Synchronized Accessible Media Interchange (SAMI) files does the job.
Not sure of what tools are there to do it, I've only done it once for a mate and did it 'long hand' :)
do a google :)
To turn it on you need to ensure in the Play menu, point to Captions and Subtitles, and then click On if Available.
Your file looks like .... the SYNC is the timing for when it displays the text
<SAMI>
<head>
...
</head>
<BODY>
<SYNC Start="0">
<P Class="Captions">First caption</P>
</SYNC>
<SYNC Start="1000">
<P Class="Captions">Last caption</P>
</SYNC>
<SYNC Start="2000">
<P Class="Captions"> </P>
</SYNC>
</BODY>
</SAMI>