Preloader and Transition for external SWFs - Loading animation not working


I have just tried the 'Preloader and Transition for Dynamic Files tutorial ( It is all fine apart from the little animated dots after the word Loading don’t work.

I originally created a different movie clip for the loading image with bigger dots and I thought maybe it was something I had done wrong with that. So I downloaded the final source file from the tutorial but that doesn’t animate the dots after the word Loading either.

Does anyone have any ideas what I might need to alter to make it work? I’m using Flash MX 2004.