Appointments created on my iphone show an hour earlier on outlook icloud calendar

When I create an appointment on my iphone (or receive it and accept it first on my iphone for the matter) after syncing it shows an hour earlier on my icloud calendar on outlook.

Details: iPhone 4 (running IOS5), Outlook 2007 on a PC, Icloud installed on PC. Icloud calendar setup as default on both the phone and outlook. Date/Time settings setup the same on the PC, iphone, icloud and outlook (-4:00) with no DST.

Other info: I have tested creating appointments on Outlook first and those reflect correctly on my iphone. Also tested when receiving an appointment from someone else, when I accept it on Outlook it shows correctly on Outlook but once I accept it on the phone it syncs back to one hour earlier. All appointments created on my iphone will always show one hour earlier on icloud calendar on outlook.