I noticed in server/Slim/Formats/Parse.pm the following lines...
 } elsif (defined $currtrack and
                         /^\s+INDEX\s+01\s+(\d+):(\d+):(\d+)/i) {
                     $tracks{$currtrack}->{'START'} = ($1 * 60) + $2 + ($3 / 100);


meanwhile, according to goldenhawk (which, as the source of the cue sheet
format, is probably the closest thing to a spec that we're going to see anytime
soon) the time offset is clearly indicated to be in the format of
minutes:seconds:frames and there are 75 frames to second, not 100. peek at their
documentation and you'll see what I mean.