Without knowing the context in which you're running this, I have to
guess that you may be moving growing amounts of text each time you run
this code. Do you run it from the top of a column every time, thereby
moving all your previous text down with each pass through the loop?

BTW, in testing this in Excel 97 I had to change the first line to get
the loop to end properly:

Do Until (ActiveCell.Value) = Empty