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/**
 * Convert netStream.time (or seconds) into String format HH:MM:SS
 * @param   seconds
 * @return formated string HH:MM:SS
 */
public static function formatTime(time:Number):String {
    if (time < 0 || isNaN(time)) {
        return "00:00";
    }
   
    const hours:Number = Math.floor(time / 3600 % 24);
    const minutes:Number = Math.floor(time / 60 % 60);
    const seconds:Number = Math.floor(time % 60);
   
    const hString:String = hours < 10? "0" + hours: "" + hours;
    const mString:String = minutes < 10? "0" + minutes: "" + minutes;
    const sString:String = seconds < 10? "0" + seconds: "" + seconds;
   
    return hours > 0 ? hString + ":" + mString + ":" + sString : mString + ":" + sString;
}

Example:

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trace(formatTime(103));
//01:43

trace(formatTime(3));
//00:03

trace(formatTime(3653));
//01:00:53