An Adobe support article implies that the bug is restricted to Epson printers and occurs only if you have chosen ‘Printer Manages Color in Adobe Photoshop’s Print dialogue box’. According to Apple, the symptom is most likely to appear if you have just changed printers via the Printer pop-up menu. Adobe offers two potential solutions.
First, make sure you are using the latest Epson printer drivers (if you regularly use Mac OS X’s Software Update, you should already be OK here).
Next, install Epson’s Common Updater 7.0. If the software is already updated or updating has no effect, the second solution is to remove and re-add the printer from the list in the Print & Fax System Preferences pane.
If that alone does not solve the problem, next go to /Library/Printers and delete the entire EPSON folder. Reinstall the printer driver software (and Common Updater if needed) followed by deleting and re-adding the printer in Print & Fax.