Tax benefit props up EzeATM

A tax benefit of A$1.1 million accounted for two-thirds of the $1.6 million reported profit of EzeATM in the year to June 2012. The pre-tax profit for the business was $420,000.

EzeATM listed on the ASX in late 2011. At the time it owned fewer than 90 ATMS, and it sold $3.5 million in shares to fund a vision of a much larger enterprise.

Less than a month later it was in the hunt for the problematic 1600-strong Australian ATM fleet of iCash Payments. EzeATM negotiated to buy this fleet for $16 million and sold new shares to fund the acquisition at the end of January this year.

EzeATM now puts its ATM fleet at 1862 and says its processes 11 million transactions a year (this is an annualised number).

In Australia, the firm needs to install 500 more ATMs if the company's managers (and founders) Todd Zani and Chad Zani are to qualify for share options. And they need to install 1000 ATMs (and also meet net revenue targets) if they are to qualify for a maximum share grant.

The firm also is acting as a reseller (for a planned 6000 ATMs) through a like-minded business in Indonesia.