Are you pushing yourself hard enough when doing the cardio?
I see it regularly people who pound away on a cross trainer/cycle machine, but they have the settings wrong normally too easy and it doesnt get their heart rate up. I rmember one girl inparticular who was loudly talking whilst "working out" moaning about how it doesnt lose fat - she wasnt even out of breath!
When doing cardio aim for 80% of your max heart rate and keep on it. If you can get your heart rate that high you WILL start to drop fat. But take it easy and build up to the high heart rates over a few weeks - I wouldnt want you to have a heart attack!