The Outlook export does seem to have some quirks.

If your not happy with the results your getting, consider using
WinCalendar.
It is a Calendar Maker that can convert your Outlook calendar into
fully formatted calendars in both native MS Excel & Word format.
It supports many layouts & options.
For more info see:
http://www.wincalendar.com/calendar-maker.html
http://www.wincalendar.com/Outlook-Calendar-Import.htm

Enjoy!
Mike