Using the image analysis window, even though I highlight 3 bands, the resultant image contains only one band. Using the composite tool in Data Management, I get a blank image, with wrong coordinates?
So using this tool... Composite Bands—Help | ArcGIS for Desktop
you say you are only getting 1 band, which makes me think you fall into the second category from the help topic... but in any event ensure that your extents and cell sizes etc are all the same since there is little prospect of returning useful information otherwise, then look at the rendering issue