I found this fix - tried it & it works..
1. OS X 10.6.8 Update
Apple's 10.6.8 update has caused some printers to break (printers that have been working fine for years), and we are looking for a resolution to this from Apple. For users who are seeing this problem in the field and can't wait for a fix from Apple, there is a workaround.
This workaround consists of adding a *cupsSNMPSupplies: False line to a ppd file in the /etc/cups/ppd folder. You'll need administrative privileges to perform this workaround. Detailed steps are outlined below.
For this example we will use ColorPrinter as the name of the printer affected by the 10.6.8 update.
1. From the Finder menu choose Go, then Go to Folder...
2. Enter /etc/cups/ppd in the Go to Folder dialog box and choose Go.
3. Find the ppd named ColorPrinter.ppd. (This is the same name as the ColorPrinter in Print and Fax with a .ppd extension. )
4. Drag the ColorPrinter.ppd to the Desktop.
5. Open the ColorPrinter.ppd with TextEdit.
6. At the end of the PPD add the following line exactly as written: *cupsSNMPSupplies: False
7. Save the modified ColorPrinter.ppd to the Desktop.
8. From the /etc/cups/ppd folder, move the original ColorPrinter.ppd to the trash. Authenticate when prompted.
9. Drag the modified ColorPrinter.ppd from the Desktop to the /etc/cups/ppd folder. Authenticate when prompted.
10. Printing should now work as expected. (You may have to start the print queue if it was previously paused.) >>