Converting a whole number into an amount of time

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Can someone pls help? How can the following calculation be formulated?
field A1 & B1 are variable user input. The goal is to subtract B1 from A1, take the result and divide it by 176 (a fixed number) and display the result as minutes:sec.
For example
A1 B1
14,000 (minus) 2,200 (= 11,800 /176 =) 67
I want to result (67) to display in field C1 as 01:07 (min:sec)

I tried (A1-B1)/176 and formatted C1 to be min:sec but the result displays as 5:27 I have no idea what that number represents. Help please?
Thanks a lot in advance.