Orckit Communications (ORCT) 6-K Current report (foreign)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of August 2012 (Report No. 5)

Commission File Number: 0-28724

ORCKIT COMMUNICATIONS LTD.

(Translation of registrant’s name into English)

126 Yigal Allon Street, Tel-Aviv 67443, Israel

(Address of principal executive offices)

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

Form 20-F      X          Form 40-F_______

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): N/A

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): N/A

This Report on Form 6-K is hereby incorporated by reference into (i) the Registration Statements on Form F-3, Registration Nos. 333-160443, 333-164822, 333-165753, 333-166203 and 333-171438 of Orckit Communications Ltd. (the "Company"), and (ii) the Company’s Registration Statements on Form S-8, Registration Nos. 333-05670, 333-08824, 333-12178, 333-131991 and 333-164090.

CONTENTS

Orckit Communications Ltd. (OTCQB: ORCT) today reported results for the second quarter and six months ended June 30, 2012.  The Company's unaudited condensed consolidated statements of operations and balance sheets are set forth below.

ORCKIT COMMUNICATIONS LTD.
CONSOLIDATED BALANCE SHEETS
(US$ in thousands)
	June 30			December 31
	2012			2011
ASSETS
Current assets:
Cash and short term marketable securities		$        9,500			$     23,188
Restricted cash and short term marketable securities		9,333			-
Trade receivables		5,693			6,482
Other receivables		1,927			2,238
Inventories		4,177			4,082
	______			______
Total  current assets		30,630			35,990
Severance pay fund		3,298			3,248
Property and equipment, net		779			1,050
Deferred issuance costs, net		-			34
	______			______
Total  assets		$      34,707			$      40,322
	======			======
LIABILITIES NET OF CAPITAL DEFICIENCY
Current liabilities:
Trade payables		$        3,169			2,988
Accrued expenses and other payables		5,434			6,178
Deferred income		1,524			1,478
Convertible subordinated notes, series A		24,563			24,908
Adjustments due to convertible notes conversion terms		-			(226	)
Convertible subordinated notes series A, net		24,563			24,682
	______			______
Total current liabilities		34,690			35,326
Long term liabilities :
Convertible subordinated notes, series B		3,651			4,389
Long-term loan from related parties		400			-
Deferred income		714			778
Accrued severance pay and other		3,931			3,944
	______			______
Total long term liabilities		8,696			9,111
Total liabilities		43,386			44,437
Capital deficiency		(8,679	)		(4,115	)
	______			______
Total liabilities net of capital deficiency		$      34,707			$      40,322
	======			======

	ORCKIT COMMUNICATIONS LTD.
	CONSOLIDATED STATEMENTS OF OPERATIONS
	(US$ in thousands, except per share data)
		Three Months Ended			Six Months Ended
		June 30			June 30
		2012	2011		2012	2011
Revenues		$          3,528	$     4,970	$	6,769	$      9,525
Cost of revenues		1,451	2,811		2,967	5,531
		______	______		______	______
Gross profit		2,077	2,159		3,802	3,994
Research and development expenses, net		1,765	3,117		3,273	6,133
Selling, marketing, general and administrative expenses		2,712	3,074		5,388	7,194
		______	______		______	______
Total operating expenses		4,477	6,191		8,661	13,327
		______	______		______	______
Operating loss		(2,400)	(4,032)		(4,859)	(9,333)
Financial expenses, net		(455)	(340)		(760)	(707)
Adjustments due to Series A and Series B convertible notes		596	(589)		(248)	(941)
Total financial income (expense), net		141	(929)		(1,008)	(1,648)
		______	______		______	______
Net loss		$           (2,259)	$   (4,961)	$	(5,867)	$   (10,981)
		======	======		======	======
Net loss per share - basic		$            (0.10)	$    (0.22)	$	(0.26)	$       (0.49)
		======	======		======	======
Net loss per share - diluted		$             (0.12)	$   (0.22)	$	(0.26)	$       (0.49)
		======	======		======	======
Weighted average number of shares outstanding – basic		22,769	22,732		22,767	22,624
		======	======		======	======
Weighted average number of shares outstanding – diluted		27,133	22,732		22,767	22,624
		======	======		======	======

SIGNATURES

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

                                                                                                        ORCKIT COMMUNICATIONS LTD.

Date: August 29, 2012                                                                   By: /s/ Izhak Tamir

         Izhak Tamir

         President