| Delaware                                                      |   | 27-0016420                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |

| 70 Kinderkamack Road, Emerson, New Jersey |   | 07630      |
|-------------------------------------------|--------|------------|
| (Address of principal executive offices)  |   | (Zip Code) |

|   | (201) 225-0190                                             |   |
|--------|------------------------------------------------------------|--------|
|   | (Registrant’s telephone number, including area code) |   |

|   | n/a                                                                                |   |
|--------|------------------------------------------------------------------------------------|--------|
|   | (Former name, former address and former fiscal year, if changed since last report) |   |

| Large accelerated filer  ̈                                             | Accelerated filer  ̈    |
|----------------------------------------------------------------------------|-----------------------------|
|                                                                       |                        |
| Non-accelerated filer  ̈ (Do not check if a smaller reporting company) | Smaller reporting company x |

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|                                              |                                                                                        |   | Page   |
|---------------------------------------------------|---------------------------------------------------------------------------------------------|--------|--------|
|                                              | PART I - FINANCIAL INFORMATION                                                              |   |   |
|                                              |                                                                                        |   |   |
| Item 1.                  | Financial Statements                                                                        |   | 2      |
|                                              |                                                                                        |   |   |
| Item 2.                  | Management’s Discussion and Analysis of Financial Condition and Results of Operations |   | 10     |
|                                              |                                                                                        |   |   |
| Item 3.             | Quantitative and Qualitative Disclosures About Market Risk                                  |   | 13     |
|                                              |                                                                                        |   |   |
| Item 4.                            | Controls and Procedures                                                                     |   | 13     |
|                                              |                                                                                        |   |   |
|                                              | PART II - OTHER INFORMATION                                                                 |   |   |
|                                              |                                                                                        |   |   |
| Item 1A.                           | Risk Factors                                                                                |   | 14     |
|                                              |                                                                                        |   |   |
| Item 6.             | Exhibits                                                                                    |   | 14     |
|                                              |                                                                                        |   |   |
| SIGNATURES                                        |                                                                                        | 15     |
|                                              |                                                                                        |   |
| EXHIBIT INDEX       |                                                                                        | 16     |

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|                                                                                                  |   | June 30,2011  |   |   | December 31,  2010  |   |
|-------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|------------------------------------|--------|
|                                                                                                  |   | (Unaudited)        |   |   | (Audited)                          |   |
| ASSETS                                                                                                |   |               |   |   |                               |   |
| Current Assets:                                                                                       |   |               |   |   |                               |   |
| Cash and cash equivalents                                                                             |   | $                  | 338    |   |                               | $      | 626 |   |
| Accounts receivable                                                                                   |   |               | 4,414  |   |                               |   | 4,532 |   |
| Inventories                                                                                           |   |               | 3,557  |   |                               |   | 3,138 |   |
| Prepaid expenses and other current assets                                                             |   |               | 847    |   |                               |   | 498 |   |
|                                                                                                  |   |               |   |   |                               |   |   |   |
| Total current assets                                                                                  |   |               | 9,156  |   |                               |   | 8,794 |   |
|                                                                                                  |   |               |   |   |                               |   |   |   |
| Assets of discontinued operations                                                                     |   |               | -      |   |                               |   | 207 |   |
| Property and equipment, net                                                                           |   |               | 280    |   |                               |   | 255 |   |
| Long Term Deposit                                                                                     |   |               | 22     |   |                               |   | 21 |   |
| Deferred income taxes                                                                                 |   |               | 9      |   |                               |   | 7 |   |
|                                                                                                  |   | $                  | 9,467  |   |                               | $      | 9,284 |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                  |   |               |   |   |                               |   |   |   |
| Current  Liabilities:                                                                       |   |               |   |   |                               |   |   |   |
| Short term bank loans                                                                                 |   | $                  | 37     |   |                               | $      | 256 |   |
| Current portion of term loans                                                                         |   |               | 857    |   |                               |   | 93 |   |
| Accounts payable and accrued expenses                                                                 |   |               | 1,906  |   |                               |   | 2,957 |   |
| Due to affilliates                                                                                    |   |               | -      |   |                               |   | 1,127 |   |
|                                                                                                  |   |               |   |   |                               |   |   |   |
| Total current liabilities                                                                             |   |               | 2,800  |   |                               |   | 4,433 |   |
|                                                                                                  |   |               |   |   |                               |   |   |   |
| Liabilities of discontinued operations                                                                |   |               | -      |   |                               |   | 156 |   |
| Term loans, net of current portion                                                                    |   |               | 3,220  |   |                               |   | 561 |   |
| Severance payable                                                                                     |   |               | 230    |   |                               |   | 89 |   |
|                                                                                                  |   |               |   |   |                               |   |   |   |
| Total liabilities                                                                                     |   |               | 6,250  |   |                               |   | 5,239 |   |
| Stockholders' Equity:                                                                                 |   |               |   |   |                               |   |   |   |
| Preferred stock; $.001 par value, 5,000,000 shares authorized, none issued and outstanding       |   |               | -      |   |                               |   | - |   |
| Common stock; $.001 par value, 100,000,000 shares authorized, 6,483,000 shares issued and outstanding |   |               | 6      |   |                               |   | 6 |   |
| Additional paid-in capital                                                                            |   |               | -      |   |                               |   | 78 |   |
| Accumulated other comprehensive income                                                                |   |               | 601    |   |                               |   | 423 |   |
| Retained Earnings                                                                                     |   |               | 2,610  |   |                               |   | 2,321 |   |
| Stockholders' equity Lapis Technologies                                                               |   |               | 3,217  |   |                               |   | 2,828 |   |
| Non-controlling interest in subsidiary                                                                |   |               | -      |   |                               |   | 1,217 |   |
| Total stockholders' equity                                                                            |   |               | 3,217  |   |                               |   | 4,045 |   |
|                                                                                                  |   | $                  | 9,467  |   |                               | $      | 9,284 |   |

----

|                                                                |   | Six Months Ended  June 30, |      |   | Three Months Ended  June 30, |   |
|---------------------------------------------------------------------|--------|--------------------------------------|-----------|--------|-----------------------------------|--------|
|                                                                |   | 2011                                 |      |   | 2010                              |   |   | 2011 |   |   | 2010 |   |
|                                                                |   | (Unaudited)                          |      |
| Sales                                                               |   | $                                    | 3,974     |   |                              | $      | 5,115 |   |   | $ | 2,474 |   |   | $ | 2,948 |   |
| Cost of sales                                                       |   |                                 | 2,341     |   |                              |   | 2,990 |   |   |   | 1,394 |   |   |   | 1,667 |   |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                                        |   |                                 | 1,633     |   |                              |   | 2,125 |   |   |   | 1,080 |   |   |   | 1,281 |   |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses:                                                 |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Research and development expenses                                   |   |                                 | 121       |   |                              |   | 119 |   |   |   | 62 |   |   |   | 54 |   |
| Selling expenses                                                    |   |                                 | 218       |   |                              |   | 74 |   |   |   | 117 |   |   |   | 27 |   |
| General and administrative                                          |   |                                 | 566       |   |                              |   | 726 |   |   |   | 294 |   |   |   | 363 |   |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Total operating expenses                                            |   |                                 | 905       |   |                              |   | 919 |   |   |   | 473 |   |   |   | 444 |   |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Income from operations                                              |   |                                 | 728       |   |                              |   | 1,206 |   |   |   | 607 |   |   |   | 837 |   |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense):                                             |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense, net                                               |   |                                 | (165      | )      |                              |   | (95 | ) |   |   | (92 | ) |   |   | (5 | ) |
| Other income (expense)                                              |   |                                 | -         |   |                              |   | 1 |   |   |   | - |   |   |   | 1 |   |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations before provision for income taxes |   |                                 | 563       |   |                              |   | 1,112 |   |   |   | 515 |   |   |   | 833 |   |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                                          |   |                                 | 61        |   |                              |   | 74 |   |   |   | 37 |   |   |   | 63 |   |
| Net income from continuing operations                               |   |                                 | 502       |   |                              |   | 1,038 |   |   |   | 478 |   |   |   | 770 |   |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Loss from discontinued operations                                   |   |                                 | -         |   |                              |   | (126 | ) |   |   | - |   |   |   | (40 | ) |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net Income                                                          |   |                                 | 502       |   |                              |   | 912 |   |   |   | 478 |   |   |   | 730 |   |
| Less: net income attributable to non-controlling shareholders  |   |                                 | -         |   |                              |   | 258 |   |   |   | - |   |   |   | 193 |   |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net income attributable to Lapis Technologies shareholders          |   |                                 | 502       |   |                              |   | 654 |   |   |   | 478 |   |   |   | 537 |   |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive (loss) income, net of taxes                     |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Foreign translation (loss) gain                                     |   |                                 | 178       |   |                              |   | (27 | ) |   |   | 120 |   |   |   | 279 |   |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income                                                |   | $                                    | 680       |   |                              | $      | 627 |   |   | $ | 598 |   |   | $ | 816 |   |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Basic and Diluted net income (loss) per share                       |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Continuing Operations                                               |   |                                 | 0.08      |   |                              |   | 0.12 |   |   |   | 0.07 |   |   |   | 0.09 |   |
| Discontinued Operations                                             |   |                                 | -         |   |                              |   | (0.02 | ) |   |   | - |   |   |   | (0.01 | ) |
|                                                                |   |                                 | 0.08      |   |                              |   | 0.10 |   |   |   | 0.07 |   |   |   | 0.08 |   |
|                                                                |   |                                 |      |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Basic weighted average common shares outstanding                    |   |                                 | 6,483,000 |   |                              |   | 6,483,000 |   |   |   | 6,483,000 |   |   |   | 6,483,000 |   |

----

|                                                                              |   | Six Months Ended  June 30, |   |
|-----------------------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                              |   | 2011                                      |   |   | 2010 |   |
|                                                                              |   | (Unaudited)                               |   |   | (Unaudited) |   |
| Cash flows from operating activities:                                             |   |                                      |   |   |   |   |
| Net income                                                                        |   | $                                         | 502    |   |   | $ | 654 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                                      |   |   |   |   |   |   |
| Depreciation and amortization                                                     |   |                                      | 34     |   |   |   | 16 |   |
| Non-controlling interest in subsidiary                                            |   |                                      | -      |   |   |   | 239 |   |
| Gain on sale of property and equipment                                            |   |                                      | -      |   |   |   | (1 | ) |
| Deferred income tax                                                               |   |                                      | 2      |   |   |   | 12 |   |
| Change in operating assets and liabilities:                                       |   |                                      |   |   |   |   |   |   |
| Accounts receivable                                                               |   |                                      | 118    |   |   |   | 24 |   |
| Inventories and income to receive                                                 |   |                                      | (419   | ) |   |   | 491 |   |
| Prepaid expenses and other current assets                                         |   |                                      | (349   | ) |   |   | (324 | ) |
| Accounts payable and accrued expenses                                             |   |                                      | (1,051 | ) |   |   | 404 |   |
| Income tax payable                                                                |   |                                      | -      |   |   |   | 7 |   |
| Severence payable                                                                 |   |                                      | (141   | ) |   |   | (6 | ) |
|                                                                              |   |                                      |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities - continuing operations       |   |                                      | (1,304 | ) |   |   | 1,516 |   |
| Net cash provided by operating activities - discontinued operations               |   |                                      | 363    |   |   |   | 220 |   |
| Net cash provided by (used in) operating activities                               |   |                                      | (941   | ) |   |   | 1,736 |   |
|                                                                              |   |                                      |   |   |   |   |   |   |
| Cash flows from investing activities:                                             |   |                                      |   |   |   |   |   |   |
| Purchase of property and equipment                                                |   |                                      | (59    | ) |   |   | (81 | ) |
| Additional acquisition of non-contolling interest                                 |   |                                      | (1,500 | ) |   |   | - |   |
| Net cash used in investing activities - continuing operations                     |   |                                      | (1,558 | ) |   |   | (81 | ) |
|                                                                              |   |                                      |   |   |   |   |   |   |
| Cash flows from financing activities:                                             |   |                                      |   |   |   |   |   |   |
| Repayment of short term bank loans                                                |   |                                      | (219   | ) |   |   | (1,541 | ) |
| Payment of loans from related parties                                             |   |                                      | (1,127 | ) |   |   | (1 | ) |
| Proceeds from long-term debt                                                      |   |                                      | 3,423  |   |   |   | (13 | ) |
|                                                                              |   |                                      |   |   |   |   |   |   |
| Net cash provided by (used in) financing activities - continuing operations       |   |                                      | 2,077  |   |   |   | (1,555 | ) |
| Net cash provided by (used in) financing activities                               |   |                                      | 2,077  |   |   |   | (1,555 | ) |
|                                                                              |   |                                      |   |   |   |   |   |   |
| Effects of exchange rates on cash                                                 |   |                                      | 134    |   |   |   | (85 | ) |
|                                                                              |   |                                      |   |   |   |   |   |   |
| Increase (decrease) in cash and cash equivalents                                  |   |                                      | (288   | ) |   |   | 15 |   |
| Cash and cash equivalents, beginning of the period                                |   |                                      | 626    |   |   |   | 241 |   |
|                                                                              |   |                                      |   |   |   |   |   |   |
| Cash and cash equivalents, end of the period                                      |   | $                                         | 338    |   |   | $ | 256 |   |
|                                                                              |   |                                      |   |   |   |   |   |   |
| Supplemental disclosure of cash flow information:                                 |   |                                      |   |   |   |   |   |   |
| Amount paid during the period for:                                                |   |                                      |   |   |   |   |   |   |
| Interest                                                                          |   | $                                         | 109    |   |   | $ | 152 |   |
| Taxes                                                                             |   | $                                         | 16     |   |   | $ | 25 |   |

----

----

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|                     |   | June 30, 2011 |   |   | December 31, 2010 |   |
|--------------------------|--------|---------------|--------|--------|------------------------|--------|
|                     |   |          |   |   |                   |   |
| Raw  materials |   | $             | 725    |   |                   | $      | 648 |   |
| Work in process          |   |          | 2,832  |   |                   |   | 2,490 |   |
|                     |   |          |   |   |                   |   |   |   |
|                     |   | $             | 3,557  |   |                   | $      | 3,138 |   |

----

----

| Total assets:  |   | June 30, 2011 |   |   | December 31,2010 |   |
|---------------------|--------|--------------------|--------|--------|------------------|--------|
| Israel    |   | $                  | 9,395  |   |             | $      | 9,116 |   |
| United States  |   | $                  | 72     |   |             | $      | 168 |   |
|                |   | $                  | 9,467  |   |             | $      | 9,284 |   |

----

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| ExhibitNumber |   | Description                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1          |   | Certification by Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                   |
| 31.2          |   | Certification by Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                   |
| 32.1          |   | Certification by Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                   |
| 32.2          |   | Certification by Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                   |
| 101           |   | The following materials from Lapis Technologies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheet, (ii) Consolidated Statements of Income and Other Comprehensive Income, (iii) Consolidated Statements of Cash Flows, and (iv) Notes to Consolidated Financial Statements.* |

----

| * | To be furnished by amendment |
|---|------------------------------|

----

|                             | LAPIS TECHNOLOGIES, INC. |
|----------------------------------|--------------------------|
|                             |                     |   |
| Date: August 15, 2011            | By:                      |  /s/ David Lucatz |
|                             |                     | David Lucatz |
|                             |                     | President and Chief Executive Officer (Principal Executive Officer) |
|                             |                     |   |
| Date:  August 15, 2011 | By:                      |  /s/ Tali Dinar |
|                             |                     | Tali Dinar |
|                             |                     | Secretary and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |

----

| ExhibitNumber |   | Description                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1          |   | Certification by Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                   |
| 31.2          |   | Certification by Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                   |
| 32.1          |   | Certification by Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                   |
| 32.2          |   | Certification by Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                   |
| 101           |   | The following materials from Lapis Technologies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheet, (ii) Consolidated Statements of Income and Other Comprehensive Income, (iii) Consolidated Statements of Cash Flows, and (iv) Notes to Consolidated Financial Statements.* |

----

| * | To be furnished by amendment |
|---|------------------------------|

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