AMBAC Inc., the holding company for AMBAC Indemnity Corp., reported third-quarter net income of $36 million, or $1.02 per share, down 29% from $50.9 million, or $1.44 per share, a year earlier.

For the first nine months, net income fell 22% to $109.2 million, or $3.10 per share, from $140.0 million, or $3.97 per share, in the first three quarters of 1993.

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