NEW YORK - MBIA Inc. reported first-quarter earnings on Tuesday, posting an adjusted pre-tax income of $25 million compared to a loss of $90 million for the same period in 2010. But it was not enough to boost investor confidence and shares sank 2.79% to $9.75 in after-hours trading.

The adjusted book value fell to $35.57 per share on March 31, compared to $36.81 a share on Dec. 31, 2010. The adjusted book value is a measure that removes the impact of certain items which the company believes will reverse over time, as well as adds in the impact of certain items which the company believes will be realized in GAAP book value in future periods.

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