I do recall having seen that for a short while using v5, but thankfully it stopped when I upgraded to v8.
Other [URL="http://www.monarchforums.com/showthread.php?t=2758"]ideas posted[/URL] some months ago include changing your default printer (I know, it sounds ridiculous), and to test the export process by trying a different output file format, to see if Excel is the culprit.
The last idea in that thread was posted recently, and is sound. Be sure to delete the output file if it already exists prior to exporting from Monarch. Yes, Monarch has the "overwrite" option, but I have seen better results with the older version if you manually (or via batch file or something) delete any existing files which you intend to replace with Monarch exports.