United States
Security and Exchange Commission
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Act of 1934
(Amendment No.______ )*
JOHNSTON INDUSTRIES, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
479368102
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(CUSIP Number)
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CUSIP No. 479368102 13G
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1 NAME OF REPORTING PERSON
S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSON
DePrince, Race & Zollo, Inc.
59-3299598
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(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 905,500
SHARES
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BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY none
EACH
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REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 905,500
WITH
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8 SHARED DISPOSITIVE POWER
none
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
$ 2,829,687
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
No
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.43%
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12 TYPE OF REPORTING PERSON*
IA
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SCHEDULE 13 G
ITEM 1.
(a) Johnston Industries, Inc.
(b) 105 Thirteenth St.
Columbus, GA 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) $2,829,687
(b) 8.43%
(c) (i) 905,500 shares
(iii) 905,500 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>
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.
Date 2/8/1999
/s/ JOHN D. RACE
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Signature
JOHN D. RACE - PARTNER
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Name/Title
