You can also use:
CFGregorianDate currentDate = CFAbsoluteTimeGetGregorianDate(CFAbsoluteTimeGetCurrent(), CFTimeZoneCopySystem());
countdownLabel.text = [NSString stringWithFormat:@"%02d:%02d:%02.0f", currentDate.hour, currentDate.minute, currentDate.second];
CFRelease(currentDate); // Don't forget this! VERY important
I think this has the following advantages: