Evans & Sutherland sells division

In a separate deal, also announced Wednesday, Evans & Sutherland said it will buy the stock of Philadelphia-based Spitz Inc. from its parent, Transnational Industries Inc., for about $3.4 million. Spitz specializes in planetarium theaters, projection domes, architectural domes and custom immersive theater attractions, and Oyler said the deal will help Evans & Sutherland bulk up its digital theater division.

"We now have two pieces (of the business) left: the planetarium business and the laser projector business," Oyler said. "With the acquisition announced today, we are clearly the world leader in that end of the business. And in the other, we see potential for high growth. And we feel that that combination is a better mix for the future of the company than the mix we have now."

Evans & Sutherland will pay for Spitz with a combination of cash and stock. The closing of that transaction is expected before quarter's end and is subject to approval by the shareholders of Transnational.

The company's new direction feels, Oyler said, "a bit like your first child going off to college." However, he maintained it is faithful to the founding principles at Evans & Sutherland.

"When the company was formed by David Evans and Ivan Sutherland, it was not actually formed (as many believe) as a simulation company," Oyler said. "It was formed as a company to create high-quality, computer-generated imagery. And that's exactly what we're doing.

"That's what the Evans & Sutherland of today is focused on — whether it's the image of the universe at the planetarium or a high-quality, laser-projected image. It is about that standard of quality, and I believe we're quite true to that founding principle."

Stock of Evans & Sutherland rose 68 cents, or 13.9 percent, to close at $5.56 per share Wednesday on Nasdaq. In the past year, it has ranged in price from $4.38 to $7.50.

Rockwell Collins gained 66 cents to close at $50.62 on the New York Stock Exchange.

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