NEW YORK (AP) _ Ambac Financial Group Inc. (AMBC) on Monday reported first-quarter net income of $17 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the New York-based company said it had net income of 8 cents. Earnings, adjusted for amortization costs and non-recurring costs, were 59 cents per share.

The bond insurer posted revenue of $129 million in the period.

Ambac shares have climbed 12% since the beginning of the year. The stock has climbed 3% in the last 12 months.

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