diff --git a/src/java/org/apache/poi/hssf/record/formula/FormulaParser.java b/src/java/org/apache/poi/hssf/record/formula/FormulaParser.java
index 6fd242cafc..6498ae9ee3 100644
--- a/src/java/org/apache/poi/hssf/record/formula/FormulaParser.java
+++ b/src/java/org/apache/poi/hssf/record/formula/FormulaParser.java
@@ -70,7 +70,7 @@ import java.io.File;
  *           Lets Build a Compiler, by Jack Crenshaw
  * BNF for the formula expression is :
  * <expression> ::= <term> [<addop> <term>]*
- * <term> ::= <factor>  [ <mulop> <factor ]*
+ * <term> ::= <factor>  [ <mulop> <factor> ]*
  * <factor> ::= <number> | (<expression>) | <cellRef> | <function>
  * <function> ::= <functionName> ([expression [, expression]*])
  *
@@ -281,8 +281,13 @@ public class FormulaParser {
             numArgs++; 
             Expression();
         }
-        while (Look == ',') { //TODO handle EmptyArgs
-            Match(',');
+        while (Look == ','  || Look == ';') { //TODO handle EmptyArgs
+            if(Look == ',') {
+              Match(',');
+            }
+            else {
+              Match(';');
+            }
             Expression();
             numArgs++;
         }
@@ -454,15 +459,19 @@ end;
         String[] operands;
         for (int i=0;i<numPtgs;i++) {
             if (ptgs[i] instanceof OperationPtg) {
-                o = (OperationPtg) ptgs[i];
-                numOperands = o.getNumberOfOperands();
-                operands = new String[numOperands];
-                for (int j=0;j<numOperands;j++) {
-                    operands[numOperands-j-1] = (String) stack.pop(); //TODO: catch stack underflow and throw parse exception. 
-                    
-                }  
-                String result = o.toFormulaString(operands);
-                stack.push(result);
+                // Excel allows to have AttrPtg at position 0 (such as Blanks) which
+                // do not have any operands. Skip them.
+                if(i > 0) {
+                  o = (OperationPtg) ptgs[i];
+                  numOperands = o.getNumberOfOperands();
+                  operands = new String[numOperands];
+                  for (int j=0;j<numOperands;j++) {
+                      operands[numOperands-j-1] = (String) stack.pop(); //TODO: catch stack underflow and throw parse exception. 
+                      
+                  }  
+                  String result = o.toFormulaString(operands);
+                  stack.push(result);
+                }
             } else {
                 stack.push(ptgs[i].toFormulaString());
             }
diff --git a/src/java/org/apache/poi/hssf/record/formula/Ptg.java b/src/java/org/apache/poi/hssf/record/formula/Ptg.java
index e8c36ed3bb..9e1d12a164 100644
--- a/src/java/org/apache/poi/hssf/record/formula/Ptg.java
+++ b/src/java/org/apache/poi/hssf/record/formula/Ptg.java
@@ -173,7 +173,6 @@ public abstract class Ptg
         final int refArea = AreaPtg.sid-0x20;
         final int arrayArea = AreaPtg.sid+0x20;
 
-        
         switch (id)
         {
 
@@ -204,7 +203,6 @@ public abstract class Ptg
             case ConcatPtg.sid :
                 retval = new ConcatPtg(data, offset);
                 break;
-                
 
             case AreaPtg.sid :
                 retval = new AreaPtg(data, offset);
@@ -246,13 +244,13 @@ public abstract class Ptg
                 retval = new FunctionPtg(data, offset);
                 break;
                 
-                
-             case NumberPtg.sid :
-                retval = new NumberPtg(data, offset);
-             break;
+            case NumberPtg.sid :
+               retval = new NumberPtg(data, offset);
+               break;
 
-
-                
+            case StringPtg.sid :
+               retval = new StringPtg(data, offset);
+               break;
 
             case NamePtg.sid :
                 retval = new NamePtg(data, offset);
diff --git a/src/java/org/apache/poi/hssf/record/formula/StringPtg.java b/src/java/org/apache/poi/hssf/record/formula/StringPtg.java
new file mode 100644
index 0000000000..8e6555ef4b
--- /dev/null
+++ b/src/java/org/apache/poi/hssf/record/formula/StringPtg.java
@@ -0,0 +1,119 @@
+/* ====================================================================
+ * The Apache Software License, Version 1.1
+ *
+ * Copyright (c) 2002 The Apache Software Foundation.  All rights
+ * reserved.
+ *
+ * Redistribution and use in source and binary forms, with or without
+ * modification, are permitted provided that the following conditions
+ * are met:
+ *
+ * 1. Redistributions of source code must retain the above copyright
+ *    notice, this list of conditions and the following disclaimer.
+ *
+ * 2. Redistributions in binary form must reproduce the above copyright
+ *    notice, this list of conditions and the following disclaimer in
+ *    the documentation and/or other materials provided with the
+ *    distribution.
+ *
+ * 3. The end-user documentation included with the redistribution,
+ *    if any, must include the following acknowledgment:
+ *       "This product includes software developed by the
+ *        Apache Software Foundation (http://www.apache.org/)."
+ *    Alternately, this acknowledgment may appear in the software itself,
+ *    if and wherever such third-party acknowledgments normally appear.
+ *
+ * 4. The names "Apache" and "Apache Software Foundation" and
+ *    "Apache POI" must not be used to endorse or promote products
+ *    derived from this software without prior written permission. For
+ *    written permission, please contact apache@apache.org.
+ *
+ * 5. Products derived from this software may not be called "Apache",
+ *    "Apache POI", nor may "Apache" appear in their name, without
+ *    prior written permission of the Apache Software Foundation.
+ *
+ * THIS SOFTWARE IS PROVIDED ``AS IS'' AND ANY EXPRESSED OR IMPLIED
+ * WARRANTIES, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES
+ * OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE
+ * DISCLAIMED.  IN NO EVENT SHALL THE APACHE SOFTWARE FOUNDATION OR
+ * ITS CONTRIBUTORS BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL,
+ * SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT
+ * LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF
+ * USE, DATA, OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER CAUSED AND
+ * ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY,
+ * OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT
+ * OF THE USE OF THIS SOFTWARE, EVEN IF ADVISED OF THE POSSIBILITY OF
+ * SUCH DAMAGE.
+ * ====================================================================
+ *
+ * This software consists of voluntary contributions made by many
+ * individuals on behalf of the Apache Software Foundation.  For more
+ * information on the Apache Software Foundation, please see
+ * <http://www.apache.org/>.
+ */
+
+package org.apache.poi.hssf.record.formula;
+
+import org.apache.poi.util.LittleEndian;
+
+/**
+ * Number
+ * Stores a String value in a formula value stored in the format <length 2 bytes>char[]
+ * @author  Werner Froidevaux
+ */
+
+public class StringPtg
+    extends Ptg
+{
+    public final static int  SIZE = 9;
+    public final static byte sid  = 0x17;
+    private String            field_1_value;
+
+        
+    /** Create a StringPtg from a byte array read from disk */
+    public StringPtg(byte [] data, int offset)
+    {
+        setValue(new String(data, offset+3, data[offset+1] + 256*data[offset+2]));
+    }
+    
+    /** Create a StringPtg from a string representation of  the number
+     *  Number format is not checked, it is expected to be validated in the parser
+     *   that calls this method. 
+     *  @param value : String representation of a floating point number
+     */
+    protected StringPtg(String value) {
+        setValue(value);
+    }
+    
+    
+    public void setValue(String value)
+    {
+        field_1_value = value;
+    }
+    
+    
+    public String getValue()
+    {
+        return field_1_value;
+    }
+
+    public void writeBytes(byte [] array, int offset)
+    {
+        array[ offset + 0 ] = sid;
+        array[ offset + 1 ] = (byte)(getValue().length() % 256);
+        array[ offset + 2 ] = (byte)(getValue().length() / 256);
+        System.arraycopy(getValue().getBytes(), 0, array, offset + 3, getValue().length());
+    }
+
+    public int getSize()
+    {
+        return field_1_value.length() + 3;
+    }
+
+    public String toFormulaString()
+    {
+        return getValue();
+    }
+       
+}
+