PROBLEMS PRINTING A WATERMARK

We use Word 2003, and are having problems printing a watermark. I select the DRAFT option for the watermark and make sure that my printing options are set to include Background colors and images. While the watermark displays properly in Print Preview, when it prints to any printer (network and/or local), the letters D, A and T will display on odd-numbered pages and the letters A and F are displayed on even-numbered pages. I can’t find a solution problem anywhere on the internet. Anybody else have this problem, and if so, how did you fix it?