Allegiant Airlines

Las Vegas-based Allegiant Air did what most other airlines can't seem to do anymore: It reported revenues were up 48 percent to $132 million in the second quarter, in part by scooping up passengers more troubled carriers left behind.

The gain was enough to help Allegiant outrun a 40 percent increase in fuel prices during the last six months. The company's profit, or operating margin, slipped below 4 percent on the quarter, a decrease from a 16 percent margin during the second quarter last year.

Earnings per share were down almost 75 percent for the quarter to 13 cents. That was 1 cent less than Wall Street analysts anticipated, according to one survey. Still, Allegiant officials hailed the fact they made more than they spent while the rest of the domestic airline industry is in shambles. "We can produce strong profit margins at any fuel price," Allegiant CFO Andrew Levy said. "We have the unique ability to be very nimble."

The airline made money by squeezing more people onto each flight, extracting more cash from customers in-flight, flying shorter routes to save fuel and taking advantage of the Las Vegas tourism slump by offering cut-rate deals on hotel and airfare packages. Allegiant officials also believe their business model of flying from small towns to tourist destinations has another advantage because those communities that haven't been hammered as hard as big cities during the real estate and credit market crashes