said it would restart its stock-buyback plan in the wake of a hurricane-spurred decline in its shares.
The Fort Lauderdale, Fla., cosmetics outfit said it expects to meet second-quarter earnings targets, though it said it won't release numbers till Nov. 11 as a result of a power outage tied to Hurricane Wilma. Parlux said its Florida offices sustained minimal hurricane damage.
"The structure of our distribution and office facility was sound, and we experienced minimal physical damage," CEO Ilia Lekach said. "The electricity was out for a few days, which hampered our computer and telephone communications, but electric power and telephone service have been restored and we have resumed normal operations. During the outage, we continued to ship holiday sets to U.S. department store customers directly from a third-party distribution company, as we had been prior to the storm. We expect to meet our holiday commitments."
On Tuesday, Parlux rose 86 cents to $24.02.