Cuts off text below text line?

not all, but some bullets on slides cut off the bottom of the text on the final line of the bullet. For example, y shows as a v and a g shows as an a.   anything below the text line is cut off.  

P.S.  all the issues with Presenter 7.0.7 have thrown my entire dept into a reformatting tail spin.  all our files are saved in 2003 format to accomodate 7.0.6.  now we are scrambling to update....and figure out how to fix all the bugs.   Presenter SUCKS.