When printing from ArcMap, only the first character of each text string is printed or all the characters of each text string is printed in the first character position or no text is printed at all.
This can happen when exporting as well.
This limitation is due to an incompatibility of specific Windows printer drivers and how ArcMap writes text spacing. If your printer is a non-PostScript Hewlett-Packard (HP) desktop printer or you are using the native HP-PCL Windows printer driver, you will have this problem for exporting. If the default printer on your machine is this type of printer, then you will also experience this problem for exporting.
The workaround is to upgrade your printer with PostScript (in which case, all three ArcMap printer engines, Windows, PostScript and ArcPress, will print correctly) or use the ArcPress Printer Engine.
This has been fixed in ArcGIS 8.1