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What formula are you using to define the two conditions ? Conditional format is triggered when conditions are met so it seems that your formula have a logical error. Could you share how you have applied the conditions ?
In excel 2007, I'm using the "Use a formula to determine which cells to format" under the New Formatting Rule option. You input the formula and then set the format desired for a true statement. I was able to finally figure out how to make the cells with no value be white. I had to use the "Format only cells that contain" option instead of the one used above, and define it as blanks to be formated as white. This has worked, though I'm sure there should've been another way without having to have defined yet another condition.