Hi Fellow Excel puzzlers

I create a pivot table and extract time data which has been custom formatted to show minutes seconds and two decimal places of seconds (i.e. down to hundreths) however the pivot table has then lost the tenths and hundredths of a second and shows all times with the tenths and hundreths as ".00" why is this happening is it a hidden rounding? can it not handle time to this accuracy when translating data into a pivot table any thoughts or knowledge on the subject appreciated.