AMBAC Inc.'s second-quarter profits declined significantly from 1993's performance, while Financial Security Assurance Holdings Ltd. registered a sharp improvement, the companies reported separately late Wednesday.

AMBAC Inc. reported net income of $35.3 million, or $1 per share, in 1994's second quarter, a 24% decrease from $46.4 million, or $1.32 per share, in the second quarter last year.

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