$secondsInDay = 86400
# Time as a float must greater or equal to zero and less or equal to one.
$dayAsFloat = 0.555
# Determine the number of seconds
$totalSeconds = intval($secondsInDay * $dayAsFloat)
# Calculate number of seconds
$seconds = $totalSeconds % 60
$totalSeconds = $totalSeconds / 60
# Calculate number of minutes
$minuntes = $totalSeconds % 60
$totalSeconds = $totalSeconds / 60
# Calculate number of hours
$hours = $totalSeconds % 60
$timeString = sprintf("%'0#2d:%'0#2d:%'0#2d", $hours, $minutes, $seconds)
This will leave you with a time value where the hours run from 00 - 23. If you want AM/PM time you'd have to adjust for that.
Cheers!
—MRB