Maybe one man's capital investment is another's poor cost control.
To play devil's advocate, my point might be that you could have said more or less the same thing for the last couple of years. While revenue growth has not been too shabby, even respectable (although not spectacular), they have failed to control costs well enough to generate a profit. IMO, at this point, that outweighs the capital investment theme, and this is what is pressuring the stock (along with unspectacular revenue growth).
For VOLC, which has been public for a while, it's put up or shut up time. Which is unfortunate, given the overall economic climate.
I was speculating in VOLC in early 2007, when it was bouncing between 17 and 20. Had some shares at 20ish, it dropped while I was otherwise occupied, and I decided to hold. Been selling covered calls since, hoping interest in VOLC would pick up again. Have managed to reduce my cost basis to under 18, which is not too bad considering where VOLC has been, price-wise, for most of that time.
Have now been short the Jan 17.50s for a few weeks, making a nice profit there. May cover before earnings, just in case.
Lack of earnings is due to the build out of the direct salesforce globally. Once this is finished, the operating leverage will be in place to drive significant bottom line growth as more products are leveraged off the same salesforce. VOLC has invested to gain significant share and they are realizing that goal big time.
Stock prices are determined by future earnings and I see huge upside as SG&A flattens out on a dollar basis and sales continue to grow.