Maybe...
if you have lots of pictures and not much data/formulas.

But if you don't have lots of pictures (or shapes???), then try resetting the
last used cell on each of the worksheets.

Visit Debra Dalgleish's site:
http://contextures.com/xlfaqApp.html#Unused
For a couple of techniques of resetting that last used cell.

Ken wrote:

Excel2003 ... I have a File approx 122mgs ... I deleted almost half of the
old WorkSheets & the File size only dropped by 6mgs ... Does this make sense?

Thanks ... Kha

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Dave Peterson