While I am not sure I agree with your post you say "divide the money coming in and give it to shareholders in quarterly dividend checks".  There is certainly something to be said for that.  I am not trying to rehash the "great dividend debate", but after all the idea of investing is to 'maximize return on investment'. 

Thus if we were to assume a net of $100 million per year for PTSC, and it was all returned to shareholders as dividends, that would presently equate to a yield of 63%.  Would not many an investor flock to a stock yielding 63%?  And what would the result be, a doubling or tripling of share price, with yields of still 32% or 21%? Hmmm.

The alternative is of course to pursue the M/A route with all its inherent risks and drain on cash, vs. its opportunities and hopefully 'return on investment', someday down the line.

Best