I removed the OpenGL plug in from the Plug Ins folder, per this:https://kb.adobe.com/selfservice/viewContent.do?externalId=kb402244
1. Quit After Effects.
2. Mac OS: Drag the AE_OpenGL.plugin file from the Applications/Adobe After Effects CS3/Plug-ins/Extensions folder to the desktop.
Windows: Drag the AE_OpenGL.AEX file from the C:\Program Files\Adobe\Adobe After Effects CS3\Support Files\Plug-ins\Extensions folder to the desktop.
3. Restart After Effects.
Worked for me.