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I also observed the same.
One workaround i can suggest. You are using PowerPoint2007, PPTX is the default file in PP2007. This problem is seen for PPTX file not for PPT file.
You can save your presentation as PPT (Save as->PowerPoint 97-2003 format) and you will not see this problem.
That's not much of a workaround. I lose a lot of PP2007 functionality when I do that. The whole point of our recent upgrade from Office 2003 and Presenter 6 to Office 2007 and Presenter 7 is to gain additional functionality.
As soon as you say to publish in the older version, I lose all of that additional functionality. And it takes longer to publish this way. And as things are converted from the newer version of the programs to the older version ("Compatibility Profiles") some things get paginated and positioned differently, so I'll be creating an inferior end-product.
A better workaround is to create an empty shaded and formatted box and send it to back. Then create an unformatted text box which contains the text and send it to front, and position it on top of the formatted text box.
This still creates additional work. Any time I change text, I'll have to resize two boxes to fit a position, etc. Plus, I can't paginate text within the text box without it looking bad.