Progress Event only shows when close to finishing the load

I'm loading a swf that's about 3MB in size so it takes about 4 seconds to load. Simple stuff yet the text field only updates just prior to the file being loaded and not during the majority of the loading. I've included the file code here. Any suggestions why it's not working correctly. The other odd thing is that if I have the trace statement it spits out all the values but it displays them all at once only after the load is done. It's like there's something hanging up flash that doesn't allow it to trace the numbers either...This might explain why the text field only shows up 100% right when it's done.

Security.allowDomain("*");
var myMovie:Sprite;
 
var l:Loader = new Loader();
l.contentLoaderInfo.addEventListener(ProgressEvent.PROGRESS, loop, false, 0, true);
l.contentLoaderInfo.addEventListener(Event.COMPLETE, done, false, 0, true);
l.load(new URLRequest("http://www.grxsolutions.com/gtslideshow3/slides/sampleslide2.swf?c="+Math.random()));
 
function loop(e:ProgressEvent):void
{
  var perc:Number = e.bytesLoaded / e.bytesTotal;
  percent.text = Math.ceil(perc*100).toString();
  //trace(e.bytesLoaded+" "+e.bytesTotal);
}
 
function done(e:Event):void
{
  percent = null;
  myMovie = Sprite(l.content);
  addChildAt(myMovie,0);
  l.contentLoaderInfo.removeEventListener( ProgressEvent.PROGRESS, loop);
  l.contentLoaderInfo.removeEventListener(Event.COMPLETE, done);
  l = null;
}

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