my ($sec, $min, $hour, $mday, $mon, $year) = localtime($_[0]);
$mon  += 1;
$year += 1900;
$ampm = ( $hour < 12 ? 'am' : 'pm' );
$hour %= 12;
$hour += 12 if !$hour;
$time = sprintf("%d:%02d%s %d/%02d/%02d",
   $hour, $min, $ampm, $mon, $mday, $year
);
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use POSIX qw( strftime );

# Formats as "6:45pm 10/31/2008"
$time = strftime('%I:%M%p %m/%d/%Y', localtime($_[0]));
[download]

Update: Added surrounding code to show other improvements and to contrast complexity with strftime version.