DALLAS, Aug. 31, 2010 (GLOBE NEWSWIRE) -- MicroStockProfit.com announces an investment report featuring Ambac Financial Group Inc. (NYSE:ABK). The report includes financial, comparative and investment analyses, and industry information you need to know to make an educated investment decision.
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Ambac Financial Group Inc. (ABK) is primarily a holding company. The Company, through its subsidiaries, provides financial guarantees and financial services to clients in both the public and private sectors worldwide. ABK's activities are divided into two business segments. The Financial Guarantee segment provides financial guarantees (including credit derivatives) for public finance, structured finance and other obligations. The Financial Services segment provides investment agreements, funding conduits, interest rate, total return and currency swaps, principally to clients of the financial guarantee business. During the year ended December 31, 2008, the Company discontinued writing new investment agreements and derivative products in its Financial Services segment. Its existing investment agreement and derivative product portfolios are in active runoff, which may include transaction terminations, settlements, restructuring, transfers and natural attrition as contracts mature.
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In the report, the analyst notes:
"ABK recently announced a second-quarter 2010 net loss of $57.6 million, or a net loss of $0.20 per share. This compares to a second-quarter 2009 net loss of $2,368.8 million, or a net loss of $8.24 per share. The second-quarter 2010 results reflect loss and loss expenses in consumer asset-backed securities, other structured finance exposures and a transportation transaction and a net operating loss in the Financial Services segment, partially offset by a positive change in fair value of credit derivatives.
"ABK has withdrawn its plans for the sale of up to $1 billion worth of securities, as the late filing of its 10-K for fiscal 2009 annual report debarred it from issuing securities. ABK withdrew the S-3 registration statement filed on April 1, 2009. Earlier this month, the Company was also preparing for bankruptcy protection to restructure its outstanding debt. ABK also fears its inability to cover its operating expenses and debt service obligations after the second quarter of 2011."
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