I looked deeper into that.
There are no time values in Excel (or other spreadsheet programs). Excel actually stores times as fractions of days (so everything dealing with time - dates and times - becomes a datetime internally), and the time format just discards everything before the comma.
So when you enter a time series in Excel and expand that beyond 23:59:59, you get an internal value of 1.xxxxx. When SAS tries to import that (by multiplying with 86400 to get a proper time value), you get a value beyond 24 hours, which is displayed as 25:, 26: and so on, until you get more than 99 hours, at which point the SAS format will probably overflow and display a series of asterisks.
So, after import, you should do
timevar = mod(timevar,86400);
to get rid of the "hidden dates".
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