Joel is away at the moment, so I'll try to help out.
I am not sure you given us enough information to troubleshoot the problem. I've attached a screenshot, showing the concordance view. I have also included the Text Display settings window (command-T), so you can see where the excerpt size is set. Make sure you have yours set to three words or more.
Notice that we can set the threshholds for text excerpts, too. I have chosen to display excepts only when the results include up to 50 hits.
It is also possible that you already have this information displayed, but need to scroll down to receive it.
I hope one of these suggestions will help. If not, please contact technical support directly.