Help with Fading Out Preloader

Hi everybody… I’ve been messing around with this and can’t get it to work no matter how hard I try. All I am trying to do is fade out this preloader, after it loads. If anybody can help me out with this I would greatly appreciate it!

I think the code for the preloader is OK, but it would be great if someone could double check it so I don’t run into problems down the road. I’ve used the one from the tutorial on this site and plan to modify it later…

Attached is the fla with a sample external swf to load.

Thanks so much!