You might check out this MS article as it seems to apply to your situation...
"No Printers were found" Net work Printer Error -
http://social.technet.microsoft.com/Foru...k-printer-error
If this is a GPO script, we have seen where Mapped Drives and Shared Printers appear to connect properly, but when you look, they are not there. This is because with Vista and above the GPO script does not run in the context of the current user. There are at least two ways around it. One that is easy but is not supported by Microsoft, and I will leave it to you to find if you really want to go that route. The other is to run the part of the script that maps drives and printers in the context of the user. There is a UDF that helps with this, that is based on a vbs/wsf script provided by Microsoft.
RunAsInteractiveUser -
http://www.kixtart.org/forums/ubbthreads.php?ubb=showflat&Number=198514#Post198514
How to use UDFs -
http://www.kixtart.org/forums/ubbthreads.php?ubb=showflat&Number=81943#Post81943
The rest of the UDFs are here -
http://www.kixtart.org/forums/ubbthreads.php?ubb=postlist&Board=7&page=1
You could also have one or two other issues going on... Please see
Windows XP Professional Fast Logon Optimization
http://www.kixtart.org/forums/ubbthreads.php?ubb=showflat&Number=112428#Post112428
Point and Print Restrictions policy
http://support.microsoft.com/kb/319939
Since the starter of this thread didn't really say what fixed his issue, it would be helpful if you post what solution fixes yours.
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(... better days ahead)