Recent Increase in Capital Expenditures as a Positive

I went on a search for small value based companies with an improving capital structures coupled with a depressed stock return versus their industry peers along with an above average recent amount spent on capital expenditures .

The thought was those recent (TTM) above average capital expenditures could be an indication of management’s confidence of improved business activity.  These ideas look interesting

Zoltek Companies Inc. (ZOLT)   
Industry = Industrial Electrical Equipment

Market Cap: 299.02M , Enterprise Value:123.41M
Price/Book:1.06 , Enterprise Value/Revenue: 0.69, Enterprise Value/EBITDA: 5.16     

52 week return = -45%
Slight share count reduction from 2008 year end balance
Capital expenditures were 21.6M for 2012 versus 2011 8.01M and 2010 4.06
Market Cap: 258.04M,Enterprise Value: 247.24M
Price/Book : 0.79 , Enterprise Value/Revenue:  1.41, Enterprise Value/EBITDA : 6.31 
Historically cheap based on P/S and P/B
GM% has improved to 24.5% from 11.70%, 10.30% and 22.1% for the years ending 2011, 2010 and 2009 respectively.
Strong insider purchases for 2012

Change in Revenue YOY was -23.70%
Shares as a percentage of the float = 21%
but trading as it trades near the 52 week low it could be a short squeeze candidate or just stronger that expected short term demand for the stock

Two other possible ideas

Oplink Communications, Inc. (OPLK)
Industry = Semiconductors
52 week return = -16%

Strong historical gross margins at 33%, steadily increasing book value over years, share count reduction from a 2008 year end balance of 20.589M to the current 19.145M. modest YOY revenue growth at 3% after 43% in 2011. 52 week price stock return of -16%, cash per share of 8.71 and a quick ratio of 8.91
The stock is held by value institutions like Royce, Kennedy Capital,Robeco 

P.A.M. Transportation Services, Inc. (PTSI)

Industry = Trucking
52 week return  = -10.04%

Market Cap: 84.23M, Enterprise Value : 151.08M
Price/Book: 0.64 , Enterprise Value/Revenue:  0.40, Enterprise Value/EBITDA  3.74   
Share count reduction from 2008 balance of 9.683M to current 8.724M
YOY revenue growth of 6.30%