w32 file-attributes on FAT32 volume vs.same on NTFS volume - bugp?

[MON KEY]

(file-attributes "u:/a/w32path/on/FAT32/formatted/removable/drive")
;;;=>(t 1 0 0 (18948 65472) (18950 1330) (18950 1328) 0 "drwxrwxrwx" t
(7484788 . 1152) (25026 . 58322))

;;; why is `nth 4'  (e.g. Last access time) of that list giving the
weird time-value on FAT32 drive?
(current-time-string (quote (18948 65472)))
;;;=>"Sat May 09 00:00:00 2009"

Whereas on a similarly directory created on an NTFS volume I get:
(file-attributes "c:/Documents and
Settings/path/on/a/w32path/NTFS/formatted/drive")
;;;=>(t 1 1004 513 (18964 23862) (18957 32124) (18944 28179) 0
"drwxrwxrwx" nil 0 (45128 . 62390))

(current-time-string (quote (18964 23862)))
;;;=>"Wed May 20 15:42:46 2009"

Am I missing something?

s_P