xl2003, win xp

In cell I1 I have =IF(ISERROR(VALUE(LEFT(J1,4))),"",(VALUE(LEFT(J1,4 ))))

In J1 I have a web link 12:22


I want to disply just the time in I1 but is shows as 12:14 instead of 12:22
In the cells below some of the links are like 2:10 F4

and the I cell shows the correct time 2:10

But when the time is shown as AM as in 11:30am

the time shown is 11:03.

Is there any way to fix this so the correct time is shown. I do not mind
the format as long as it is sortable. I am trying to get a list of times in
ascending order.
Any help would be greatly appreciated.
Ta,
Martin