Based on what info I've been able to find, it works like this. Prior to 1986, mag bodies were marked on each side, on the inside. O with a number on one side, K with a number on the other side. 1986 up, they are marked with the year, as well as the above markings. You might see 87 over K4 on one side and 87 over O4 on the other side. Prior to 1986, you'd just see K4 on one side and O4 on the other. I have Colt floorplated, OK manufactured pre-ban mags with the markings K1 O1, and K4 O4....no year, no outside markings at all. They obviously weren't made in 2001 or 2004, or they would be ban marked on the outside of the mag body (LEO/MIL only, and year), so I'm not really sure what the number itself means, but I strongly suspect the above poster is correct about it being the month.
You could have a magazine like the one pictured above, with two different numbers on each half......as the halves aren't necessarily stamped (and therefore marked) at exactly the same time before being assembled. The one above has a 2 on one side and a 3 on the other. Perhaps one half was stamped on the last day of Feb, and the second half on the first day of March? Dunno.