Formatting numbers at text import

I hope you can help.

I use excel to manipulate data that I export from an ORACLE database in text file (unfortunately this is the only way to export so far). I open the text file in excel and do the necessary manipulations. I have a column where the date and time is combined together as one (ex. 1/23/2001 937) [Which should be formatted to 01/23/2001 and 0937 hours (if possible in a seperate column), I use military time]. When I import this to excel, it only comes as "1/23/2001 937" . I tried to format this and copy and paste the values to another cell but it does not work. Is there a way to format them and also seperate the time into a different column? Thanks.