I don’t have CS5 but I guess that it can’t read polypaint data. (Polypaint data can be exported in an OBJ but most apps won’t automatically read it.)
You will need to convert the polypaint into a texture map:
- Make sure your model has UVs.
- Set the Tool>UV Map>UV Map Size slider to the size texture you want.
- Make sure RGB is on and RGB INtensity set to 100.
- Press Tool>Texture Map>New from Polypaint.
- Export the OBJ.
Exporting the OBJ should also export a BMP file of the same name for the texture. If you need to export this separately then:
- Press Tool>Texture Map>Clone Txtr. This copies the map to the main Texture palette.
- Press Texture>Export to export the texture.