Powerpoint 2003 Doc is opened in 2007 the Cursor doesn’t line up with text

When I open a powerpoint 2003 document in Powerpoint 2007 the cursor does not line up with the text. It appears to be about 1/2 of a line above the text which makes it very difficult to edit the text. It is as if there is a new text grid and the old text does not line up with it. I have installed office service pack 1 and also installed the Compatibility Pack. It is affecting 5 computers in my office. My computer, however, is not affected. I cannot find the answer on microsoft.com or google.
Perhaps I am not asking the right questions.