United States
Security and Exchange Commission
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Act of 1934
(Amendment No.______ )*
JOHNSTON INDUSTRIES
-------------------
(Name of Issuer)
COMMON STOCK
---------------------------
(Title of Class of Securities)
479368102
------------
(CUSIP Number)
<PAGE>
CUSIP No. 479368102 SCHEDULE 13G PAGE 2 OF 4 PAGES
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1 NAME OF REPORTING PERSONS/IRS IDENTIFICATION NO. OF ABOVE PERSONS
DePrince, Race & Zollo, Inc.
59-3299598
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(SEE INSTRUCTIONS)
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Incorporated in the State of Florida
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5 SOLE VOTING POWER
NUMBER OF 670,300
SHARES ------------------
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
EACH NONE
REPORTING -------------------
PERSON
WITH 7 SOLE DISPOSITIVE POWER
670,300
----------------------
8 SHARED DISPOSITIVE POWER
NONE
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
$2,932,562
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
(SEE INSTRUCTIONS)
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.2%
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12 TYPE OF REPORTING PERSON*
IA
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ITEM 1.
(a) Johnston Industries
(b) 105 Thirteenth Street
Columbus, Ohio 31901
ITEM 2.
(a) DePrince, Race & Zollo, Inc.
(b) 201 S. Orange Ave, Suite 850
Orlando, FL 32801
(c) USA
(d) common stock
(e) 479368102
ITEM 3.
(e) X
ITEM 4. OWNERSHIP
(a) $2,932,562
(b) 6.2%
(c) (i) 670,300 shares
(iii) 670,300 shares
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
N/A
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
N/A
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
N/A
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
N/A
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
N/A
PAGE 3 OF 4 PAGES
<PAGE>
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the
effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant in
any transaction having such purposes or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
2/10/98
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Date
/s/ VICTOR A. ZOLLO, JR.
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Signature
VICTOR A. ZOLLO, JR./PARTNER
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Name/Title
PAGE 4 OF 4 PAGES
