postgres 8.03 initdb error for Rhel ES-4

I am getting the initdb error when I do the initdb for RHEL ES-4.Plesae advice me to fix this problem.

-bash-3.00$ /usr/bin/initdb -D /var/pgsql/data
The files belonging to this database system will be owned by user "postgres".
This user must also own the server process.

The database cluster will be initialized with locale en_US.UTF-8.
The default database encoding has accordingly been set to UNICODE.

fixing permissions on existing directory /var/pgsql/data ... ok
creating directory /var/pgsql/data/global ... ok
creating directory /var/pgsql/data/pg_xlog ... ok
creating directory /var/pgsql/data/pg_xlog/archive_status ... ok
creating directory /var/pgsql/data/pg_clog ... ok
creating directory /var/pgsql/data/pg_subtrans ... ok
creating directory /var/pgsql/data/base ... ok
creating directory /var/pgsql/data/base/1 ... ok
creating directory /var/pgsql/data/pg_tblspc ... ok
selecting default max_connections ... 10
selecting default shared_buffers ... 50
creating configuration files ... ok
creating template1 database in /var/pgsql/data/base/1 ... child process exited with exit code 1
initdb: removing contents of data directory "/var/pgsql/data"

Thanks

Prasad