Updated from 2:55 p.m. EDT

Perry Ellis ( PERY) posted solidly higher second-quarter earnings, but its shares were plummeting because the seasonality of its Jantzen bathing suit line drastically affected the quarter's bottom line.

The company earned $2.18 million, or 34 cents a share, in the second quarter, up from $1.49 million, or 32 cents a share, last year.

Revenue, on the other hand, fell to $64.0 million from last year's $65.6 million. The company cited an improving product mix and other factors for the better earnings but said net income was cut by 10 cents a share by the dilutive effect of the Jantzen swimwear acquisition. The company doesn't expect Jantzen to positively affect earnings until the company's fourth quarter.

Perry Ellis acquired the Jantzen swimwear line in March of this year.

The shares finished down $2.24, or 14.93%, at $12.76 on the New York Stock Exchange.

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