I'm puzzled.

In Excel 2003, I have a cell containing text of about 50 characters. The
first 30 or so are in black, and I've applied manual formatting to the
right-most 20 characters so that they're red. When I select the cell and hit
F2 (edit), I can see the red formatting that I applied. But when I hit
Enter, the red formatting disappears and the entire contents of the cell are
black.

There's no conditional formatting on the cell.

Any idea what's happening, or how to fix it??

Thanks.