Third Division - 2003-04
| P | W | D | L | F | A | GD | Pts | |
|---|---|---|---|---|---|---|---|---|
| Stranraer | 36 | 24 | 7 | 5 | 87 | 30 | 57 | 79 |
| Stirling Albion | 36 | 23 | 8 | 5 | 78 | 27 | 51 | 77 |
| Gretna | 36 | 20 | 8 | 8 | 59 | 39 | 20 | 68 |
| Peterhead | 36 | 18 | 7 | 11 | 67 | 37 | 30 | 61 |
| Cowdenbeath | 36 | 15 | 10 | 11 | 46 | 39 | 7 | 55 |
| Montrose | 36 | 12 | 12 | 12 | 52 | 63 | -11 | 48 |
| Queen's Park | 36 | 10 | 11 | 15 | 41 | 53 | -12 | 41 |
| Albion Rovers | 36 | 12 | 4 | 20 | 66 | 75 | -9 | 40 |
| Elgin City | 36 | 6 | 7 | 23 | 48 | 93 | -45 | 25 |
| East Stirlingshire | 36 | 2 | 2 | 32 | 30 | 118 | -88 | 8 |

