What version of PowerPoint are you using?
In PowerPoint 2000 and below,
Click Slide Show > Custom Animation.
Put a checkmark on both the text and picture so that they can be animated.
Choose Appear effect and ok your way out.
In PowerPoint 2002/XP and above,
Click Slide Show > Custom Animation
Select the text, click Add Effect > Entrance > Appear/Fade.
Repeat the above step for your picture.
Make sure that both effects have Start as "On click".
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Shawn Toh (tohlz)
Microsoft Most Valuable Professional (MVP PowerPoint)
Site Updated: Sep 01, 2006
3 Cool Add-Ins Reviews
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PowerPoint Heaven - The Power to Animate