Is there an extension available that will allow our company's website to give updates to customers who visit the site, on out of stock items that will be returning? Would we be able to install it as a heads up to give customers an estimated date for the item to be restocked into inventory? Any feedback would be must appreciated.
You can put a small note manually on out of stock products to let users know the expected date for the new stock arrival.
Here is an alternate solution - http://www.magentocommerce.com/magento-connect/out-of-stock-notification-extension-subscription.html
This extension will create a email subscription box in the out of stock product pages to let users subcribe for the stock alert email. Once the product is back in stock this extension will automatically send notification email to subscriber list.
In my opinion, you have 3 options here:
1. Add custom stock status to the product, it will tell customers when the product be re-stocked (check out this mod)
2. Add out-of-stock notifictaions, o clients will be notified once the products they've subscribed to get in stock (check out this mod)
3. Let customers pre order products (check out this mod)
Hope that helps!