The 2003-04 season was a tough one for the Moose, as they missed the playoffs for the first time since 1996-97, finishing four points behind the Toronto Roadrunners with a 32-35-11-2 record.
The final full season in the Winnipeg Arena also brought an end to the Stan Smyl era. Smyl returned to the Canucks at the end of the season to become the Director of Player Development.
Brandon Reid captured the MVP award after scoring 58 points, while Pat Kavanaugh and Fedor Fedorov tied for the goal scoring lead with 23. Jaroslav Obsut was named best defenceman.
Alex Auld appeared in 40 games between the pipes, posting an 18-16-4 record, while Tyler Moss put up a 10-16-5 record.
| AHL Standings 2003-04 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Atlantic Division | ||||||||||
| TEAM | GP | W | L | T | OTL | PTS | WPCT | GF | GA | PIM |
| y Hartford | 80 | 44 | 22 | 12 | 2 | 102 | .638 | 198 | 153 | 1644 |
| x Manchester | 80 | 40 | 28 | 7 | 5 | 92 | .575 | 223 | 181 | 1448 |
| x Worcester | 80 | 37 | 27 | 13 | 3 | 90 | .563 | 207 | 186 | 1378 |
| x Providence | 80 | 36 | 29 | 11 | 4 | 87 | .544 | 170 | 170 | 1739 |
| x Portland | 80 | 32 | 27 | 13 | 8 | 85 | .531 | 156 | 160 | 1141 |
| Lowell | 80 | 32 | 36 | 6 | 6 | 76 | .475 | 208 | 242 | 1319 |
| Springfield | 80 | 26 | 43 | 9 | 2 | 63 | .394 | 179 | 234 | 1577 |
| TOTALS | 560 | 247 | 212 | 71 | 30 | 595 | 0.531 | 1341 | 1326 | 10246 |
| East Division | ||||||||||
| TEAM | GP | W | L | T | OTL | PTS | WPCT | GF | GA | PIM |
| y Philadelphia | 80 | 46 | 25 | 7 | 2 | 101 | .631 | 216 | 168 | 2259 |
| x Bridgeport | 80 | 41 | 23 | 12 | 4 | 98 | .613 | 178 | 140 | 1189 |
| x Wilkes-Barre | 80 | 34 | 28 | 10 | 8 | 86 | .538 | 197 | 197 | 1767 |
| x Binghamton | 80 | 34 | 34 | 9 | 3 | 80 | .500 | 210 | 216 | 2015 |
| x Norfolk | 80 | 35 | 36 | 4 | 5 | 79 | .494 | 172 | 187 | 1626 |
| Hershey | 80 | 33 | 34 | 8 | 5 | 78 | .488 | 203 | 218 | 1623 |
| Albany | 80 | 21 | 39 | 11 | 9 | 62 | .388 | 182 | 257 | 1489 |
| TOTALS | 560 | 244 | 219 | 61 | 36 | 584 | 0.521 | 1358 | 1383 | 11968 |
| North Division | ||||||||||
| TEAM | GP | W | L | T | OTL | PTS | WPCT | GF | GA | PIM |
| y Hamilton | 80 | 41 | 25 | 10 | 4 | 96 | .600 | 235 | 191 | 1248 |
| x Syracuse | 80 | 38 | 25 | 10 | 7 | 93 | .581 | 239 | 235 | 1869 |
| x Rochester | 80 | 37 | 28 | 10 | 5 | 89 | .556 | 207 | 188 | 1776 |
| x Cleveland | 80 | 37 | 28 | 8 | 7 | 89 | .556 | 235 | 220 | 1481 |
| x Toronto | 80 | 35 | 34 | 8 | 3 | 81 | .506 | 219 | 224 | 1420 |
| Manitoba | 80 | 32 | 35 | 11 | 2 | 77 | .481 | 214 | 232 | 1394 |
| St. John's | 80 | 32 | 36 | 8 | 4 | 76 | .475 | 225 | 265 | 1725 |
| TOTALS | 560 | 252 | 211 | 65 | 32 | 601 | 0.537 | 1574 | 1555 | 10913 |
| West Division | ||||||||||
| TEAM | GP | W | L | T | OTL | PTS | WPCT | GF | GA | PIM |
| z Milwaukee | 80 | 46 | 24 | 7 | 3 | 102 | .638 | 269 | 191 | 1409 |
| x Grand Rapids | 80 | 44 | 28 | 8 | 0 | 96 | .600 | 195 | 166 | 1289 |
| x Chicago | 80 | 42 | 26 | 9 | 3 | 96 | .600 | 246 | 208 | 1658 |
| x Houston | 80 | 28 | 34 | 14 | 4 | 74 | .463 | 197 | 220 | 1636 |
| x Cincinnati | 80 | 29 | 37 | 13 | 1 | 72 | .450 | 188 | 211 | 1643 |
| San Antonio | 80 | 30 | 42 | 8 | 0 | 68 | .425 | 191 | 231 | 1341 |
| Utah | 80 | 27 | 42 | 6 | 5 | 65 | .406 | 162 | 230 | 1749 |
| TOTALS | 560 | 246 | 233 | 65 | 16 | 573 | 0.512 | 1448 | 1457 | 10725 |
| x - clinched playoff berth y - clinched playoff title z - clinched league title |
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