What do you call "one hundredth of a second"?
Solution 1:
Centisecond, while valid, is an extremely rarely used unit, as is hectometer or decaliter.
You either measure "hundredths of second" or tens of milliseconds. In engineering, milliseconds are preferable. In sports hundredths are the defacto standard; as Jim said: fourteen and five hundredths of a second.
Solution 2:
I don't know anyone who would call this a five centiseconds... 50 milliseconds maybe.
It would normally be pronounced fourteen point oh-five seconds.
Edited to add: Differences maybe given in hundredths of a second.