if (!($node->event['start_time_format'] == '00:00' && $node->event['end_time_format'] == '23:59')) {
  print 'Time: ' . print date("g:i a", strtotime($node->event['start'])) ;
  print ' to ' . print date("g:i a", strtotime($node->event['end'])) ;
}


Event runs 9am to 4pm.
Code above prints: "9:00 amTime: 14:00 pm to 1"