So I guess you are previewing output shapefile within ArcCatalog? If you are only viewing the features and they successfully converted to points, then yes that was the purpose of this conversion (in the tool execution, make sure you specify a shp extension, writing your results 'outside' your gdb).
The actual text should have been written to a TextString field in the attribute table along with some additional fields that may help you in displaying in another app... such as the Angle field - should help restore the display similarly stored in the anno feature class by providing the rotation angle.
Hope that helps.
Wayne