RPT-UPDATE 4-Eaton Vance shares drop 11 percent on earnings

(Repeats to fix headline)

* Eaton Vance shares plunge 11 percent

* Posts Q2 EPS 22 cents vs 43 cents year ago

* Meets analyst expectations but concern on taxes, outlook

* Revenue drops on asset decline vs. year earlier

* Analysts say flows weaker than expected (Updates with analyst, executive comments; comparatives with Legg Mason)

By Ross Kerber

BOSTON, May 20 (Reuters) - Asset manager Eaton Vance Corp (EV.N) reported net income fell by more than half in its second fiscal quarter as revenue dropped, and its shares fell more than 11 percent on concerns over weak flows into its funds.

The company technically met expectations it would earn 22 cents per share according to Reuters Estimates. But Sandler O'Neill analyst Michael Kim said the figure was closer to 19 cents a share when adjusted for a one-time tax gain.

That, plus concerns over slowing flows into its funds, were driving down the shares, Kim said.

"The flows were meaningfully light in terms of what people were expecting," said Kim, who has a "sell" rating on the stock.

In a conference call with analysts, Eaton Vance Chief Executive Thomas Faust Jr said sales have been strong since the start of April, which should improve flow figures.

Sales to institutional and high net worth individuals have also improved, he said, adding, "We're optimistic."

Flows into an asset manager's funds reflect success selling products, which in turn boost a company's assets and profits.

But publicly traded asset management firms have reported mixed flows this year, including outflows at some of the biggest firms. On May 5, for instance, Legg Mason Inc (LM.N) of Baltimore reported net outflows of $43.5 billion for its fiscal fourth quarter ended March 31.

Eaton Vance had $127.2 billion in assets under management as of April 30, up from $121.9 billion at the end of January but down from $159 billion as of April 30 last year.