Date and Time display in Pivot Table

On my data sheet I have the following format:

Company Name Scheduled Time Actual Time Number variance
Joe Doe 06/01/10 08:15 AM 06/01/10 08:15 AM 0.010416667
John Brown 06/03/10 05:12 AM 06/03/10 05:12 AM -0.033333333
Joe Doe 06/08/10 12:55 PM 06/08/10 12:55 PM 1.288194444
... ... ...

In my pivot table, I want to display the Avg number variance for each company in the following time format:

0 hour(s) 15 min(s) Late/Early/Ontime

Which is this formula:
=IF('Num Var' =0,"On Time",TEXT(ABS('Num Var' ),"[h]"" hour(s) ""m"" min(s) """)&IF('Num Var' <0," Early","Late"))

but when I enter that into calculate field formula area, it gives me an error #VALUE