CarMax Auto Financereported income of $27.1 million in the first quarter, up from $21.8 million in 1Q04, resulting from a favorable valuation adjustment and the favorable terms of the public securitization completed in April. The transaction contributed $0.20 per share from the adjustment in the valuation of the retained interest in securitized receivables. Additionally, the cost of funds and credit enhancements on this securitization were better than expected as a result of the strong market demand for asset-backed securities, The company stated.
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