The team finished in fifth and last-place in the Southeast Division, and fourteenth overall in the Eastern Conference, to miss the playoffs.
On December 10, 2003, head coach Bruce Cassidy was fired after a disappointing 8–18–1–1 start to the season.
Assistant coach Glen Hanlon was named his replacement.
[2] Note: CR = Conference rank; GP = Games played; W = Wins; L = Losses; T = Ties; OTL = Overtime loss; GF = Goals for; GA = Goals against; Pts = Points Bolded teams qualified for the playoffs.
[79] The Capitals main American Hockey League affiliate was the Portland Pirates.