Someone wants out at any price! I'm dubious that it is because they know something.

Management guided to 2009=$0.85 in November. In January they stated 2008=~$0.81 and confirmed 2009=$0.85, and said they had an active stock buyback program. About a week ago, they moved up their Q4 earnings release date. My interpretation of why they did that is because they want to be out of the lockout period and able to buy back shares ASAP. Maybe I'm wrong but that's my guess.

Their balance sheet is solid enough to get IPAR through any downturn: more cash than short term debt, total debt of ~$40M can be covered by the shrinking ARs and inventory as sales drop.

They could easily reduce 2009 eps guidance when they report, I'd be surprised if they didn't. But their high gross margins and lack of internal manufacturing mean they aren't really leveraged to revenues to make some money. So even if they reduce 2009 earnings to $0.73, that is a 5 PE on 2009 trough earnings!

I might have my analysis wrong but I doubt it, so I've almost doubled my position in IPAR over the last week.