If you want to truncate the time, you could have Unity do the timing for you and then just print that.
var time: int = 60;
function Awake () {
//Create the timer.
//Method: InvokeRepeating("MethodName", delayFor1stFire : float, repeatTime: float);
InvokeRepeating("FireTimer", 1, 1);
//I could not figure out why you were calling these every frame.
transform.position.x = 0.65;
transform.position.y = 0.05;
}
function FireTimer() {
time--;
guiText.text = prefix + time.ToString() + suffix;
if(timeRemaining <= 0)
{
Application.LoadLevel ("Game Over");
}
}
This will improve performance as well because you are not calling the method every frame. Only once per second. So, if performance matters, this is the fastest method.