Exporting table from ArcGIS Desktop to Excel file?
Do you receive the same error by copy/pasting records?
This is from memory, but if you right-click on the gray row indicator box, your menu should have "Copy Selected Records". Then you can paste directly into an Excel spreadsheet.
A caveat: if your selections are in a related table that are a result of a feature selection, you might actually have incorrect selections (you get rows in your related table that aren't actually related to any of your selected features and you could be missing others). One of my users discovered this issue, which appears intermittent. I did narrow down the issue to ArcMap. The geodatabase+custom ArcObjects test code works correctly. Our workaround: if our users need the related data for something important and the number of records is too large for them to visually inspect, we obtain the data from the database using a sql query. We haven't seen this issue with ArcGIS 10.
Update: You said you got the data into Excel. Are your DMS values in a text field? You might be able to parse the information that you need and round your decimal value. based on what I see in your screen shot, i came up with:
=LEFT(A1,8) & ROUND(VALUE(MID(A1,9,6)),1) & MID(A1,15,2)
http://dl.dropbox.com/u/1156285/example.xls
the export has a bit of a bug I have found. If you export, then select the browse for the file location, then type in the file name the default "of type" is set to feature class or something. You need to select the type of dbf table. Then you would need to open and saveas in excel to xls.
Recent versions of ArcGIS, since 10.2 and we are now at 10.5, have a set of tools named Excel Toolset which has a Table To Excel tool which:
Converts a table to a Microsoft Excel file.
You can convert to excel directly from this tool. It does have some limitations. For example Excel 2010 onward supports 16,384 columns but ArcGIS will only export 256 when I last checked it.
I understand the need to go directly to Excel from a Geodatabase as using the DBF route will truncate your field names. If you are working in a shapefile I am not sure you gain much additional functionality.
See Jay's answer for the Parse command section of the answer as this still stands.