Index: handlers/views_handler_field.inc
===================================================================
--- handlers/views_handler_field.inc	(revision 1135)
+++ handlers/views_handler_field.inc	(working copy)
@@ -478,7 +478,10 @@
 
     if (empty($this->last_render)) {
       if (($this->last_render !== 0 && $this->last_render !== '0') || !empty($this->options['empty_zero'])) {
-        $this->last_render = $this->options['empty'];
+        $alter = $this->options['alter'];
+        $alter['alter_text'] = 1;
+        $alter['text'] = $this->options['empty'];
+        $this->last_render = $this->render_text($alter);
       }
     }