FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934

~~under~~January ~~the~~26, ~~Securities Exchange Act of 1934~~2005

April 28, 2004

Commission File Number 000-30838

InfoVista S.A.

(Translation of registrant’s name into English)

6, rue de la Terre de Feu

91940 Les Ulis, France

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F: ý Form 40-F: o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes: o No: ý

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes: o No: ý

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes: o No: ý

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

Enclosures: InfoVista second ~~Semi-Annual~~Quarter Financial Results for the period ending December 31, ~~2003~~2004

Semi-Annual Report

FOR IMMEDIATE RELEASE	Contact:	Philippe Ozanian CFO, InfoVista +1 703 435 2435 pozanian@infovista.com
		- or -
Presentation materials are also available on our website: www.infovista.com		Kirsten Hendrie Cubitt Consulting (London) +44 (0)20 7367 5100 kirsten.hendrie@cubitt.com
		- or -
		Mark Kollar Cubitt (New York) +1 212 279 3115 mark@cjpcom.com

DecemberINFOVISTA 31REPORTS SOLID SECOND QUARTER, 2003AHEAD OF TOP LINE AND BOTTOM LINE GUIDANCE

1• 25% YoY revenue growth (+28% at constant currency)

~~InfoVista~~• First ever positive net income, ahead of plan

~~Item~~• Solidly 1.on ~~Consolidated~~track for ~~Financial~~full-year ~~Statements~~bottom-line profitability

~~CONSOLIDATED~~Paris, France and Herndon, ~~STATEMENTS~~Virginia OF– ~~OPERATIONS~~January 26, 2005 – InfoVista (Euronext Paris: FR0004031649, NASDAQ: IVTA), the leading service-centric performance management software company today announced record financial results for its fiscal second quarter ended December 31, 2004. Total revenues for the quarter increased to € 8.6 million, up 25% over the comparable quarter last year. On a comparable currency basis, revenues would have increased by 28%. InfoVista recorded positive EBITDA of € 0.5 million for the quarter, as compared to negative EBITDA of € 0.2 million in the comparable quarter last year. For the first time since its inception and ahead of plan, InfoVista achieved positive net income in the quarter, totaling € 0.1 million, or € 0.01 per share, as compared to a loss of € 0.6 million, or € 0.03 per share, in the comparable quarter last year.

~~(In~~Commenting on ~~thousands~~the quarter, ~~except~~Gad ~~for~~Tobaly, ~~share~~Chief Executive Officer of InfoVista, said: “This has been a pivotal quarter in the history of InfoVista, as we achieved our first ever quarterly net income, ahead of our own market guidance. Our teams delivered a solid quarter consistent with our sustainable profitable growth strategy. Each of our three main regions, Europe, America and ~~per~~Asia, ~~share~~posted sharp ~~data)~~growth, validating our Go-To-Market strategy. We have won brand new accounts, both in the Service Provider and Enterprise markets. Last but not least, several large existing customers are back in the game, and have been investing in InfoVista solutions to support their new service offering.”

		Six months ended December 31,
		2003			2002
Revenues
License revenues		€	6,492		€	7,105
Service revenues		6,264			5,996
Total revenues	(Note 2)	12,756			13,101
Cost of revenues
Cost of licenses		447			539
Cost of services		2,934			3,189
Total cost of revenues		3,381			3,728
Gross profit		9,375			9,373
Operating expenses
Sales and marketing expenses		6,679			8,355
Research and development expenses		2,895			3,315
General and administrative expenses		2,137			2,787
Stock compensation expenses		0			34
Restructuring costs	(Note 6)	2,496			1,590
Amortization of intangible assets		190			190
Total operating expenses		14,397			16,271
Operating loss		(5,022		)	(6,898		)
Other income (expense)
Interest income		351			732
Net foreign currency transaction losses		(133		)	(84		)
Loss on disposal and impairment of fixed assets		(494		)	(108		)
Loss before income taxes		(5,298		)	(6,358		)
Income tax (expense) benefit		(37		)	50
Net loss		€	(5,335	)	€	(6,308	)
Basic and diluted loss per share		€	(0.30	)	€	(0.33	)
Basic and diluted weighted average shares outstanding		18,047,952			19,368,904

Philippe Ozanian, Chief Financial Officer, added: “Most of our financial indicators – Operating Results, EBITDA, Gross Margin, DSOs – improved significantly in the quarter despite the sharp decline of the US dollar, underscoring our operational discipline.”

~~The~~Financial ~~accompanying notes are an integral part of the consolidated financial statements.~~Highlights

2• Revenues for the second quarter increased 25% year-on-year and 13% sequentially to € 8.6 million, significantly above our own market guidance provided at the end of the previous quarter. On a constant currency basis, total second quarter revenues would have risen by 28% year-on-year.

~~CONSOLIDATED BALANCE SHEETS~~2

~~(In~~• License ~~thousands~~revenues increased 19% year-on-year in the second quarter to € 4.7 million, ~~except~~representing 54% ~~for~~of ~~share~~total ~~and~~revenues. On a constant currency basis, license revenues would ~~per~~have ~~share~~increased ~~data)~~by 22% year-on-year.

		As of
		December 31, 2003			June 30, 2003
ASSETS
Cash and cash equivalents	(Note 4)	€	30,798		€	37,900
Marketable securities		5,867			5,850
Trade receivables, net of allowance of € 554 and € 460, respectively		6,477			5,259
Prepaid expenses and other current assets		1,575			2,616
Total current assets		44,717			51,625
Fixed assets, net	(Note 2)	2,587			3,549
Licensed technology and advances, net		965			1,086
Investment in affiliate		1,027			937
Deposits and other assets		1,337			1,236
Total non-current assets		5,916			6,808
Total assets		€	50,633		€	58,433
LIABILITIES & STOCKHOLDERS’ EQUITY
Trade payables		€	2,344		€	3,347
Accrued salaries and commissions		1,763			1,772
Accrued social security and other payroll taxes		751			680
Deferred revenue		3,212			4,294
Accrued VAT		701			1,042
Accrued restructuring charges	(Note 6)	380			62
Other current liabilities		390			747
Total current liabilities		9,541			11,944
Other long term liabilities		58			71
Total non-current liabilities		58			71
Stockholders’ equity
Common stock		10,166			10,153
Capital in excess of par value of stock		84,767			84,716
Accumulated deficit		(51,444		)	(46,109		)
Unrealized losses on available for sale securities		(134		)	(150		)
Cumulative translation adjustment		(1,313		)	(1,138		)
Less common stock in treasury		(1,008		)	(1,054		)
Total stockholders’ equity		41,034			46,418
Total liabilities and stockholders’ equity		€	50,633		€	58,433

• InfoVista’s gross margin stood at 80% in the second quarter, compared to 76% in the comparable quarter last year. This represents the fourth consecutive quarter during which gross margin was at least 80% of revenues.

~~The~~• EBITDA for the second ~~accompanying~~quarter ~~notes~~was ~~are~~€ 0.5 anmillion, ~~integral~~as ~~part~~a result of ~~the~~continuous ~~consolidated~~tight ~~financial~~control over ~~statements~~operational expenses.

3• Net income was € 0.1 million, or € 0.01 per share, versus a net loss of € 0.6 million, or € 0.03 per share, in the comparable quarter last year. Operating results was € 0.2 million as compared to a loss of € 0.7 million last year

~~CONSOLIDATED~~• As ~~STATEMENTS~~of OFDecember 31, 2004, ~~STOCKHOLDER’S~~cash ~~EQUITY~~and marketable securities stood at € 32.6 million, or € 1.8 per outstanding share.

~~(In~~• As ~~thousands~~of December 31, ~~except~~2004, InfoVista ~~for~~had ~~share~~a ~~and~~total ~~per~~of ~~share~~17,821,491 ~~data)~~shares outstanding.

	Number of ordinary shares		Number of treasury shares		Common stock			Treasury stock			Capital in excess of par value of stock			Accumulated other comprehensive loss			Deferred compensation			Total
Balance, June 30, 2002	19,866,560		6,753		€	10,728		€	(72	)	€	85,839		€	(35,839	)	€	(38	)	€	60,618
Exercise of stock options	16,250				9						10									19
Subscription of warrants											3									3
Stock compensation expense																	38			38
Purchase of treasury stock			1,938,054					(2,912		)										(2,912		)
Common stock issued from treasury			(100,000	)				193			17									210
Cancellation of treasury stock	(1,080,173	)	(1,080,173	)	(584		)	1,737			(1,153		)							0
Components of comprehensive loss:
Net loss														(11,525		)				(11,525		)
Currency translation adjustment														(370		)				(370		)
Unrealized losses on available for sale securities														337						337
Comprehensive loss																				(11,558		)
Balance, June 30, 2003	18,802,637		764,634		€	10,153		€	(1,054	)	€	84,716		€	(47,397	)	€	0		€	46,418
Exercise of stock options	22,625				13						28									41
Purchase of treasury stock			820					(2		)										(2		)
Common stock issued from treasury			(30,000	)				48			23									71
Components of comprehensive loss:
Net loss														(5,335		)				(5,335		)
Unrealized losses on available for sale securities														16						16
Currency translation adjustment														(175		)				(175		)
Comprehensive loss																				(5,494		)
Balance, December 31, 2003	18,825,262		735,454		€	10,166		€	(1,008	)	€	84,767		€	(52,891	)	€	0		€	41,034

Operational Review for the second quarter 2004/2005

~~The~~InfoVista ~~accompanying~~recorded ~~notes~~strong ~~are~~growth anacross ~~integral~~all ~~part~~geographical ~~of the consolidated financial statements~~regions.

• The American, European and Asian markets contributed 35%, 56% and 9% of total revenues, respectively. Revenues in the Americas amounted to € 3.0 million, up 37% from the same quarter last year. In US dollar terms, American revenues were up 45% over the comparable last year quarter. European revenues were up 16% over the comparable quarter last year to € 4.8 million. Finally, the growth in Asia-Pacific revenues picked up pace in the quarter, with sales up by over 46% to € 0.8 million.

~~CONSOLIDATED~~• InfoVista ~~STATEMENTS~~recorded a OFlarge ~~CASH~~number ~~FLOWS~~of major new customer wins, including Time Warner Telecom and ADP in the Americas, Yours Communication and Aena in Europe, and KVH in Asia.

~~(In~~• Large ~~thousands~~existing customers also increased their investment in InfoVista solutions during the quarter, ~~except~~including ~~for~~Bell ~~share~~Canada and ~~per~~Motorola ~~share~~in ~~data)~~the Americas, Deutsche Telekom, Telefonica and Cable & Wireless in Europe, and NEC for NTT in Asia.

	Six months ended December 31,
	2003			2002
Cash flows from operating activities
Net loss	€	(5,335	)	€	(6,308	)
Adjustments to reconcile net loss to net cash used by operating activities
Depreciation	555			671
Loss on disposal of fixed assets	494			106
Amortization of intangible assets	190			190
Amortization of licensed technologies and royalties advances	121			121
Stock compensation expense	—			34
Provision for bad debt	6			132
Changes in operating assets and liabilities
Trade receivables	(1,428		)	1,173
Prepaid expenses and other current assets	1,014			545
Deposits and other assets	(347		)	82
Trade payable	(962		)	(1,788		)
Accrued expenses	(239		)	238
Deferred revenues	(946		)	705
Other current liabilities	36			59
Other long term liabilities	24			10
Net cash used by operating activities	(6,817		)	(4,030		)
Cash flows from investing activities
Purchase of fixed assets	(136		)	(588		)
Purchase of an investment in affiliate	(90		)	—
Net cash used by investing activities	(226		)	(588		)
Cash flows from financing activities
Payments of debt	—			(305		)
Proceeds from exercise of stock options	41			20
Purchase of treasury stock	(2		)	(1,822		)
Proceeds from issuance of treasury stock	71			210
Net cash provided (used) by financing activities	110			(1,897		)
Net change in cash	(6,933		)	(6,515		)
Effects of exchange rate changes	(169		)	(60		)
Decrease in cash and cash equivalents	€	(7,102	)	€	(6,575	)
Cash and cash equivalents at beginning of period	€	37,900		€	50,226
Cash and cash equivalents at end of period	€	30,798		€	43,651

• Revenues from the Service Provider market contributed 73% of total revenues in the second quarter, with Enterprise customers contributing the remaining 27%.

~~The~~• Revenues from ~~accompanying~~Software ~~notes~~Licenses ~~are~~grew anby ~~integral~~19% ~~part~~in the quarter, contributing 54% of ~~the~~total revenues, ~~consolidated~~while ~~financial~~Service ~~statements~~revenues, representing 46% of total revenues, rose by 33%.

5• Revenues from indirect channels were up by 26%, contributing 44% to total revenues, while direct channels posted growth of 24% and contributed the remaining 56% of revenues.

~~NOTE TO THE CONSOLIDATED FINANCIAL STATEMENTS~~3

(InPromising thousands, exceptOutlook for sharethe andsecond perhalf shareof data)FY 2004-05

1Looking –ahead, ~~SIGNIFICANT~~Gad ~~ACCOUNTING~~Tobaly ~~POLICIES~~concluded:

~~Description~~“Our core markets are well and alive and we have entered the second half of ~~business~~our fiscal year with a strong pipeline. We are also positioned to win various large projects in Q3. This quarter, we expect revenues to be in the range of € 9 million to € 9.2 million, representing year-on-year growth of 15%. For the fiscal year as a whole, we expect revenues to pass the € 34.5 million mark, representing year-on-year growth of over 20% despite the sharply reduced value of the US dollar. Thanks to continued discipline in cost-control, our bottom-line profitability should be consistently strengthened quarter after quarter, putting us solidly on track to achieve positive net income for our full fiscal year

InfoVistaConference SA and its subsidiaries (the “Company”) design and develop software, which monitors, analyses, and reports on the performance and quality of service of information technology (“IT”) infrastructure, including networks, servers and applications. In addition, the Company provides service support for the installation, implementation, training and maintenance of its products. The Company products are part of the software market segment known as Service Level Management (“SLM”). The Company markets its products to telecommunication companies, Internet Service Providers (“ISPs”) and large enterprises. The Company maintains its headquarters in Les Ulis (outside Paris), France with subsidiaries located in Europe, Americas and Asia.Call

~~Principles~~InfoVista will host a conference call today at 9:00 a.m. (EST) / 2:00 p.m. (UK) / 3:00 p.m. (Continental Europe). The call will be available by dialing + 44(0)20 7019 9523 in the UK/Europe, or +1 718 354 1172 in North America. A replay of ~~consolidation~~the ~~and~~teleconference ~~basis~~will be available shortly after the end of ~~presentation~~the conference call at the following numbers: UK/Europe: +44 (0)20 7984 7578, North America: +1 718 354 1112, Passcode: 301484.

TheAbout consolidated financial statements of the Company are unaudited (except the balance sheet information as of June 30, 2003 which has been derived from audited financial statements) and have been prepared in accordance with accounting principles generally accepted in the United States of America, under the same accounting policies used for the 2003 annual financial statements. Certain prior year amounts have been reclassified to conform to the current year presentation.Infovista

~~The~~InfoVista ~~accompanying~~is the Service-Centric ~~consolidated~~Performance ~~financial~~Management ~~statements~~Software ~~include~~Company that assures the ~~accounts~~optimal delivery of business-critical ~~the~~IT ~~Company~~services. Driven by a uniquely adaptive and ~~its~~real-time technology foundation, ~~subsidiaries.~~InfoVista ~~The~~solutions ~~interim~~improve ~~consolidated~~business ~~financial~~effectiveness, ~~statements~~reduce operating risk, lower incost ~~the~~of ~~opinion~~operations, increase agility and create competitive advantage. Eighty percent of the world’s ~~management~~largest service providers as ranked by Fortune®, ~~reflect~~as ~~all~~well ~~adjustments~~as ~~necessary~~leading ~~for~~Global a2000 enterprises, ~~fair~~rely ~~statement~~on ofInfoVista to enhance the ~~statements~~ business value of ~~operations~~their technology ~~for~~assets. Representative customers ~~the~~include ~~interim~~Allstream, ~~periods~~Banques ~~ended~~Populaires, ~~December~~Banque 31de France, ~~2003~~Broadwing Communications, Defense Information Systems Agency (DISA), Deloitte & Touche, Deutsche Telecom, France Telecom, Savvis Corporation, SingTel, US Cellular and Verio Inc. InfoVista stock is traded on the NASDAQ (IVTA) and the ~~2002~~Nouveau Marché (FR0004031649). For more information about the company, please visit www.infovista.com

~~The~~Cautionary ~~results~~Statement for Purposes of ~~operations~~the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the ~~interim~~matters ~~periods~~discussed in this news release are ~~not~~“forward looking ~~necessarily~~statements.” ~~indicative~~These ofstatements ~~the~~involve ~~results~~risks ofand uncertainties which ~~operations~~could ~~expected~~cause ~~for~~actual ~~the~~results ~~entire~~to ~~fiscal~~differ ~~year.~~materially ~~The~~from ~~interim~~those ~~consolidated~~in such ~~financial~~forward-looking statements; ~~should~~including, bewithout ~~read~~limitation, inrisks ~~conjunction~~and uncertainties ~~with~~arising from the ~~audited~~rapid evolution of our markets, competition, ~~consolidated~~market ~~financial~~acceptance ~~statements~~of ~~for~~our products, our dependence upon spending by the telecommunications ~~year~~industry ~~ended~~and ~~June 30,~~our ~~2003,~~ability to develop and protect new technologies. For a description of other factors which might affect our actual ~~are~~results, ~~contained~~please insee the ~~Company’s~~“Risk ~~Annual~~Factors” ~~Report~~section onand ~~Form~~other ~~20-F~~disclosures ~~filed~~in InfoVista’s public filings with the US Securities ~~and~~& Exchange Commission and French Autorité des Marchés Financiers. Readers of this news release are cautioned not to put undue reliance on ~~October~~any 23forward-looking statement. The Company undertakes no obligation to publicly update any forward-looking statements, ~~2003~~whether as a result of new information, future events or otherwise.

2InfoVista –is ~~SEGMENT~~a ~~INFORMATION~~registered trademark of InfoVista, S.A.

~~Reportable segments~~4

For management purposes, the Company is currently organized on the following basis: (1) it operates in a single business segment, software sales and related services and (2) its operations focus on three geographical areas, Europe, Americas and Asia-Pacific, where its eight operating entities are located.INFOVISTA

~~The Company’s~~CONSOLIDATED ~~chief~~STATEMENTS ~~operating decision-maker, as defined in Statement of~~OF Financial Accounting Standards (“SFAS”) 131, “Disclosures about Segments of an Enterprise and Related Information,” and its Board of Directors, reviews the operating results on the basis of the organization as described above.OPERATIONS

6(In thousands, except for share and per share data)

Geographic areas

	For the six months ended December 31,						For the three months ended December 31,
	2004			2003			2004			2003
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenues
License revenues	€	8,678		€	6,492		€	4,667		€	3,919
Service revenues	7,569			6,264			3,955			2,979
Total revenues	16,247			12,756			8,622			6,898

Cost of revenues
Cost of licenses	368			447			198			257
Cost of services	2,857			2,934			1,495			1,396
Total cost of revenues	3,225			3,381			1,693			1,653

Gross profit	13,022			9,375			6,929			5,245

Operating expenses
Sales and marketing expenses	7,365			6,679			3,548			3,325
Research and development expenses	3,269			2,895			1,650			1,478
General and administrative expenses	2,721			2,137			1,468			1,073

Restructuring costs	—			2,496			—			—
Amortization of intangible assets	158			190			63			95
Total operating expenses	13,513			14,397			6,729			5,971

Operating (loss) income	(491		)	(5,022		)	200			(726		)

Other income (expense):
Interest income	241			351			122			169
Net foreign currency transaction losses	(262		)	(133		)	(208		)	(35		)
Loss on disposal and impairment of fixed assets	(4		)	(494		)	(3		)	(5		)

(Loss) Income before income taxes	(516		)	(5,298		)	111			(597		)

Income tax benefit (expense)	10			(37		)	(3		)	(15		)

Net (loss) income	€	(506	)	€	(5,335	)	€	108		€	(612	)
EBITDA	€	251		€	(4,727	)	€	481		€	(182	)
Adjusted net (loss) income	€	(82	)	€	(2,022	)	€	382		€	(477	)

Basic net (loss) income per share	€	(0.03	)	€	(0.30	)	€	0.01		€	(0.03	)
Diluted net (loss) income per share	€	(0.03	)	€	(0.30	)	€	0.01		€	(0.03	)

Adjusted basic net (loss) income per share	€	(0.00	)	€	(0.11	)	€	0.02		€	(0.03	)
Adjusted diluted net (loss) income per share	€	(0.00	)	€	(0.11	)	€	0.02		€	(0.03	)

Basic weighted average shares outstanding	17,202,645			18,047,952			17,246,502			18,057,585
Diluted weighted average shares outstanding	17,202,645			18,047,952			20,883,505			18,057,585

~~The following tables present revenue by country based on country of invoice and long-lived assets by country based on the location of assets:~~5

~~Revenue analysis~~INFOVISTA

	Six months ended December 31,
	2003		2002
Europe
France	€	2,020	€	2,418
Others	4,929		4,267
Total	6,949		6,685
Asia-Pacific	4,451		1,633
Americas	1,356		4,783
Total sales	€	12,756	€	13,101

RECONCILIATION BETWEEN NET LOSS AND EBITDA

~~Carrying~~(In thousands, ~~amount~~except offor ~~long-lived~~share ~~assets~~and per share data)

~~Long-lived~~The ~~assets~~Company ~~reflect~~provides EBITDA data to assist investors in their analysis of our operating results. These adjustments are not in accordance with, or an alternative for, generally accepted accounting principles in the United States of Americas (US GAAP) and may be different from the presentation of financial information provided by other companies. EBITDA as well as US GAAP net ~~fixed~~income are ~~assets~~presented in the consolidated statements of operations that accompany this press release. EBITDA is calculated as net income (loss) less depreciation and amortization, interest expense and income tax expense.

	As of December 31, 2003			As of June 30, 2003
	For the six months ended December 31,						For the three months ended December 31,
Europe
	2004			2003			2004		2003
France	€	1,878		€	2,258
	(unaudited)			(unaudited)			(unaudited)		(unaudited)
Others	149			166
Net (loss) income	€	(506	)	€	(5,335	)	€	108	€	(612	)
Total	2,027			2,424
EBITDA is exclusive of the following items ::
Asia-Pacific	90			1,025
Income tax (benefit) expense	(10		)	37			3		15
Americas	470			100
Depreciation and amortization	767			571			370		415
Total carrying amount of long-lived assets	€	2,587		€	3,549
EBITDA	€	251		€	(4,727	)	€	481	€	(182	)

~~Information~~RECONCILIATION ~~about~~BETWEEN ~~major~~NET ~~customers~~LOSS AND ADJUSTED NET LOSS

No(In ~~customer individually~~thousands, ~~accounted~~except for ~~more~~share ~~than~~and ~~10%~~per ofshare ~~consolidated net revenues for the six month ended December 31, 2003 and 2002.~~data)

3The –Company ~~FACTORING~~provides adjusted OFnet ~~ACCOUNTS~~income ~~RECEIVABLE~~(loss) and adjusted net income (loss) per share data to assist investors in their analysis of our operating results. These adjustments are not in accordance with, or an alternative for, generally accepted accounting principles in the United States of Americas (US GAAP) and may be different from the presentation of financial information provided by other companies. Adjusted net income and earnings per share as well as US GAAP net income and earnings per share are presented in the consolidated statements of operations that accompany this press release.

During the six months ended December 31, 2003, the Company entered into an agreement with a third party bank in Spain to sell without recourse accounts receivables amounting to € 514, which reduced its accounts receivable balance by € 514 as of Decembre 31, 2003. As of December 31, 2003, the Company also recorded a receivable in other current assets for € 51 for a retainer that the third party bank shall pay to the Company, upon receipt of cash from our customer.

	For the six months ended December 31,						For the three months ended December 31,
	2004			2003			2004		2003
	(unaudited)			(unaudited)			(unaudited)		(unaudited)

Net (loss) income	€	(506	)	€	(5,335	)	€	108	€	(612	)

As adjusted net income (loss) is exclusive of the following charges:
Restructuring costs	—			2,496			—		—
Amortization of intangible assets	158			190			63		95
Net foreign currency transaction losses	262			133			208		35
Loss on disposal of fixed assets	4			494			3		5

Adjusted net (loss) income	€	(82	)	€	(2,022	)	€	382	€	(477	)

~~4 – CASH AND CASH EQUIVALENTS~~INFOVISTA

AsCONSOLIDATED ofBALANCE ~~December 31, 2003 and June 30, 2003, the cash and cash equivalents of the Company were as follows:~~SHEETS

	As of December 31, 2003		As of June 30, 2003
Cash	€	3,299	€	4,779
Short-term deposits	27,499		33,121
Total cash and cash equivalents	€	30,798	€	37,900

(In thousands, except for share and per share data)

The cash equivalents are highly liquid investments with an original maturity date of three months or less. As of December 31, 2003 and June 30, 2003, unrealized gains relating to short-term deposits were immaterial.

	As of
	December 31, 2004			June 30, 2004
	(unaudited)
ASSETS

Cash and cash equivalents	€	26,627		€	26,772
Marketable securities	5,967			5,904
Trade receivables, net of allowance of € 199 and € 387, respectively	7,725			8,367
Prepaid expenses and other current assets	1,596			2,399
Total current assets	41,915			43,442

Fixed assets, net	2,207			2,449
Licensed technology and advances, net	726			850
Investment in affiliate	1,027			1,027
Deposits and other assets	892			1,085
Total non current assets	4,852			5,411

Total assets	€	46,767		€	48,853

LIABILITIES & STOCKHOLDERS’ EQUITY

Trade payables	€	2,299		€	2,614
Accrued salaries and commissions	1,658			1,680
Accrued social security and other payroll taxes	955			818
Deferred revenue	5,218			5,453
Accrued VAT	567			1,384
Other current liabilities	274			537
Total current liabilities	10,971			12,486

Other long term liabilities	75			113
Total non-current liabilities	75			113

Stockholders’ equity
Common stock (18,421,491 and 18,950,920 shares authorized and issued, and 17,821,491 and 17,115,466 shares outstanding)	9,948			10,233
Capital in excess of par value of stock	84,656			84,982
Accumulated deficit	(52,819		)	(52,313		)
Unrealized losses on available for sale securities	(33		)	(96		)
Cumulative translation adjustment	(1,668		)	(1,236		)
Less common stock in treasury, at cost	(4,363		)	(5,316		)
Total stockholders’ equity	35,721			36,254

Total liabilities and stockholders’ equity	€	46,767		€	48,853

~~5 – STOCK OPTIONS~~7

The Company has adopted three separate stock option plans giving the right to subscribe for new shares (the “1999 Plan”, the “2000 Plan” and the “2001 Plan”) and one plan giving the right to purchase existing shares (the “2003 Plan”), pursuant to which stock options may be granted to officers and employees of the Company to purchase a specified number of shares at a price determined by the Board of Directors.SIGNATURES

APursuant ~~summary~~to the requirements of the ~~status~~Securities Exchange Act of ~~the~~1934, ~~Company’s~~InfoVista ~~options~~S.A. ~~under~~has ~~the~~duly ~~stock~~caused ~~option~~this ~~plans~~report isto asbe ~~follows:~~signed on its behalf by the undersigned, thereunto duly authorized.

		Options to subscribe for new shares					Options to purchase existing shares
	InfoVista S.A.
		Number of Shares		Weighted Average Exercise Price			Number of Shares		Weighted Average Exercise Price
Date: January 26, 2005	By	: /s/ Philippe Ozanian
Balance as of June 30, 2003		2,783,393		€	3.17		0		€	—
	Name: Philippe Ozanian
Granted		653,630		2.15			295,180		2.15
	Title: Chief Financial Officer
Canceled		(590,769	)	(2.82		)	(1,500	)	(2.15		)
Exercised		(22,625	)	(1.77		)	—		—
Balance as of December 31, 2003		2,823,629		€	3.01		293,680		€	2.15

~~As of December 31, 2003, the Company had 764,253 options available to grant, giving the right to subscribe for new shares and 6,320 options giving the right to purchase existing shares.~~8

6 – RESTRUCTURING CHARGES

	Six months ended December 31,
	2003		2002
Reduction in its workforce	€	795	€	1,514
Office rationalization	1,701		76
Total restructuring charges	€	2,496	€	1,590

During the first half of fiscal year 2004 and 2003, the Company adopted a restructuring plan to effect a reduction in its worldwide workforce as part of its ongoing measures to better align operating expenses with revenues. As of December 31, 2003 and June 30, 2003, unpaid restructuring charges amounted to € 380 and € 62, respectively. Remaining cash expenditures relating to unpaid restructuring costs as of December 31, 2003 will be substantially paid before the end of fiscal year 2004.

7 – SUBSEQUENT EVENT

Stock options grants

On February 16, 2004, the Board of Directors granted to officers and employees of the Company 490,900 options to subscribe for shares under the terms of two stock option plans, the “1999 Plan” and the “2001 Plan”. Each option will give the right to subscribe for one share at the price of € 3.94 per share, which was equal to the fair market value on the date of grant.

Treasury Stock

In March 2004, in accordance with the Company’s treasury stock purchase program that was authorized by the annual Shareholder’s meeting on December 15, 2003, the Company repurchased 1,100,000 shares for an aggregate amount of € 4,308 from one of its largest shareholders, Société Centrale d’Investissements. After this repurchase, the Company held 1,835,454 shares in treasury stock.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The statements in this semi-annual report that are not descriptions of historical facts may be forward-looking statements that are subject to risks and uncertainties. These include statements related to the development and commercialization of products, the benefits to be derived from our current and future strategic alliances, and our estimates regarding future revenue, profitability, and capital requirements, all of which are prospective. Such statements are only predictions and reflect our expectations and assumptions as of the date of this report based on currently available operating, financial, and competitive information. The actual events or results may differ materially from those projected in such forward-looking statements. Actual results could differ materially from those currently anticipated due to a number of factors, including those identified below and in our other publicly available documents. These forward-looking statements speak only as of the date of this report. We expressly disclaim any intent or obligation to update any of these forward-looking statements after the filing of this semi-annual report to reflect actual results, changes in our expectations, or otherwise.

The following information should be read in conjunction with the consolidated financial statements and the notes thereto included in Item 1 of this semi-annual report. We also urge readers to review and consider our disclosures describing various factors that affect our business in our Annual Report on Form 20-F for the year ended June 30, 2003, including the disclosures under the captions “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors Related to Our Business”, as well as the audited financial statements and notes thereto contained in such report.

Six months ended December 31, 2003 and 2002

Revenues

Total revenues were € 12.8 million for the six months ended December 31, 2003, which represents a slight decrease of € 0.3 million or 0.2% over the corresponding prior period.

License revenues were € 6.5 million and € 7.1 million for the six months ended December 31, 2003 and 2002, respectively. The decrease in license revenues was primarily due to the continued decline of the US and Singaporean dollar against the euro, which impacts our Americas and Asia-Pacific regional revenues. On a constant exchange rate basis between 2003 and 2002, license revenues for the six months ended December 31, 2003 would have been € 7.0 million. We anticipate license revenues to increase steadily for the remainder of the fiscal year so long as the US dollar does not significantly fluctuate against the euro.

Service revenues, including maintenance, training, and professional services, were € 6.3 million and € 6.0 million for the six months ended December 31, 2003 and 2002, respectively. This increase was due to the rise of maintenance revenues, which resulted from the growth in our customer install base, net of the decrease from the continued decline of the US and Singaporean dollar against the euro. On a constant exchange rate basis between 2003 and 2002, service revenues for the six months ended December 31, 2003 would have been € 6.7 million. We anticipate service revenues to increase slightly for the remainder of the fiscal year, so long as the US dollar does not significantly fluctuate against the euro.

Cost of Revenues

Cost of revenues were € 3.4 million and € 3.7 million for the six months ended December 31, 2003 and 2002, respectively, representing a decrease of 8.1%.

Cost of license revenues consist primarily of license fees paid to third party software vendors whose software is embedded in our products and, to a lesser extent, the costs of software packaging, documentation and shipping. Cost of license revenues, as a percentage of license revenues, were 6.9% and 7.5% for the six months ended December 31, 2003 and 2002, respectively. This percentage decrease was mainly due to lower costs related to certain third party products that are embedded into our Vista Plug-in for Application / Server Analysis. We anticipate that cost of license revenues as a percentage of license revenues shall slightly decrease for the remainder of the fiscal year.

Cost of service revenues consist primarily of salaries and related benefits, employee travel costs, third party subcontract fees and related facility expenses. Cost of service revenues, as a percentage of service revenues, were 46.9%, and 53.2% for the six months ended December 31, 2003 and 2002, respectively. The percentage decrease was primarily due to higher maintenance revenues for the six months ended December 31, 2003, which typically carry less cost of services, and a significant improvement of our professional services margin between 2003 and 2002. Headcount in customer services as of December 31, 2003 and 2002 was 43 and 48 employees, respectively. We anticipate that cost of services, as a percentage of service revenues shall remain relatively flat for the remainder of the fiscal year.

Sales and Marketing Expenses

Sales and marketing expenses primarily consist of salaries, commissions to sales personnel and agents, employee travel costs, advertising, promotional activities and related facility expenses. Sales and marketing expenses were € 6.7 million and € 8.4 million for the six months ended December 31, 2003 and 2002, respectively. Sales and marketing expenses decreased primarily from the reduction of the European sales force, along with the favorable impact from the decline of the US dollar of € 0.5 million. Headcount in sales and marketing as of December 31, 2003 and 2002 was 69 and 71 employees, respectively. We anticipate sales and marketing expenses to increase throughout the remainder of the fiscal year.

Research and Development Expenses

Research and development expenses primarily consist of personnel costs associated with software product development, outsourced research and development and related facility expenses. Research and development expenses were € 2.9 million and € 3.3 million for the six months ended December 31, 2003 and 2002. Research and development expenses decreased primarily due to no purchases in 2003 of in-process technologies that were expensed during the six months ended December 31, 2002 for € 0.2 million. In addition, we decreased the use of product development subcontractors and experienced a favorable settlement in a former employee lawsuit that led to a total amount of € 0.2 million of less expenses for the six months ended December 31, 2003. Headcount in research and development as of December 31, 2003 and 2002 was 56 and 49 employees, respectively. We anticipate research and development expenses to moderately increase for the remainder of the fiscal year.

General and Administrative Expenses

General and administrative expenses primarily consist of salaries and related facility costs for financial, administrative and management personnel, professional fees for accounting and legal services, insurance costs and allowances for doubtful accounts. General and administrative expenses were € 2.1 million and € 2.8 million for the six months ended December 31, 2003 and 2002, respectively. The decrease was primarily due to the reduction in general and administrative personnel, along with less professional fees and bad debt for a total amount of € 0.2 million. Headcount in general and administration as of December 31, 2003 and 2002 was 21 and 29, respectively. We anticipate general and administrative expenses to remain flat or slightly increase during the remainder of the fiscal year.

Restructuring costs

Restructuring costs were € 2.5 million and € 1.6 million for the six months ended December 31, 2003 and 2002, respectively. These restructuring costs related to the continued optimization of our office space in our American and German regions, along with the severance costs for certain employee terminations that are located in both Europe and Americas.

Other Income (Expense)

Other income (expense) was (€ 0.3 million) and € 0.5 million for the six months ended December 31, 2003 and 2002, respectively. The decrease was mainly due to less interest income earned on short-term deposits due to the drop in the effective interest rates along with the decrease in our cash balances and the increase of € 0.4 million in the loss on disposal and impairment of fixed assets, that resulted from the above mentioned optimization of our office space.

Liquidity and Capital Resources

Cash, cash equivalents, and marketable securities totaled € 36.7 million as of December 31, 2003, a decrease of € 7.1 million from June 30, 2003. Net cash used by operating activities for the six months ended December 31, 2003 and 2002, were € 6.8 million and € 4.0 million, respectively. This increase in net cash used by operating activities primarily resulted from higher cash receipts during the six months ended December 31, 2002, despite the higher net losses in 2002.

Cash used by investing activities totaled € 0.2 million and € 0.6 million for the six months ended December 31, 2003 and 2002, respectively. Investing activities during the six months ended December 31, 2003 and 2002 primarily consisted of the purchase of software and computer equipment. In addition, we made a supplemental investment in Network Physics of € 0.1 million during the six months ended December 31, 2003.

Cash (generated) used by financing activities totaled (€ 0.1 million) and € 1.9 million for the six months ended December 31, 2003 and 2002, respectively. Financing activities used a significant amount of cash during the six months ended December 31, 2002 for the stock buyback program, while the small amount of cash generated during the six months ended December 31, 2003 primarily resulted from the exercise of stock options.

Management believes that cash from operations together with existing cash, cash equivalents, and marketable equitable securities will be sufficient to meet the company’s cash requirements through at least the next 12 months. From time to time, in the ordinary course of business, we evaluate potential acquisitions of such businesses, products or technologies.

Period-to-Period variability

Our business has experienced and may continue to experience significant seasonality. Sales of our products and services in Europe and certain other parts of the world are typically adversely affected in the quarter ending September 30, as many clients reduce their business activities during the summer months. In addition, the typical timing of budget and investment spending at our clients for the quarter ending March 31 has historically experienced an adverse seasonal effect. We believe that these trends are likely to continue to result in significant seasonal fluctuations in our quarterly results.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, InfoVista S.A. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				InfoVista S.A.
Date: April 28th, 2004	By	:	/s/ Philippe Ozanian
				Name: Philippe Ozanian
				Title: Chief Financial Officer

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