HYPERLINK friendly name problem

[K]

Syntax
HYPERLINK(link_location,friendly_name)

Example
=HYPERLINK("Budget Reports:First Quarter", "Click here")

This function is operating strangely for me.
I wonder if this is common, or if there is a solution.

The problem:
The "friendly name" sometimes but does not always display. Instead, the
URL (first argument) is displayed. This can happen after the formula
is originally entered, and then edited. When I use the Function wizard,
the intended results (friendly name) is displayed, but when the wizard
is closed, the URL or link - not the friendly name - is displayed.

I am using Excel 2003 SP2.

Thanks.