Final Cut Pro 3.0: "Out of memory" Alert When Importing Photoshop Files

Final Cut Pro 3 for Mac OS X does not import Photoshop files that have empty layers, and an alert box may appear with an "Out of memory" message.
Symptom

When you import a Photoshop file an alert box with this message appears:

The file is not imported.

Solution

Use one of these solutions:
Published Date: Feb 18, 2012