The timestamp is converted on the way out to a string representation of the date and time. It will use the timezone settings of the MySQL server for what shows up in your result set.
The timestamp is stored internally as seconds since EPOCH ('1970-01-01 00:00:00' UTC);
That's why a lot of folks like to set their DB's to be in UTC--that way they're always getting a UTC date time back and can translate on the code side to the local time.
Timezone for the MySQL db will use internal config settings which may fallback to the what the server's system settings are.
See this on how to configure the MySQL timezone settings: http://dev.mysql.com/doc/refman/5.5/en/time-zone-support.html