Q.  What are tax expenditures, and why are they in the news?

A.  Tax expenditures are defined in the Congressional Budget Act of 1974 as lost federal income due to provisions in the tax code that exempt or reduce taxes for certain groups, products or activities.  Tax expenditures were intentionally passed by Congress for certain policy goals, such as encouraging employer-provided health insurance or home ownership, so they are also called tax incentives.  Since they help achieve goals set by Congress, they are not loopholes. The debate in Washington over reducing the federal debt has invoked whether certain tax expenditures should be ended.  Stopping these tax expenditures would raise money for the federal Treasury but also would take away tax incentives that are used by tens of millions of middle-income taxpayers.  There's also controversy over whether the amount of revenue raised by ending some of the tax expenditures is overstated and whether the revenue gained would be worth ending policies that support widely desirable behavior, like pension plan contributions.  

Q.  What are the biggest tax expenditures?

A.  An analysis by Senator Orrin Hatch of Utah, who serves as Ranking Member of the Senate Committee on Finance, which is responsible for tax legislation, determined these top 10 largest tax expenditures.  The analysis was based on data from the nonpartisan Joint Committee on Taxation, Congress' official estimator for the cost of tax legislation.

Exclusion for Employer-Provided Health Insurance.
Representing 13 percent of tax expenditures, it's the single largest tax expenditure.  To do away with this would threaten access to health care for families and individuals that have health insurance through their employers.

Home Mortgage Interest Deduction.
Having helped millions of Americans achieve home ownership, this expenditure accounts for nine percent of all tax expenditures.

Preferential Rates for Dividends & Capital Gains.
Take away this tax expenditure which accounts for eight percent of tax expenditures, and the rate on dividends will almost triple in less than 18 months, and the rate on capital gains will go up 59 percent, also in less than 18 months.  This will discourage investment in stocks and bonds.

Exclusion of Medicare Benefits.
Accounting for seven percent of tax expenditures, its elimination would increase taxes seniors' Medicare benefits.

Pre-Tax Treatment of Defined Benefit Pension Plan Contributions.
This is a tax benefit that reduces the cost for those workers who save for retirement.  It represents six percent of tax expenditures.

Earned Income Tax Credit. 
Designed for low-income people, the Earned Income Tax Credit accounts for five percent of all tax expenditures.

Deduction for State and Local Taxes. 
This deduction would hit high-tax states hardest, driving up the marginal rate of taxpayers who take this deduction by as much as 35 percent.  It represents five percent of all tax expenditures.

Pre-Tax Treatment for Contributions to a 401(k).  
At four percent of tax expenditures, this is a significant incentive to families and individuals to save for retirement.

Exclusion of Capital Gains at Death.  
If this one goes, death would be taxed twice.  First, the decedent's estate might get hit with the death tax.  Then the decedent's heirs would be subject to tax again on the gain embedded in any inherited asset, should they decide to sell it.  This accounts for four percent of tax expenditures.

Deductions for Charitable Contributions. 
This is the tax benefit for donations to charities other than education and health care institutions, including donations to religious institutions.  This charitable deduction represents four percent of tax expenditures.

Source: Joint Committee on Taxation, "Estimates Of Federal Tax Expenditures For Fiscal Years 2010-2014," December 21, 2010. http://www.jct.gov/publications  

 

Q.  Are tax expenditures the same as tax loopholes?

A.  Despite some political arguments to the contrary, tax expenditures are neither spending nor tax loopholes for millionaires, yachts or corporate jets.  Less than one-tenth of one percent of all tax expenditures benefit corporate jet owners.  Tax expenditures are used by many families and individuals.  Consideration of them by Congress should be done in a comprehensive tax reform debate to make sure the tax code is made more efficient and no more burdensome than it is today.

Sunday, August 14, 2011   2:00 p.m.

 

The German American Heritage Center presents local educator Bruce Bufe in the first of a series on personal family immigration histories called "My German Story." This program features the life and times of Franz Gustav Bufe, a German immigrant cigar maker in Moline in the 1880's. He was also an artist, a poet, and a keen social critic of his time. Come experience his poems in translation and explore the themes and views of a common man with an uncommon talent for self- expression. This program is re-scheduled from a spring emergency cancellation.

 

Members free; public welcome with $5.00 admission; includes museum exhibits.

DES MOINES, IA (08/02/2011)(readMedia)-- State Treasurer Michael L. Fitzgerald announced today that once again the state of Iowa has maintained the highest credit rating possible. "Fitch Ratings affirmed that Iowa is a Triple A state," Fitzgerald said. "Additionally, they upgraded Iowa's school infrastructure and Vision Iowa fund bonds to AA from AA-."

According to Fitch's report, "The state has a careful and conservative approach to financial operations and has consistently achieved budgetary balance and maintenance of sizeable reserves despite revenue declines associated with the recent downturn."

"The experts say that Iowa is among the elite states," Fitzgerald stated. "They continue to recognize the first-rate fiscal management and strong economy of our state and we can stand out as a model to other states."

###

Following is Senator Grassley's schedule this week in Washington, D.C.  The Senate is in session.

  • Grassley will meet in Washington with Iowans from the Fort Des Moines Museum and Education Center and the United Nations Refugee Agency.

Grassley will also meet with Iowans from Ames, Ankeny, Bettendorf, Johnston, Lawton, Mason City, Mount Vernon, Pella, Robins, Rock Valley, Strawberry Point, West Des Moines and Winterset.

  • On Monday, August 1, at 3:15 p.m. (CT), Grassley will meet with Congressman Steve King, Senator Tom Harkin and Postmaster General Patrick Donahoe, to discuss the Sioux City mail processing facility consolidation to Sioux Falls. 
  • On Wednesday, August 3, at 9:00 a.m. (CT), Grassley will attend a Judiciary Committee hearing entitled, "Cybercrime: Updating the Computer Fraud and Abuse Act to Protect Cyberspace and Combat Emerging Threats."
  • On Wednesday, August 3, at 9:00 a.m. (CT), there is a Finance Committee hearing entitled, "Dually-Eligible (Medicare and Medicaid) Beneficiaries: Improving Care While Lowering Costs." 
  • On Thursday, August 4, at 9:00 a.m. (CT), Grassley will attend a Judiciary Committee executive business meeting. 
  • On Friday, August 5, at 9:00 a.m. (CT), Grassley will attend a Finance Committee hearing on the nominations of: Mr. Michael Punke, of Montana, to be Deputy United States Trade Representative with Rank of Ambassador, Executive Office of the President; Mr. Paul Piquado, of the District of Columbia, to be an Assistant Secretary of Commerce, United States Department of Commerce; and Mr. David S. Johanson, of Texas, to be a Member of the United States International Trade Commission.

-30-

ALLEGIANT TRAVEL COMPANY

SECOND QUARTER 2011 FINANCIAL RESULTS

34th Consecutive Profitable Quarter

Fully Diluted Earnings per Share of $.62

 

Las Vegas, Nev., August 1, 2011 /GLOBE NEWSWIRE/ - Allegiant Travel Company (NASDAQ: ALGT) today reported the following financial results for the 2nd quarter 2011 and comparisons to prior year equivalents:

 

 

Unaudited

2Q11

2Q10

Change

Total operating revenue (millions)

$200.4

$168.4

19.1%

Operating income (millions)

$20.7

$28.1

(26.2)%

Operating margin

10.3%

16.7%

-6.4pp

EBITDA (millions)

$30.9

$36.5

(15.3)%

EBITDA margin

15.4%

21.7%

-6.3pp

Net income (millions)

$11.9

$17.6

(32.0)%

Diluted earnings per share

$0.62

$0.87

(28.7)%

 

 

 

 

Scheduled Service:

 

 

 

Average fare - scheduled service

$91.17

$73.15

24.6%

Average fare - ancillary air-related charges

$31.45

$29.61

6.2%

Average fare - ancillary third party products

$5.68

$4.87

16.6%

Average fare - total

$128.30

$107.63

19.2%

Scheduled service passenger revenue per ASM (PRASM)(cents)

9.27

7.27

27.5%

Total scheduled service revenue per ASM (TRASM) (cents)

13.04

10.70

21.9%

Load factor

92.0%

91.8%

0.2pp

 

 

 

 

Total System*:

 

 

 

Operating expense per passenger

$115.24

$90.96

26.7%

Operating expense per passenger, excluding fuel

$59.81

$50.61

18.2%

Operating expense, excluding fuel per ASM (CASM ex fuel) (cents)

5.92

4.87

21.6%

*Total system includes scheduled service, fixed-fee contract and non-revenue flying

"We are very proud to report our 34th consecutive profitable quarter," stated Maurice J. Gallagher, Jr., Chairman and CEO of Allegiant Travel Company.  "I'd like to thank our Team Members for their great efforts and contributions to another successful quarter.

"Revenues have been very strong.  Scheduled service revenues were up almost 24% versus 2nd quarter 2010 despite a reduction in capacity.  The $19 increase in revenue per passenger more than offset the $15 per passenger increase in fuel cost during the quarter.

"We are also very excited about the addition of the first 757 to our operating certificate, which occurred on July 1.  We recently began operating this 217 seat aircraft on two of our Las Vegas routes, McAllen, Texas and Rockford, Illinois and have been receiving excellent feedback from our customers.  Having the additional seats during the peak summer travel period is proving to be quite valuable.  We are now working on preparing our application to the FAA for obtaining the requisite ETOPS approvals we need in order to commence Hawaii flights which we hope to be able to begin next summer.

"The introduction of the 757, our Hawaii expansion and the previously announced MD-80 seat expansion projects are all important to the company and we are excited to see progress on all fronts.  Our Team Members have been working diligently to complete these product additions as well as continue to provide our customers with low cost access to our world class destinations," concluded Gallagher.

Andrew C. Levy, President of Allegiant Travel Company, stated, "We are very pleased with our revenue performance during the 2nd quarter.  We produced the highest total fare in our company's history, driven by increases in the base air fare, and both air-related and third party ancillary revenues.  A 2.6% reduction in capacity was a key factor enabling this strong revenue performance.  We have again proven we can thrive during periods of high fuel price volatility if we are prudent in how we allocate our capacity.

"Strength in revenue has continued as we enter this 3rd quarter, again aided by a tight capacity plan.  Capacity this quarter will be lower as compared with the 3rd quarter of 2010 and we again expect to post substantial increases in unit revenues as more fully described in the guidance section later in the release.

"Our current plan for the 4th quarter shows slight growth in capacity, mostly attributable to having a full quarter flying our first 757 as well as a small contribution from the presence of some re-configured MD-80 aircraft with 166 seats in the operating fleet.

"Finally, we again experienced strong growth in our third party ancillary revenue primarily resulting from greater volume and yield in hotel room sales.  Room nights grew over 12% versus the 2nd quarter last year, with almost half of the increase generated away from our traditionally strong Las Vegas market.  Growth in the third party segment is a high priority and we continue to make investments in management and technology to further that goal," concluded Levy.

 

Supplemental Ancillary Revenue Information (unaudited)

2Q11

2Q10

Change

Gross ancillary revenue - third party products (000)

$29,547

$25,859

14.3%

Cost of goods sold (000)

($20,046)

($17,609)

13.8%

Transaction costs (a) (000)

($1,210)

($1,098)

10.2%

Ancillary revenue - third party products (000)

$8,291

$7,152

15.9%

As percent of gross

28.1%

27.7%

0.4pp

As percent of income before taxes

43.9%

25.7%

18.2pp

Ancillary revenue - third party products/scheduled passenger

$5.68

$4.87

16.6%

(a) includes credit card fees and travel agency commissions

Scott Sheldon, SVP and CFO of Allegiant Travel Company, stated, "During the 2nd quarter, we experienced a 27% increase in unit costs - cost per passenger was $115.24 compared with $90.96 in the 2nd quarter 2010 - but the results were as projected.  Fuel costs per passenger were 37% higher, and non-fuel per passenger costs were up by 18% or slightly more than $9.

"The increase in non-fuel unit costs was mostly due to reduced fleet utilization and $4.8 million of special items or $3.08 per passenger.  These expenses included 757 pre-operating costs, manual integrations, the retirement of one MD-87 and the write down and impairment charges related to our engine consignment program.  The increase in non-fuel per passenger costs would have been only $3.30 or 6.5% excluding these special items and if fleet utilization had remained unchanged on a year over year basis.

"Apart from fuel, we experienced the most unit cost pressure in the maintenance area due to the execution of our engine overhaul and repair strategy as we have described in the past.  We continue to project expenses between $20 and $25 million in 2011 for the overhaul of 30 to 35 engines, but the majority of these expenditures will occur in the 3rd and 4th quarters of this year.

"While our full year 2011 engine operating expense projection remains unchanged, we have increased our projection for total cash outlays.  We now expect to increase our capital expenditures to take advantage of current opportunities in the secondary engine market which will replenish our engine sparing levels and enable us to better manage the timing and costs associated with major engine overhaul events in the future.  Please see the table below for more detailed information on this area.

 

Time period

Total engine cash outlay (millions) Cap ex + Op ex

Maintenance expense per aircraft per month (thousands) Op ex only

2009

$11.9

$103

2010

$11.0

$103

Q3 2011 est

$20 - $25

$120 - $130

Q4 2011est

$10 - $15

$125 - $135

FY 2011 est.

$45 - $55

$120 - $125

FY 2012 est.

$15 - $25

$95 - $105

"Lastly, our unrestricted cash balance (including short term investments) grew slightly during the 2nd quarter to $317 million, up $11 million from the end of the 1st quarter.  During the quarter, we repurchased approximately 34,300 shares for $1.6 million and we currently have $44.9 million in remaining board authorized authority," concluded Sheldon.

 

Unaudited (millions)

6/30/11

12/31/10

Change

Unrestricted cash (including short term investments)

$317.3

$150.3

111.1%

Unrestricted cash net of air traffic liability

175.4

48.9

258.7%

Total debt

142.3

28.1

406.4%

Total shareholders equity

328.3

297.7

10.3%

 

 

 

 

 

Six months ended June 30,

 

Unaudited (millions)

2011

2010

Change

Capital expenditures - year to date

$51.2

$63.3

(19.1)%

At this time, Allegiant Travel Company provides the following guidance to investors, subject to revision.

 

Guidance, subject to revision

 

 

 

Revenue guidance

July 2011

3rd quarter 2011

 

Estimated PRASM year-over-growth

+22 to 24%

+19 to 21%

 

Capacity guidance

 

 

 

System

3rd quarter 2011

4th quarter 2011

Full year 2011

Departure year-over-year growth

(5) to (1)%

+4 to 8%

0 to +4%

ASM year-over-year growth

(5) to (1)%

+5 to 9%

0 to +4%

Scheduled

 

 

 

Departure year-over-year growth

(8) to (4)%

+1 to 5%

0 to +4%

ASM year-over-year growth

(5) to (1)%

+4 to 8%

0 to +4%

 

 

 

 

Cost guidance

3rd quarter 2011

 

Full year 2011

CASM ex fuel - year over year growth

+14 to 16%

 

+10 to 12%

 

 

 

 

Fixed fee and other revenue guidance

3rd quarter 2011

 

 

Fixed fee revenue and other revenue (millions)

$11 to $13

 

 

 

 

 

 

CASM ex fuel - cost per available seat mile excluding fuel expense

  • An operating fleet of 51 MD-80 and one 757 aircraft through the 3rd quarter of 2011.
  • 2011 capital expenditures of approximately $140 million.

Allegiant Travel Company will host a conference call with analysts at 4:30 East Coast time today, August 1st, 2011, to discuss its 2nd quarter 2011 financial results. A live broadcast of the conference call will be available via the Company's Investor Relations website homepage at http://ir.allegiant.com. The webcast will also be archived in the "Events & Presentations" section of the website.

About the Company

Las Vegas-based Allegiant Travel Company (NASDAQ: ALGT) is focused on linking travelers in small cities to major leisure destinations such as Las Vegas, Orlando, Fla., Tampa/St. Petersburg, Fla., Phoenix-Mesa, Los Angeles and Fort Lauderdale, Fla. Through its subsidiary, Allegiant Air, the Company operates a low-cost, high-efficiency, all-jet passenger airline offering air travel both on a stand-alone basis and bundled with hotel rooms, rental cars and other travel related services.  ALGT/G

Media Inquiries: Jordan McGee +1-702-589-7260
mediarelations@allegiantair.com
Investor Inquiries: Chris Allen +1-702-851-7365
ir@allegiantair.com

Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding future unit revenue, future maintenance expenses, future operating expense, our ability to obtain regulatory approval to operate our 757 aircraft in extended overwater operations, our expected progress on reconfiguration of our MD-80 aircraft, ASM growth, departure growth, fleet growth,  fixed-fee and other revenues and expected capital expenditures, as well as other information concerning 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," "guidance," "anticipate," "intend," "plan," "estimate", "project", "hope"  or similar expressions.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, the effect of the economic downturn on leisure travel, increases in fuel prices, terrorist attacks, risks inherent to airlines, demand for air services to our leisure destinations from the markets served by us, our ability to implement our growth strategy, unionization efforts, our dependence on our leisure destination markets, our ability to add, renew or replace gate leases, our competitive environment, problems with our aircraft, dependence on fixed fee customers, our reliance on our automated systems, economic and other conditions in markets in which we operate, aging aircraft and other governmental regulation, increases in maintenance costs and cyclical and seasonal fluctuations in our operating results.

Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

Detailed financial information follows:

Allegiant Travel Company

Consolidated Statements of Income

Three Months Ended June 30, 2011 and 2010

(in thousands, except per share amounts)

(Unaudited)

 

 

Three months ended June 30,

 

Percent

 

2011

 

2010

 

change

OPERATING REVENUE:

 

 

 

 

 

Scheduled service revenue

$133,309

 

$107,452

 

24.1

Ancillary revenue:

 

 

 

 

 

Air-related charges

45,991

 

43,501

 

5.7

Third party products

8,291

 

7,152

 

15.9

Total ancillary revenue

54,282

 

50,653

 

7.2

 

 

 

 

 

 

Fixed fee contract revenue

9,470

 

9,903

 

(4.4)

Other revenue

3,388

 

342

 

890.6

Total operating revenue

200,449

 

168,350

 

19.1

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

Aircraft fuel

86,454

 

62,222

 

38.9

Salary and benefits

29,884

 

26,764

 

11.7

Station operations

16,553

 

15,493

 

6.8

Maintenance and repairs

20,132

 

14,669

 

37.2

Sales and marketing

5,407

 

4,118

 

31.3

Aircraft lease rentals

330

 

571

 

(42.2)

Depreciation and amortization

10,156

 

8,351

 

21.6

Other

10,821

 

8,081

 

33.9

Total operating expenses

179,737

 

140,269

 

28.1

 

 

 

 

 

 

OPERATING INCOME

20,712

 

28,081

 

(26.2)

As a percent of total operating revenue

10.3%

 

16.7%

 

 

OTHER (INCOME) EXPENSE:

 

 

 

 

 

Earnings from unconsolidated affiliates, net

(20)

 

(33)

 

(39.4)

Interest income

(386)

 

(344)

 

12.2

Interest expense

2,235

 

655

 

241.2

Total other (income) expense

1,829

 

278

 

557.9

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

18,883

 

27,803

 

(32.1)

As a percent of total operating revenue

9.4%

 

16.5%

 

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

6,934

 

10,241

 

(32.3)

 

 

 

 

 

 

NET INCOME

$11,949

 

$17,562

 

(32.0)

As a percent of total operating revenue

6.0%

 

10.4%

 

 

 

 

 

 

 

 

Earnings per share to common stockholders (1):

 

 

 

 

 

Basic

$0.63

 

$0.88

 

(28.4)

Diluted

$0.62

 

$0.87

 

(28.7)

 

 

 

 

 

 

Weighted average shares outstanding used in computing earnings per share to common stockholders (1):

 

 

 

 

 

Basic

18,931

 

19,805

 

(4.4)

Diluted

19,131

 

20,170

 

(5.2)

(1) The Company's unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock.  The Basic and Diluted earnings per share for the periods presented reflect the two-class method mandated by accounting guidance for the calculation of earnings per share.  The two-class method adjusts both the net income and shares used in the calculation.  Application of the two-class method did not have a significant impact on the Basic and Diluted earnings per share for the periods presented.

 

Allegiant Travel Company

Operating Statistics

Three Months Ended June 30, 2011 and 2010

(Unaudited)

 

 

Three months ended June 30,

 

Percent

 

2011

 

2010

 

change*

OPERATING STATISTICS

 

 

 

 

 

Total system statistics

 

 

 

 

 

Passengers

1,559,619

 

1,542,110

 

1.1

Revenue passenger miles (RPMs) (thousands)

1,401,610

 

1,418,387

 

(1.2)

Available seat miles (ASMs) (thousands)

1,576,791

 

1,601,126

 

(1.5)

Load factor

88.9%

 

88.6%

 

0.3

Operating revenue per ASM (cents)

12.71

 

10.51

 

20.9

Operating expense per ASM (CASM) (cents)

11.40

 

8.76

 

30.1

Fuel expense per ASM (cents)

5.48

 

3.89

 

40.9

Operating CASM, excluding fuel (cents)

5.92

 

4.87

 

21.6

Operating expense per passenger

$115.24

 

$90.96

 

26.7

Fuel expense per passenger

$55.43

 

$40.35

 

37.4

Operating expense per passenger, excluding fuel

$59.81

 

$50.61

 

18.2

Departures

12,430

 

12,364

 

0.5

Block hours

28,277

 

28,619

 

(1.2)

Average stage length (miles)

848

 

869

 

(2.4)

Average number of operating aircraft during period

51.0

 

47.9

 

6.5

Total aircraft in service at period end

51

 

50

 

2.0

Average departures per aircraft per day

2.7

 

2.8

 

(3.6)

Average block hours per aircraft per day

6.1

 

6.6

 

(7.6)

Full-time equivalent employees at period end

1,559

 

1,639

 

(4.9)

Fuel gallons consumed (thousands)

26,868

 

27,315

 

(1.6)

Average fuel cost per gallon

$3.22

 

$2.28

 

41.2

 

 

 

 

 

 

Scheduled service statistics

 

 

 

 

 

Passengers

1,462,126

 

1,468,939

 

(0.5)

Revenue passenger miles (RPMs) (thousands)

1,323,051

 

1,356,693

 

(2.5)

Available seat miles (ASMs) (thousands)

1,438,659

 

1,477,455

 

(2.6)

Load factor

92.0%

 

91.8%

 

0.2

Departures

10,789

 

10,824

 

(0.3)

Average passengers per departure

136

 

136

 

-

Block hours

25,470

 

25,953

 

(1.9)

Yield (cents)

10.08

 

7.92

 

27.3

Scheduled service revenue per ASM (PRASM) (cents)

9.27

 

7.27

 

27.5

Total ancillary revenue per ASM (cents)

3.77

 

3.43

 

9.9

Total scheduled service revenue per ASM (TRASM) (cents)

13.04

 

10.70

 

21.9

Average fare - scheduled service

$91.17

 

$73.15

 

24.6

Average fare - ancillary air-related charges

$31.45

 

$29.61

 

6.2

Average fare - ancillary third party products

$5.68

 

$4.87

 

16.6

Average fare - total

$128.30

 

$107.63

 

19.2

Average stage length (miles)

889

 

910

 

(2.3)

Fuel gallons consumed (thousands)

24,329

 

24,756

 

(1.7)

Average fuel cost per gallon

$3.47

 

$2.42

 

43.4

Percent of sales through website during period

87.9%

 

88.3%

 

(0.4)

* except load factor and percent of sales through website, which is percentage point change

 

Allegiant Travel Company

Consolidated Statements of Income

Six Months Ended June 30, 2011 and 2010

(in thousands, except per share amounts)

(Unaudited)

 

 

Six months ended June 30,

 

Percent

 

2011

 

2010

 

change

OPERATING REVENUE:

 

 

 

 

 

Scheduled service revenue

$261,842

 

$217,886

 

20.2

Ancillary revenue:

 

 

 

 

 

Air-related charges

91,307

 

86,151

 

6.0

Third party products

15,280

 

12,094

 

26.3

Total ancillary revenue

106,587

 

98,245

 

8.5

 

 

 

 

 

 

Fixed fee contract revenue

21,492

 

21,170

 

1.5

Other revenue

3,759

 

686

 

448.0

DES MOINES, IA (08/01/2011)(readMedia)-- The Iowa State Fair Blue Ribbon Foundation and Cookies Food Products are pleased to announce the recipients of the Iowan of the Day award for the 2011 Iowa State Fair.

Each Iowan of the Day receives VIP treatment on their respective day! Starting with recognition on the Anne & Bill Riley Stage at 2:30; use of the Iowan of the Day golf cart; gate admission and grandstand tickets; VIP parking; $200 cash; and accommodations at the Downtown Des Moines Marriott.

The Blue Ribbon Foundation began the Iowan of the Day award in 1997 to honor those Iowans who have truly made a difference in their communities. This year, the judges reviewed hundreds of nominations selecting those that show examples of integrity, Iowa pride, hard work and dedication.

 

"We are pleased to recognize these outstanding individuals as Iowans of the Day," said John Putney, Executive Director of the Blue Ribbon Foundation. "Their volunteerism, dedication and service to their community and the state of Iowa makes each one deserving of this honor."

The 2011 Iowan of the Day recipients are:

Louise Unkrich of Swedesburg

Robert Smith of Sidney

Pauline Flamme of Gladbrook

Julie Beitelspacher of LeMars

John Rains of Urbandale

Ruby Bentley of Macedonia

Milton Menefee of Denver

Mickey Thomas of Osceola

Bill Forbes of Correctionville

Leo Chisholm of Osage

The Blue Ribbon Foundation is a non-profit 501(c)3 organization. Since 1993, the Foundation has generated more than $80 million for renovations and improvements to the Iowa State Fairgrounds.

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Landmark Law Increases Higher Education Opportunities for Children of Immigrants

CHICAGO - August 1, 2011. Governor Pat Quinn today signed historic legislation to increase education opportunities to children of immigrants in Illinois. The Illinois DREAM Act creates a privately-funded scholarship program for high school graduates from immigrant families who wish to attend college.

"All children have the right to a first-class education," Governor Quinn said. "The Illinois DREAM Act creates more opportunities for the children of immigrants to achieve a fulfilling career, brighter future and better life through higher education."

Senate Bill 2185, sponsored by Senate President John Cullerton (D-Chicago) and Rep. Eddie Acevedo (D-Chicago), establishes a nine-member Illinois DREAM Fund Commission to manage the program, whose members are appointed by the Governor. The commission will help establish privately-funded scholarships for students who have resided with their parents while attending high school in Illinois, earned their high school diploma, attended school in Illinois for at least three years, and have at least one parent who immigrated to the United States. 

In addition, the new law allows any person with a Social Security or taxpayer identification number to participate in a state-operated college savings pool. It also requires high school counselors to provide college information to all children of immigrants. Children of immigrants will have unprecedented opportunities to access higher education as a result of the Illinois Dream Act.

"We should be opening, not shutting doors of opportunity for young students regardless of how or why they are living in Illinois," said President Cullerton. "This new law moves the state beyond the rhetoric of equal opportunity by making the dream of a college education a reality for more of Illinois' outstanding students."

The new law was one of Governor Quinn's top priorities during the spring legislative session. The Governor recognized that it would ensure that Illinois continues to lead the nation in increasing access to top-quality education, which is critical to retaining our best and brightest students and ensuring our continued success in the competitive global economy.

Students, community leaders and elected officials from across the state joined Governor Quinn to celebrate the new law that brings more affordability and better access to higher education in Illinois.  

"Immigrants are a driving force in our city's cultural and economic life, and opening the way for all Chicago students to earn an excellent higher education will make our city even stronger," said Chicago Mayor Rahm Emanuel. "I am proud that families and students across Illinois will now have a better shot at the American Dream ? which starts with a great education."

With an estimated 65 percent of immigrant students coming from households earning below 200 percent of the poverty line, the financial barriers to higher education for academically qualified immigrant students are steep. Through the DREAM commission, Illinois leaders will now be able to raise private funds to help these students achieve their full potential.

"We thank Governor Quinn for his continuous support and his tireless work for the immigrant community," said Lawrence Benito, Deputy Director of the Illinois Coalition for Immigrant and Refugee Rights (ICIRR). "The signing of this bill into law is historic and it confirms that Illinois is not only an immigrant-friendly state but also a national leader on moving fair, humane, and practical solutions."

The DREAM Act passed with bipartisan legislative support and with the strong support of the education community. The commission will provide training to school service personnel and work with admission and financial aid officers and high school counselors across Illinois to help students utilize the wide array of higher education opportunities.

"The Illinois DREAM Act is a crucial step in the right direction, ensuring that worthy students are no longer denied the life-changing opportunity of college simply because their immigration status puts needed financial aid out of reach," said University of Illinois President Michael J. Hogan. "I'm grateful to our legislators and Governor Quinn for supporting the shared vision that bright minds are our most precious resource and must be cultivated, not thwarted by outdated immigration laws."

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Joy of Life Organization Is excited to announce to the arrival of

Kambiz Naficy
Poet, International Kriya Yoga Master, and Spiritual Healer

Kambiz Naficy will be offering a personal transformation and Kriya Yoga Meditation Workshop in Davenport, IA

At The Institute of Therapeutic Massage
August 12-14.
Contact: Ben Davis (563) 271-5359
Or Lori Monzyk (563) 508-5745

We are pleased to present 5 opportunities to experience Kambiz Naficy's energy hear Kambiz speak on a variety of topics including: Kriya Yoga, the stages of personal transformation, authentic love and self-confidence. These talks are free and informational questions and answers are welcomed.

Wednesday August 10 at 11:30am
Body and Soul Wellness Center, Dubuque IA

Wednesday August 11 at 7:00pm
The Institute for Therapeutic Massage, Davenport

Thursday August 11 at 2:00pm
Unity Church, Moline, IL

Thursday August 11 at 6:00pm
The Om Gift Store, Iowa City

Friday August 12 at 10:00am
The Healing Heart Center, Bettendorf

Come and receive Kambiz' energy and hear him speak in person. See for yourself.

You can also learn more about Kambiz Naficy or Joy of Life Organization at:

Facebook Page: Joy of Life Organization

Rock Island  , IL / July 25, 2011 - Media Link, Inc. (MLI) is proud to announce and welcome back Jessica Fink, a former MLI intern, as the company's newest Media Link Software and Government Account Manager. In this role, she will oversee the exciting launch of our new media-buying software and be responsible for maintaining our current and perspective Government Contracts, as well as forging better relationships with existing accounts.

Ms. Fink brings to the table an extensive background in the news industry, formerly serving as a Government and Politics reporter for The Dispatch and Rock Island Argus newspapers. Her breaking news coverage and emphasis on the K-12 education beat provided a credible information source   Quad   City   readers could easily turn to for relevant, critical and current local news.

Ms. Fink began her journalism career as a student at   Black   Hawk   College   while serving as a general reporter for The Chieftain newspaper and BHC's Broadcast Club. Her time spent as a city reporter for Northern Illinois University's daily student newspaper, The Northern Star, helped further hone her writing, editing and communication skills. She graduated from NIU with a B.A. in Journalism and Communication Studies, with an emphasis in Organizational/Corporate Communications.

Following her news reporting stint, Ms. Fink joined Fanfare Sports Marketing, a national leader in the promotional products industry for high schools and middle schools nationwide. There, she gained valuable hands-on experience through helping advertisers effectively target the high school student market segment and satellite audience of parents, faculty and alumni.

"I am thrilled to be joining the Media Link team again," said Ms. Fink. "The growth this company has seen over the years is outstanding, and I look forward to contributing to their mission of helping clients achieve continuous success in their marketing efforts."

"I am thrilled to have someone of Jessica's caliber join our team and stay in our area.  As we add more positions to our agency, I'm happy to keep some of our local talent in this area", said Natalie Linville-Mass, President of Media Link, Inc.

Media Link, Inc. is a full-service advertising agency dedicated to helping clients develop strategic marketing plans tailored specifically to their company's unique and individual needs. For more information, contact Natalie Linville-Mass at (309) 786-5142.

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Dear Arts/Culture/Heritage Presenter,

Experience Quad Cities and Quad City Presenters are collaborating on a very important research project to collect data on the vitality and economic impact of the artistic, cultural and heritage organizations in the Quad Cities. Your participation in this project is key to its success -- because evidence of a community with a strong arts, culture and heritage scene contributes to economic development as well as the ability to attract both visitors and new residents to the area. Please click here to access our survey. Because your input is important, please complete this questionnaire within two weeks of receiving it. Thank you in advance for taking the time to provide us with this information. If you have any questions regarding the survey, please feel free to call Doug at 309.794-7426

Sincerely, 

Douglas Tschopp                 Jodie Shagrin Kavensky 
Quad City Presenters           Experience Quad Cities

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