<?php

$str = '2013-04-11^12:00|4:00|14:00';

$nstr = explode('^',$str);

$nnstr = explode('|',$nstr[1]);

echo '<pre>';
print_r($nnstr);

<pre>Array
(
    [0] => 12:00
    [1] => 4:00
    [2] => 14:00
)