build:
PHP4TS.DLL

MSVC++ 5 settings:
NDEBUG,_WINDOWS,_USRDLL,PHP4DLLTS_EXPORTS,MSVC5,PHP_EXPORTS,LIBZEND_EXPORTS,
TSRM_EXPORTS,SAPI_EXPORTS,ZTS,WIN32,_MBCS,ZEND_DEBUG=0

test script:
<HTML><BODY>
<? gmdate("U"); ?>
</BODY></HTML>

reason:
reentrancy.c - local_lock(GMTIME_R);
GMTIME_R wasn't initialized due to missing call of reentrancy_startup

To fix:
Suggest changes in SAPI.C

SAPI_API void sapi_startup(sapi_module_struct *sf)
{
	sapi_module = *sf;
	zend_hash_init(&known_post_content_types, 5, NULL, NULL, 1);
	sapi_register_post_readers(supported_post_content_types);
#ifdef ZTS
	sapi_globals_id = ts_allocate_id(sizeof(sapi_globals_struct), NULL, NULL);
#if defined(PHP_NEED_REENTRANCY)
	reentrancy_startup();
#endif
#endif
	php_global_startup_internal_extensions();
}