py2exe compression not working with Python 2.5

[nikie]

When I try to compress the output of py2exe like this:

  from distutils.core import setup
  import py2exe

  setup(console=['hello.py'], options={"py2exe": {"compressed": 1}})

I get strange error messages:

Adding zlib.pyd to C:\tests\CanControllerTest\New Folder
(2)\dist\library.zip
Traceback (most recent call last):
  File "setup.py", line 4, in <module>
    setup(console=['hello.py'], options={"py2exe": {"compressed": 1}})
  File "C:\Python25\lib\distutils\core.py", line 151, in setup
    dist.run_commands()
  File "C:\Python25\lib\distutils\dist.py", line 974, in run_commands
    self.run_command(cmd)
  File "C:\Python25\lib\distutils\dist.py", line 994, in run_command
    cmd_obj.run()
  File "C:\Python25\lib\site-packages\py2exe\build_exe.py", line 218,
in run
    self._run()
  File "C:\Python25\lib\site-packages\py2exe\build_exe.py", line 285,
in _run
    self.create_binaries(py_files, extensions, dlls)
  File "C:\Python25\lib\site-packages\py2exe\build_exe.py", line 591,
in create_
binaries
    bytes = zlib_file.read()
AttributeError: 'NoneType' object has no attribute 'read'

This is a standard Python 2.5 installation. Doing the same thing with
2.4 works like a charm.

Did I miss anything?