Worked for me with 7.0.1 on Macintosh and Windows. Demo notebook and resulting files attached.
In the EPS file, the graphic is at the bottom of the output page.
If you continue to see the problem (or not see the saved graphics), attach a notebook with the code you use. Maybe use Text cells to describe your procedure.
Holding down the SHIFT key as Mathematica starts, to rebuild some initialization files, would not hurt.
Attachment: 272684.zip, URL: ,