Save As Does NOT Reduce File Size

I have tried everything to reduce the file size of my Adobe Acrobat Pro X Form with Save As (Reduce File Size, As Optimized, etc...).  Unfortunately, the file size does not reduce.  I send to a friend who has Acrobat 9 and he is able to reduce the file from 45mb to 182kb...what gives?  He sent my original file to his co-worker who has Acrobat Pro X and he has the same issue that I do.  This appears to be a version issue. Any help would be appreciated as I have about 150 of these that I need to get down to a reasonable file size.