Showscan plans its own theaters featuring its thrill-ride simulators.

Seeking their fortune under America's fannies, Showscan Corp. executives are vowing to launch their own circuit of specialty theaters in America to show "thrill rides" that jolt and rock viewers who sit in Showscan-patented hydraulic chairs.

The move represents a new direction for the Culver City company, which previously had only sold its "dynamic motion simulators" to other operators, typically foreign theme parks. The devices twitch in sync with film clips of wild action, like bobsledding or car-racing. Thirty-six have been sold to date.

Those theaters also feature Showscan's patented film process, which uses 70 millimeter film, rather than the conventional 35-mm, and projects it at 60 frames per second, vs. 24 with typical feature films. Many viewers say the extra depth, clarity and realism can be intoxicating. Combined with moving seats, the sensation of Alpine skiing or stunt flying is approximated. But Showscan has competitors, too, namely Iwerks Entertainment in Burbank and Imax in Toronto.

In fact, Iwerks officials are set to open their first owned-and-operated "Turbo Ride" theater Aug. 7 in San Francisco, a joint venture with the Pier 39 attraction there. It will use rival film and simulator-chair technology.

Showscan executives have long been attracted by the financials that its customers have enjoyed with the high-turnover ride. Typically, a four-minute ride goes for $2 to $7, yielding at least 10 times the revenue of seats at feature films.

The financials apparently wowed Lew Wasserman, chairman of MCA Inc. That entertainment conglomerate purchased a 50-seat Showscan theater for its CityWalk retail-entertainment promenade, under construction next to its Universal Studios tour.

Showscan Chief Financial Officer James A. Sorensen said Showscan had wanted to own the MCA ride, but after Wasserman hopped into a simulator and took a "ride" he pronounced: "We're going to operate this. Not you."

Officials of the $13 million-in-revenues company gave in on that project and looked elsewhere to branch into the new market. For openers, they plan five 50-seat theaters, at a cost of $2 million each, situated in malls or near theme parks. Marina del Rey-based IJM Realty is assisting Showscan in finding sites. None have been announced.

The financially stumbling company needs a new market for its eye-popping technology. Haphazard revenue growth and failure to penetrate certain other markets, like feature films, has never yielded an annual profit. Fiscal 1992's loss was $1.2 million.

Last week Showscan Chief Operating Officer Jack Ottaway said the theaters venture, announced July 2, reflects a new direction for the 7-year-old company.

"This is still a natural extension of our core business," said Ottaway, referring to Showscan's patented "super-realistic" film process, shown with sophisticated projection and sound equipment. "But it's part of a grander strategy for us," said the former Hughes Aircraft Co. simulation technology executive.

Ottaway pointed to Showscan's recent management shuffle, which brought him to the company only two months ago, as further evidence of a new direction. "This (venture) wouldn't have happened without all of that," he said.

Longtime Executive Vice President Peter Beale and Business Affairs Vice President David Nassif left the company this year. Cathy Lemon replaced Nassif and became counsel too. And last week new VPs for product operations and business development were announced.

Directing the new venture will be Theater Operations Vice President Edward M. Plitt, who developed and managed over 60 cinemas at Plitt Theatres. He joins four other Showscan executives who are also ex-Plitt executives who helped build that chain from 120 theaters to 600 before selling it to Cineplex Odeon in 1985 and buying into Showscan.

Wall Street, however, reacted with a yawn. The stock hovered in the $4-$4.25 trading range following the news and then fell to $3.50 on July 8, a new 52-week low. The stock market has no assurance Showscan can make consistent profits, even with a new direction, explained securities analyst Steven Hill at Sutro & Co. in San Francisco.

And Hill and Sutro are die-hard Showscan supporters. He held tight to his buy recommendation on Showscan stock while it has halved in value since last July. That's when Sutro sold 1.5 million new shares to the public.

The offering raised $11 million. About $8 million is left, and at least $10 million is needed for the new venture, said Showscan CFO Sorensen.

He said talks are under way with several joint-venture partners. But Ottaway said Showscan will proceed even without outside cash.

Hill applauded Showscan's owned-and-operated intentions: "People are saying, 'It's about time! If they believe in the technology, why aren't they doing it themselves.'"

One veteran L.A.-based theme-park consultant was doubtful Showscan's new market was a natural. "People who make hardware and try to operate things always f-- - it up," he cautioned. Still, he praised Showscan's technology and said the Plitt executives "ought to know their way around" the owned-and-operated business.