Yep; PHP isn't to know those strings are dates so it converts them both to numbers before subtracting - they both get converted to 2003, and 2003-2003=0.
$t1 = strtotime('2003/05/12'); // "string-to-time"
$t2 = strtotime('2003/04/25');
echo ($t1-$t2)/86400; // Assuming 24 hours in a day