreak of disease could harm our business,
financial condition and results of operations.
The airline and travel industry tends to
experience adverse financial results during general economic downturns.
Since a substantial portion of airline travel, for both
business and leisure, is discretionary, the airline and travel industries tend
to experience adverse financial results during general economic downturns. Any
general reduction in airline passenger traffic would likely harm our business.
Risks Related to Our Stock Price
There was no public market for our
common stock prior to December 8, 2006, and our stock may experience extreme
price and volume fluctuations.
As our common stock has just recently been listed, an
active trading market in our common stock might not develop or continue. If a
market does not develop or is not sustained, it may be difficult for you to
sell your shares of common stock at a price that is attractive to you, or at
all.
21
The market price of our common stock may
be volatile, which could cause the value of your investment in Allegiant to
decline.
The market price of our common stock may fluctuate
substantially due to a variety of factors, many of which are beyond our
control, including:
·
announcements concerning our competitors, the
airline industry or the economy in general;
·
strategic actions by us or our competitors, such
as acquisitions or restructurings;
·
media reports and publications about the safety of
our aircraft or the aircraft type we operate;
·
new regulatory pronouncements and changes in
regulatory guidelines;
·
general and industry-specific economic
conditions;
·
changes in financial estimates or recommendations
by securities analysts;
·
sales of our common stock or other actions by
investors with significant shareholdings; and
·
general market conditions.
The stock markets in general have experienced substantial
volatility that has often been unrelated to the operating performance of
particular companies. These types of broad market fluctuations may adversely
affect the trading price of our common stock.
In the past, stockholders have sometimes instituted
securities class action litigation against companies following periods of
volatility in the market price of their securities. Any similar litigation
against us could result in substantial costs, divert management's attention and
resources, and harm our business or results of operations.
Other companies may have difficulty
acquiring us, even if doing so would benefit our stockholders, due to
provisions under our corporate charter, bylaws and option plan, as well as
Nevada law.
Provisions in our articles of incorporation, our bylaws,
and under Nevada law could make it more difficult for other companies to
acquire us, even if doing so would benefit our stockholders. Our articles of incorporation
and bylaws contain the following provisions, among others, which may inhibit an
acquisition of our company by a third party:
·
advance notification procedures for matters to be
brought before stockholder meetings;
·
a limitation on who may call stockholder meetings;
and
·
the ability of our board of directors to issue up
to 5,000,000 shares of preferred stock without a stockholder vote.
22
We are also subject to provisions of Nevada law that
prohibit us from engaging in any business combination with any "interested
stockholder," meaning generally that a stockholder who beneficially owns more
than 10% of our stock cannot acquire us for a period of time after the date
this person became an interested stockholder, unless various conditions are
met, such as approval of the transaction by our board of directors.
Under U.S. laws and the regulations of the DOT, U.S.
citizens must effectively control us. As a result, our president and at least
two-thirds of our board of directors must be U.S. citizens and not more than
25% of our voting stock may be owned by non-U.S. citizens (although subject to
DOT approval, the percent of foreign economic ownership may be as high as 49%).
Any of these restrictions could have the effect of delaying or preventing a
change in control.
In addition, options under our Long-Term Incentive Plan
may have a special acceleration feature pursuant to which those options will
vest in full in the event we are acquired. The accelerated vesting of our
employee stock options may prove to be a deterrent to a potential acquisition
of us because the acquiring company may have to implement additional retention
programs to ensure the continued service of our employees, and the additional
dilution that will result from the accelerated vesting of our outstanding
employee stock options will likely reduce the amount otherwise payable to our
stockholders in an acquisition.
Our corporate charter and bylaws include provisions limiting
voting by non-U.S. citizens.
To comply with restrictions imposed by federal law on
foreign ownership of U.S. airlines, our articles of incorporation and bylaws
restrict voting of shares of our capital stock by non-U.S. citizens. The
restrictions imposed by federal law currently require no more than 25% of our
stock be voted, directly or indirectly, by persons who are not U.S. citizens,
and that our president and at least two-thirds of the members of our board of
directors be U.S. citizens. Our bylaws provide no shares of our capital stock
may be voted by or at the direction of non-U.S. citizens unless such shares are
registered on a separate stock record, which we refer to as the foreign stock
record. Our bylaws further provide no shares of our capital stock will be
registered on the foreign stock record if the amount so registered would exceed
the foreign ownership restrictions imposed by federal law. Registration on the
foreign stock record is made in chronological order based on the date we
receive a written request for registration. One of our significant
stockholders, Declan Ryan, is a non-U.S. citizen and owns approximately 4.8% of
our outstanding common stock. Other non-U.S. citizens will be able to own and
vote shares of our common stock, only if the combined ownership by all non-U.S.
citizens does not violate these requirements.
23
Substantial sales of our common stock could cause our stock
price to fall.
If our existing stockholders sell a large number of
shares of our common stock or the public market perceives existing stockholders
might sell shares of common stock, the market price of our common stock could
decline significantly. The 5,750,000 shares sold in our initial public offering
are freely tradable without restriction or further registration under the
federal securities laws, unless purchased by our "affiliates" as that term is
defined in Rule 144 under the Securities Act of 1933, as amended, or the
Securities Act. In addition, a substantial number of shares held by our current
stockholders or issuable upon exercise of options are eligible for sale and could
be sold pursuant to registration under the Securities Act or an exemption from
registration. We, our executive officers and directors and substantially all of
our existing stockholders have signed lock-up agreements under which they have
agreed not to sell or transfer any common stock or securities convertible into,
exchangeable for, exercisable for, or repayable with common stock, prior to
June 6, 2007, without first obtaining the written consent of Merrill Lynch. Of
our outstanding 19,795,933 shares of common stock, the 5,750,000 shares of
common stock sold in our initial public offering are freely tradable, without
restriction, in the public market. After the lock-up agreements pertaining to
this offering expire on June 6, 2007, an additional 12,195,933 shares of
common stock will be eligible for sale in the public market at various times,
subject, in some cases, to volume limitations under Rule 144 of the
Securities Act of 1933, as amended.
We cannot predict whether future sales of our common
stock or the availability of our common stock for sale will adversely affect
the market price for our common stock or our ability to raise capital by
offering equity securities.
Registration of shares of our common stock subject to
registration rights may depress the trading price of our stock.
We entered into an investors agreement with certain of
our shareholders. The holders of up to 7,612,600 shares of common stock are
entitled to registration rights pursuant to the investors agreement with
respect to their shares. The investors agreement provides, among other things,
that holders of 25% of the securities with registration rights can require us,
subject to certain limitations, to register with the Commission all or a
portion of their shares of common stock after June 7, 2007. Additionally, these
stockholders may also require us, subject to certain limitations, to include
their shares in future registration statements we file. In addition, we have
filed a shelf registration statement covering the 1,750,000 shares of common
stock owned by PAR Investment Partners, L.P. and we have agreed to keep the
registration statement in effect until up to December 13, 2008. Upon any of
these registrations, these shares would be freely tradable in the public market
without restrictions. If these stockholders exercise these or other similar
rights under the investors agreement to sell substantial amounts common stock
in the public market, or if it is perceived that such exercise or sale could
occur, the market price of our common stock may fall.
24
WHERE YOU
CAN FIND MORE INFORMATION
We are subject to the information requirements of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and, in accordance
therewith, file reports, proxy statements and other information with the
Securities and Exchange Commission (the "Commission"). The reports, proxy
statements and other information filed by us with the Commission can be
inspected and copied at the Public Reference Room of the Commission at 100 F
Street, N.E., Washington, D.C. 20549. Copies of such material also may be
obtained by mail from the Public Reference Room of the Commission, 100 F
Street, N.E., Washington, D.C. 20549, at prescribed rates. Information
regarding the operation of the Public Reference Room may be obtained by calling
the Commission at 1-800-SEC-0330. Additionally, the Commission maintains an
Internet site that contains reports, proxy and information statements and other
information regarding registrants that file electronically with the Commission
and that is located at http://www.sec.gov.
This prospectus constitutes part of a Registration Statement on Form
S-8 filed on the date hereof (herein, together with all amendments and
exhibits, referred to as the "Registration Statement") by us with the
Commission under the Securities Act. This prospectus does not contain all of
the information set forth in the Registration Statement, certain parts of which
are omitted in accordance with the rules and regulations of the Commission. For
further information with respect to us and the common stock, reference is
hereby made to the Registration Statement. Statements contained herein
concerning the provisions of any contract, agreement or other document are not
necessarily complete, and in each instance reference is made to the copy of
such contract, agreement or other document filed as an exhibit to the
Registration Statement or otherwise filed with the Commission. Each such
statement is qualified in its entirety by such reference. Copies of the
Registration Statement together with exhibits may be inspected at the offices
of the Commission as indicated above without charge and copies thereof may be
obtained therefrom upon payment of a prescribed fee.
25
INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE
The following documents, which
we have filed with or furnished to the Securities and Exchange Commission (the "Commission"),
are incorporated herein by reference and made part of this Registration
Statement:
(a)
our prospectus filed with the Commission
pursuant to Rule 424(b) promulgated under the Securities Act of 1933, as
amended (the "1933 Act"), in connection with our Registration Statement on Form
S-1 (Reg. No. 333-134145), in which there is set forth our audited financial
statements as of December 31, 2005 and December 31, 2004 and for the years
ended December 31, 2005, 2004 and 2003;
(b)
our Current Reports on Form 8-K filed with
the Commission on December 22, 2006, January 31, 2007 and February 1, 2007; and
(c)
description of our common stock as set forth
in our Registration Statement on Form S-1 (File No. 333-134145), filed with the
Commission on December 6, 2006.
In addition, all documents
filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), subsequent to the
effective date of this Registration Statement and prior to the filing of a post-effective
amendment to this Registration Statement indicating that all securities offered
hereby have been sold or deregistering all securities then remaining unsold,
shall be deemed to be incorporated by reference herein and to be a part hereof
from the date of filing of such documents. 
Any statement contained herein or in any document incorporated or deemed
to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement.  Any such
statement so modified or superseded shall not be deemed to constitute a part of
this Registration Statement, except as so modified or superseded.
The information relating to
us contained in this prospectus should be read together with the information in
the documents incorporated by reference.
We hereby undertake to
provide without charge to each person to whom a copy of this prospectus has
been delivered, upon the written or oral request of any such person, a copy of
any and all of the documents referred to above which have been or may be
incorporated in this prospectus by reference, other than exhibits to such
documents which are not specifically incorporated by reference into such
documents. Requests for such copies should be directed to our outside counsel,
Robert B. Goldberg, Esq., Ellis Funk, P.C., 3490 Piedmont Road, NE, Suite 400,
Atlanta, Georgia 30305; telephone (404) 233-2800.
26
USE OF
PROCEEDS
We will not receive any proceeds from the sale of the Shares by the
Selling Stockholders.
DETERMINATION
OF OFFERING PRICE
The Selling Stockholders may sell the common
shares issued to them from time-to-time at prices and on terms then prevailing
or at prices related to the then current market price, or in negotiated
transactions.
SELLING STOCKHOLDERS
This prospectus relates to Shares that are being registered for
reoffers and resales by Selling Stockholders who have acquired Shares pursuant
to the 2006 Plan. Non-affiliates holding less than 1,000 Restricted Shares
issued under the 2006 Plan and who are not named below may also use this
prospectus for the offer or sale of those Shares.
Beneficial ownership is determined in accordance with the rules of the
Commission, is based upon 19,795,933 shares outstanding as of the date of this
prospectus, and generally includes voting or investment power with respect to
securities. Options to purchase shares of common stock that are currently
exercisable or exercisable within 60 days of the date of this prospectus
are deemed to be outstanding and to be beneficially owned by the person holding
such options for the purpose of computing the percentage ownership of such
person but are not treated as outstanding for the purpose of computing the
percentage ownership of any other person. Shares of Restricted Stock, whether
vested or unvested, are deemed to be outstanding and to be beneficially owned
by the person holding such Restricted Stock for the purpose of computing the
percentage ownership of such person and are treated as outstanding for the
purpose of computing the percentage ownership of each other person. After the
resale of all Shares that may be so offered for resale pursuant to this
prospectus, and assuming no other changes in beneficial ownership of our common
stock after the date of this prospectus, each Selling Stockholder would own
less than 1% of our common stock.
The inclusion in the table of the individuals named therein shall not
be deemed to be an admission that any such individuals are "affiliates" of
ours.
27
Selling Stockholder (1)
Shares Beneficially Owned
Number of Shares of
Restricted Stock Offered
for Resale (2)
Beneficially Owned After
the Resale (3)
Jonathan Becker
1,400
1,020
380
Joe Blackwood
3,020
1,020
2,000
Brian Davis
1,200
1,200
-0-
Ronald Doig
1,020
1,020
-0-
Gregory Frazer
1,020
1,020
-0-
Stanley Gordon
1,260
1,020
240
Susan Hulings
4,500
4,500
-0-
Mark Jines
2,630
1,020
1,610
Sean Landram
1,020
1,020
-0-
Marielle Landry
2,230
2,100
130
Martin McDermott
1,020
1,020
-0-
Mark Overgaard
1,020
1,020
-0-
Leroy Paine
1,200
1,200
-0-
Pablo Paucar
1,320
1,020
300
Norman Ragland
1,070
1,020
50
James Schmidt
1,620
1,020
600
Breck Shortley
1,020
1,020
-0-
(1)
All Selling Stockholders are employees of
ours.  None of the Selling Stockholders
are executive officers or directors of ours.
(2)
Includes shares of Restricted Stock previously
granted under the 2006 Plan.
(3)
Assumes that all Shares offered for resale pursuant to this prospectus
are sold.
PLAN OF
DISTRIBUTION
The purpose of the prospectus is to permit the Selling Stockholders, if
they desire, to offer for sale and sell the Shares they acquired pursuant to
the 2006 Plan at such times and at such places as the Selling Stockholders
choose.
The decision to sell any Shares is within the discretion of the holders
thereof, subject generally to our policies affecting the timing and manner of
sale of common stock by certain individuals and certain volume limitations set
forth in Rule 144(e) of the Securities Act. There can be no assurance that any
of the Shares will be sold by the Selling Stockholders.
Sales of Shares may be effected from time to time in one or more types
of transactions (which may include block transactions) on The Nasdaq Global
Market, in the over-the-counter market, in negotiated transactions, through the
writing of options on the Shares, through settlement of short sales of Shares,
or a combination of such methods of sale, at market prices prevailing at the
time of sale, at fixed prices (which may be changed) or at negotiated prices.
Such transactions may or may not involve brokers or dealers. We understand that
the Selling Stockholders have not entered into any agreements, understandings
or arrangements with any underwriters or broker-dealers regarding the sale of
their Shares, nor are we aware of any underwriter or coordinating broker acting
in connection with the proposed sale of the Shares by the Selling Stockholders.
28
The Selling Stockholders may effect such transactions by selling Shares
directly to purchasers or to or through broker-dealers, which may act as agents
or principals. Such broker-dealers may receive compensation in the form of
discounts, concessions, or commissions from the Selling Stockholders and/or the
purchasers of Shares for whom such broker-dealers may act as agents or to whom
they sell as principal, or both (which compensation as to a particular
broker-dealer might be in excess of customary commissions).
The Selling Stockholders and any broker-dealers that act in connection
with the sale of Shares might be deemed to be "underwriters" within the meaning
of Section 2(11) of the Securities Act, and any commissions received by
such broker-dealers and any profit on the resale of the Shares sold by them
while acting as principals might be deemed to be underwriting discounts or
commissions under the Securities Act. The Selling Stockholders may agree to
indemnify any agent, dealer or broker-dealer that participates in transactions
involving sales of the Shares against certain liabilities, including
liabilities arising under the Securities Act.
Because the Selling Stockholders may be deemed to be "underwriters"
within the meaning of Section 2(11) of the Securities Act, the Selling
Stockholders will be subject to the prospectus delivery requirements of the
Securities Act, which may include delivery through the facilities of the The
Nasdaq Global Market pursuant to Rule 153 under the Securities Act.
Under applicable rules and regulations under the Securities Exchange
Act of 1934, as amended, no person engaged in the distribution of the shares
may simultaneously engage in market making activities with respect to our
common stock for a restricted period before the commencement of the
distribution.  In addition, the Selling
Stockholders will be subject to applicable provisions of the Securities
Exchange Act and the associated rules and regulations under the Securities
Exchange Act, including Regulation M, the provisions of which may limit the
timing of purchases and sales of the shares by the Selling Stockholders.
We will make copies of this prospectus available to the Selling
Stockholders and have informed the Selling Stockholders of the need to deliver
copies of this prospectus to purchasers at or before the time of any sale of
the shares.
Additional information related to the Selling Stockholders and the plan
of distribution may be provided in one or more supplemental prospectuses.
We are bearing all costs relating to the registration of the common
stock.  These expenses are estimated to
be $20,000, including, but not limited to, legal, accounting, printing, and
mailing fees.  The Selling Stockholders,
however, will pay any commissions or other fees payable to brokers or dealers
in connection with any sale of the Shares.
The Selling Stockholders also may resell all or a portion of the Shares
in open market transactions in reliance upon Rule 144 under the Securities
Act rather than under this prospectus, provided they meet the criteria and
conform to the requirements of such Rule.
29
MATERIAL
CHANGES
There
are no material changes to our business not otherwise described in the material
incorporated herein by reference.
LEGAL MATTERS
The validity of the shares of common stock offered by
this prospectus will be passed upon for us by Ellis Funk, P.C., Atlanta,
Georgia. Members of Ellis Funk, P.C. own approximately 8,500 shares of our
common stock.
EXPERTS
The consolidated financial statements of Allegiant Travel
Company, LLC appearing in Allegiant Travel Company's Registration
Statement (Form S-1 No. 333-134145) as of December 31, 2005 and 2004, and
for each of the three years in the period ended December 31, 2005, have
been audited by Ernst & Young LLP, independent registered public
accounting firm, as set forth in their report thereon, included therein, and
incorporated herein by reference.  Such
consolidated financial statements are incorporated herein by reference in
reliance upon such report given on the authority of such firm as experts in
accounting and auditing.
30
NO
DEALER, SALESMAN OR ANY OTHER PERSON HAS BEEN AUTHORIZED TO GIVE ANY
INFORMATION OR TO MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS
PROSPECTUS, AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATIONS MUST NOT
BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE COMPANY OR ANY SELLING
STOCKHOLDER. NEITHER THE DELIVERY OF THIS PROSPECTUS NOR ANY SALE MADE
HEREUNDER SHALL, UNDER ANY CIRCUMSTANCES, IMPLY THAT THERE HAS BEEN NO CHANGE
IN THE AFFAIRS OF THE COMPANY OR THAT THE INFORMATION HEREIN IS CORRECT AS OF
ANY TIME SUBSEQUENT TO THE DATE AS OF WHICH SUCH INFORMATION IS GIVEN. THIS
PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF ANY
OFFER TO BUY ANY OF THE SECURITIES OFFERED HEREBY TO ANYONE IN ANY JURISDICTION
IN WHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED OR IN WHICH THE PERSON
MAKING SUCH OFFER OR SOLICITATION IS NOT QUALIFIED TO DO SO OR TO ANYONE TO
WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION.
100,000 SHARES
ALLEGIANT TRAVEL COMPANY
COMMON STOCK
PROSPECTUS
March 12, 2007
31
PART I
INFORMATION REQUIRED IN THE
SECTION 10(a) PROSPECTUS
Item 1. 
Plan Information.
*
Item 2.  Registrant Information and Employee Plan
Annual Information.
*
*
Separately
given to participants.  Pursuant to the
rules for filing a Registration Statement on Form S-8, such information is
contained in a document which does not constitute a part of this Registration
Statement but which shall, together with the documents incorporated by
reference in this Registration Statement pursuant to Item 3 of Part II hereof,
constitute a prospectus under Section 10(a) of the Securities Act of 1933.
32
PART II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
Item 3.  Incorporation of Documents by Reference.
The
following documents, which have been filed with or furnished to the Securities
and Exchange Commission (the "Commission") by the Company, are incorporated
herein by reference and made part of this Registration Statement:
(a)
the Company's prospectus filed with the
Commission pursuant to Rule 424(b) promulgated under the Securities Act of
1933, as amended (the "1933 Act"), in connection with the Company's
Registration Statement on Form S-1 (Reg. No. 333-134145), in which there is set
forth the audited financial statements for the Company as of December 31, 2005
and December 31, 2004 and for the years ended December 31, 2005, 2004 and 2003;
(b)
the Company's Current Reports on Form 8-K
filed with the Commission on December 22, 2006, January 31, 2007 and February
1, 2007; and
(c)
description of the Company's Common Stock as
set forth in the Company's Registration Statement on Form S-1 (File No. 333-134145),
filed with the Commission on December 6, 2006.
In
addition, all documents filed by the Company pursuant to Sections 13(a), 13(c),
14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), subsequent to the effective date of this Registration Statement and
prior to the filing of a post-effective amendment to this Registration
Statement indicating that all securities offered hereby have been sold or
deregistering all securities then remaining unsold, shall be deemed to be incorporated
by reference herein and to be a part hereof from the date of filing of such
documents.  Any statement contained
herein or in any document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein or
in any other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement.  Any such statement so modified or superseded
shall not be deemed to constitute a part of this Registration Statement, except
as so modified or superseded.
Item
4.  Description of Securities.
Not
Applicable.
Item 5.  Interests of Named Experts and Counsel.
The
legality of the common stock offered hereby has been passed on for the Company
by Ellis Funk, P.C., Atlanta, Georgia. 
Certain shareholders of Ellis Funk, P.C. own approximately 8,500 shares
of common stock of the Company.
II-
1
Item 6.  Indemnification of
Directors and Officers.
The
Company's Articles of Incorporation provide that directors of the Company will
not be personally liable for monetary damages to the Company for certain
breaches of fiduciary duty as directors to the fullest extent allowable by
Nevada law. Under Nevada law, subject to specified exceptions, or unless the
articles of incorporation provide for greater individual liability, a director
or officer is not individually liable to the company or its stockholders or
creditors for any damages as a result of any act or failure to act in his
capacity as a director or officer unless it is proven that (a) his act or
failure to act constituted a breach of his fiduciary duties as a director or
officer, and (b) his breach of those duties involved intentional misconduct,
fraud, or a knowing violation of law. Under current Nevada law, directors and
officers would remain liable for: (i) acts or omissions which constitute a
breach of fiduciary and which involve intentional misconduct, fraud or a
knowing violation of law, and (ii) approval of certain illegal dividends
or redemptions. In appropriate circumstances, equitable remedies or
non-monetary relief, such as an injunction, may remain available to a
stockholder seeking redress from any such violation.
The
Company also has the obligation, pursuant to Article Ten of the Company's
By-Laws, to indemnify any officer or director of the Company for all expenses
actually and reasonably incurred by them in connection with any legal action
brought or threatened against such person for or on account of any action or
omission alleged to have been committed because such person was an officer or
director, if the person acted in good faith and in a manner which the person
believed to be in, or believed was not opposed to, the best interests of the
Company and, with respect to criminal actions, such person had no reasonable
cause to believe his conduct was unlawful; provided that such indemnification
shall not be made if a final adjudication establishes such person's acts or
omissions involved intentional misconduct, fraud, or a knowing violation of law
and was material to the cause of action.
Item 7.  Exemption from Registration Claimed.
The
shares of common stock which may be sold pursuant to the reoffer prospectus for
the respective accounts of the Selling Stockholders issued to the Selling
Stockholders under the 2006 Plan were issued by the Company in reliance upon
the available exemptions from the registration requirements of the Securities
Act, including those contained in Rule 701 promulgated under Section 3(b),
which relates to exemptions for offers and sales of securities pursuant to
certain compensatory benefit plans.
II-
2
Item 8.  Exhibits.
4.1
2006 Long-Term Incentive Plan (1).
4.2*
Form of Restricted Stock Agreement.
5.1*
Opinion of Ellis Funk, P.C.
23.1
Consent of Ellis Funk, P.C. (Included in Exhibit 5.1).
23.2*
Consent of Ernst & Young, LLP.
24.1
Powers of Attorney (on signature page).
*Filed herewith.
(1)  Incorporated by reference to Exhibit 10.7 to
the Company's Registration Statement on Form S-1 (File No. 333-134145) filed
with the Commission on July 6, 2006.
Item 9.  Undertakings.
(a)
The undersigned Registrant hereby undertakes:
(1)
To file, during any period in which offers or
sales are being made, a post-effective amendment to this Registration
Statement:
(i)
to include any prospectus required by Section
10(a)(3) of the Securities Act;
(ii)
to reflect in the prospectus any facts or
events arising after the effective date of this Registration Statement (or the
most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the
Registration Statement;
(iii)
to include any material information with
respect to the plan of distribution not previously disclosed in this
Registration Statement or any material change to such information in the
Registration Statement;
provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if
the information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the Company pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the Registration Statement.
(2)
That, for the purpose of determining any
liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial
bona fide
offering thereof; and
II-
3
(3)
To remove from registration by means of a
post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.
(b)
The undersigned Company hereby undertakes that, for purposes of
determining liability under the Securities Act, each filing of the Company's
annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act
that is incorporated by reference in this Registration Statement shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering
thereof.
(c)
Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
Company pursuant to the foregoing provisions, or otherwise, the Company has
been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable.  In the event that a claim
for indemnification against such liabilities (other than the payment by the
Company of expenses incurred or paid by a director, officer, or controlling
person of the Company in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Company will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
II-
4
SIGNATURES
Pursuant to the requirements of the Securities Act of
1933, the Company certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Las Vegas, State of Nevada, on this 9
th
day of March, 2007.
ALLEGIANT TRAVEL COMPANY
By:
/s/ Maurice J. Gallagher, Jr.
Maurice J.
  Gallagher, Jr.
Chief
  Executive Officer and President
POWER
OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that each person whose
signature to this Registration Statement appears below hereby constitutes and
appoints each of Maurice J. Gallagher, Jr., Andrew C. Levy and Linda Marvin as
such person's true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for such person and in such person's name,
place and stead, in any and all capacities, to sign any and all amendments to
the Registration Statement, including post-effective amendments, and
registration statements filed pursuant to Rule 462 under the Securities Act,
and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Commission, and does hereby grant unto each said
attorney-in-fact and agent full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as such person might or could do
in person, hereby ratifying and confirming all that each said attorney-in-fact
and agent, or any substitute therefor, may lawfully do or cause to be done by
virtue hereof.
Pursuant to the requirements of the Securities Act of
1933, this Registration Statement has been signed by the following persons in
the capacities indicated on the 9
th
day of March, 2007.
SIGNATURE
TITLE
/s/ Maurice J.
  Gallagher, Jr.
Chief Executive Officer (Principal Executive
  Officer)
Maurice J.
  Gallagher, Jr.
and Director
/s/ Linda A.
  Marvin
Chief Financial Officer (Principal Financial and
Linda A. Marvin
Accounting Officer)
Director
Michael S. Falk
/s/ Timothy P.
  Flynn
Director
Timothy P. Flynn
/s/ A. Maurice
  Mason
Director
A. Maurice Mason
/s/ Robert L.
  Priddy
Director
Robert L. Priddy
Director
Declan F. Ryan
II-
5