Word 2003 docs w/linked Excel sheets display/print wrong

We have several Word 2003 documents that have Excel 2003 spreadsheets linked to them using Paste Special > Paste as Link > Picture (Windows metafile). On occasion, the pages in the Word document with a spreadsheet displays (and prints) ‘one row down’, adding a space at the top and cutting off the last line. Word and Excel (Office 2003) are both running on an XP box (SP2). Office O3 is at SP1. It can’t be upgraded because of conflicts with other software.

Thank you