Probably a much easier way to do it, but I'm tired 🙂
<?
//your variable
$oldDate = "022103";
//get current year
$curYear = date("Y");
/pull day from variable
$newDay = substr($oldDate,2,2);
//first two digits of current year(20) + year from variable(03)
$newYear = substr($curYear,0,2) . substr($oldDate,4,2);
//set readable month
if(substr($oldDate,0,2) == "01") { $newM = "January"; }
if(substr($oldDate,0,2) == "02") { $newM = "February"; }
if(substr($oldDate,0,2) == "03") { $newM = "March"; }
if(substr($oldDate,0,2) == "04") { $newM = "April"; }
if(substr($oldDate,0,2) == "05") { $newM = "May"; }
if(substr($oldDate,0,2) == "06") { $newM = "June"; }
if(substr($oldDate,0,2) == "07") { $newM = "July"; }
if(substr($oldDate,0,2) == "08") { $newM = "August"; }
if(substr($oldDate,0,2) == "09") { $newM = "September"; }
if(substr($oldDate,0,2) == "10") { $newM = "October"; }
if(substr($oldDate,0,2) == "11") { $newM = "November"; }
if(substr($oldDate,0,2) == "12") { $newM = "December"; }
//set variable for new date
$newDate = $newM . " " . $newDay . ", " . $newYear;
echo $newDate;
?>