Sec Form 5 Filing - MILANI ERNEST J @ SYKES ENTERPRISES INC - 2003-12-31

FORM 5 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person MILANI ERNEST J 2. Issuer Name and Ticker or Trading Symbol SYKES ENTERPRISES INC [ SYKE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 98 MEADOW BROOK RD 3. Date of Earliest Transaction (MM/DD/YY) 12/31/2003 (Street) NORWELL, MA02061 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, $.001 par value 5,289 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Option (right to buy) $ 22.23 05/09/1998 05/09/2007 Common Stock 7,500 7,500 D ( 1 ) Option (right to buy) $ 20.74 05/01/1999 05/01/2008 Common Stock 5,000 5,000 D ( 1 ) Option (right to buy) $ 23.81 04/30/2000 04/30/2009 Common Stock 5,000 5,000 D ( 1 ) Option (right to buy) $ 18.7625 04/27/2001 04/27/2010 Common Stock 7,500 7,500 D ( 1 ) Option (right to buy) $ 5.14 04/26/2002 04/26/2011 Common Stock 7,500 7,500 D ( 1 ) Option (right to buy) $ 10.32 04/29/2002 A V 10,000 04/29/2003 04/29/2012 Common Stock 10,000 $ 10.32 10,000 D ( 1 ) ( 2 ) Option (right to buy) $ 4.73 05/02/2003 A 10,000 05/02/2004 05/02/2013 Common Stock 10,000 $ 4.73 10,000 D ( 1 ) ( 2 ) Deferred Stock Units ( 3 ) ( 4 ) ( 4 ) Common Stock 2,654 2,654 D ( 5 ) Deferred Stock Units ( 3 ) ( 4 ) ( 4 ) Common Stock 1,448 1,448 D ( 6 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other MILANI ERNEST J 98 MEADOW BROOK RD NORWELL, MA02061 X Signatures /s/ Martin A. Traber, Attorney in Fact for Ernest J. Milani 02/13/2004 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Grant of stock options to the reporting person pursuant to the Company's 1996 Non-Employee Director Stock Option Plan, which vest in three equal annual installments beginning one year after the date of grant; provided that all options vest upon completion of the initial term as a director and subsequent grants vest in full one year after the date of grant. ( 2 )Pursuant to the Company's 1996 Non-Employee Director Stock Option Plan, which was previously approved and authorized by the Board of Directors and shareholders of the Company, stock options are to be granted on the day following the annual shareholders' meeting in accordance with the terms and conditions of the Plan. The reporting person has not previously disclosed this grant of stock options. ( 3 )1 for 1 ( 4 )The shares underlying the deferred stock units become payable to the Non-Employee Director upon the earliest of the date selected by the director on his/her Deferral Election Form, death, or disability. ( 5 )Acquired pursuant to the Company's 1996 Non-Employee Directors Fee Plan at a price of $3.769. ( 6 )Acquired pursuant to the Company's 1996 Non-Employee Directors Fee Plan at a price of $8.634.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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