<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-Q

                                QUARTERLY REPORT

                       Pursuant to Section 13 or 15(d) of
                      the Securities Exchange Act of 1934


           October 31, 1999                                1-6528
--------------------------------------       -----------------------------------
    For the quarterly period ended                 Commission file number


                        WALLACE COMPUTER SERVICES, INC.
    -----------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)


          Delaware                                     36-2515832
----------------------------------       ---------------------------------------
(State or Other Jurisdiction of            (I.R.S. Employer Identification No.)
Incorporation or Organization)


        2275 Cabot Drive   Lisle, Illinois                       60532
--------------------------------------------------        -----------------
     (Address of Principal Executive Offices)                 (ZIP CODE)


         (630) 588-5000                                 41,886,536
----------------------------------        --------------------------------------
(Registrant's Telephone Number,            (Number of Common Shares Outstanding
      Including Area Code)                       as of November 30, 1999)


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.


                              X   Yes                  No
                           -------             -------
<PAGE>   2
                        Wallace Computer Services, Inc.                   Page 2
                                   FORM 10-Q
                  For Quarterly Period Ended October 31, 1999

                          Part I Financial Information
                       ----------------------------------

Item 1.  Financial Statements
------------------------------------

         The information furnished herein reflects all adjustments which are, in
         the opinion of the management, necessary to a fair statement of the
         results of operations and financial position for the three months ended
         October 31, 1999, subject to year-end audit by independent public
         accountants. These adjustments are of a normal, recurring nature.

                Wallace Computer Services, Inc. and Subsidiaries
                   Consolidated Income Statement (Unaudited)

<TABLE>
<CAPTION>
                                                               For the Three Months Ended
                                                                       October 31
                                                  -------------------------------------------------------
                                                                     %                               %
                                                      1999         Sales             1998          Sales
                                                  -------------------------------------------------------
<S>                                               <C>              <C>           <C>               <C>
Net Sales                                         $387,616,000      100.0        $384,915,000      100.0

Cost and Expenses
     Cost of goods sold (Note 1)                   265,210,000       68.4         267,136,000       69.4
     Selling and administrative expenses            65,318,000       16.9          63,388,000       16.5
     Provision for depreciation and
          amortization                              19,586,000        5.1          18,736,000        4.9
                                                  ------------     ------        ------------      -----
          Total costs and expenses                 350,114,000       90.3         349,260,000       90.7
                                                  ------------     ------        ------------      -----
     Operating Income                               37,502,000        9.7          35,655,000        9.3
                                                  ------------     ------        ------------      -----
     Interest income                                  (941,000)      (0.2)           (301,000)      (0.1)
     Interest expense                                7,478,000        1.9           7,574,000        2.0
                                                  ------------     ------        ------------      -----
     Income before Income Taxes                     30,965,000        8.0          28,382,000        7.4
     Provision for Income Taxes                     12,386,000        3.2          11,353,000        2.9
                                                  ------------     ------        ------------      -----
          Net Income                              $ 18,579,000        4.8        $ 17,029,000        4.4
                                                  ============     ======        ============      =====
Basic Earnings per Share                                 $0.44                          $0.40
                                                         =====                          =====
Diluted Earnings per Share                               $0.44                          $0.40
                                                         =====                          =====
Average Common Shares Outstanding                   42,356,000                     42,746,000
                                                  ============                   ============
Diluted Common Shares Outstanding                   42,556,000                     42,854,000
                                                  ============                   ============
Dividends Declared Per Share                            $0.165                          $0.16
                                                        ======                          =====
</TABLE>

The accompanying notes are an integral part of this statement.
<PAGE>   3
                Wallace Computer Services, Inc. and Subsidiaries          Page 3
                           Consolidated Balance Sheet

<TABLE>
<CAPTION>

                                                              October 31, 1999   July 31, 1999
                                                                 (Unaudited)       (Audited)
                                                               --------------   --------------
<S>                                                            <C>              <C>
Assets
------
Current Assets
     Cash and cash equivalents                                    $13,387,000       $8,033,000
     Accounts receivable                                          310,897,000      297,677,000
     Less-allowance for doubtful accounts                           5,445,000        5,582,000
                                                               --------------   --------------
         Net receivables                                          305,452,000      292,095,000
     Inventories (Note 1)                                         111,110,000      107,540,000
     Prepaid taxes                                                 25,075,000       37,422,000
     Advances and prepaid expenses                                  3,719,000        3,284,000
                                                               --------------   --------------
         Total current assets                                     458,743,000      448,374,000
                                                               --------------   --------------
Property, plant and equipment, at cost                            865,833,000      846,898,000
Less-reserves for depreciation and amortization                   425,511,000      409,891,000
                                                               --------------   --------------
     Net property, plant and equipment                            440,322,000      437,007,000
                                                               --------------   --------------
Intangible assets arising from acquisitions                       304,111,000      306,117,000
Cash surrender value of life insurance                             59,732,000       58,796,000
Systems development costs                                          47,509,000       43,337,000
Other assets                                                        3,859,000        4,028,000
                                                               --------------   --------------
     Total assets                                              $1,314,276,000   $1,297,659,000
                                                               ==============   ==============
Liabilities and Stockholders' Equity
------------------------------------
Current Liabilities
     Current portion long-term debt                                $2,185,000       $2,290,000
     Short-term notes payable                                      46,962,000       21,222,000
     Accounts payable                                              81,758,000       85,577,000
     Accrued salaries, wages, profit sharing and other             84,067,000       82,776,000
                                                               --------------   --------------
           Total current liabilities                              214,972,000      191,865,000
                                                               --------------   --------------
Long-term debt                                                    405,694,000      416,653,000
Deferred income taxes                                              64,392,000       64,438,000
Deferred compensation and retirement benefits                      32,529,000       31,992,000
Other long-term liabilities                                         8,592,000        9,144,000
Stockholders' equity
     Common stock (Note 2)- issued shares of
         45,764,054 at October 31, 1999 and July 31, 1999          45,764,000       45,764,000
     Additional capital                                            37,633,000       37,528,000
     Deferred compensation                                          3,883,000        3,883,000
     Retained earnings                                            592,751,000      581,392,000
     Treasury stock  (at cost)- 3,879,739 shares at
           October 31, 1999 and 3,546,243 shares at
         July 31, 1999                                            (91,934,000)     (85,000,000)
                                                               --------------   --------------
     Total stockholders' equity                                   588,097,000      583,567,000
                                                               --------------   --------------
Total liabilities and stockholders' equity                     $1,314,276,000   $1,297,659,000
                                                               ==============   ==============

</TABLE>

The accompanying notes are an integral part of this statement.

<PAGE>   4
                Wallace Computer Services, Inc. and Subsidiaries          Page 4
                Consolidated Statement of Cash Flows (Unaudited)

<TABLE>
<CAPTION>
                                                                     For the Three Months Ended
                                                                             October 31
                                                                     --------------------------
                                                                        1999            1998
                                                                     -----------    -----------
<S>                                                                  <C>            <C>
Cash flows from Operating Activities:
    Net income from operations                                       $18,579,000    $17,029,000
    Adjustments to reconcile net income to net
     cash provided by operating activities:
        Depreciation and amortization                                 19,586,000     18,736,000
        Deferred taxes                                                   (46,000)    (1,099,000)
        Gain on disposal of property                                    (257,000)       (47,000)
    Changes in assets and liabilities
        Accounts receivable                                          (13,357,000)   (36,791,000)
        Inventories                                                   (3,570,000)    (6,168,000)
        Advances and prepaid expenses                                   (435,000)    (1,701,000)
        Prepaid taxes                                                 12,347,000              0
        Other assets                                                  (5,426,000)    (9,536,000)
        Accounts payable and other liabilities                        (3,181,000)    15,279,000
        Accrued income taxes                                                   0     10,614,000
        Deferred compensation and retirement benefits                    537,000        668,000
                                                                     -----------    -----------
    Net cash provided by operating activities                         24,777,000      6,984,000
                                                                     -----------    -----------
Cash Flows from Investing Activities:
     Capital expenditures                                            (19,911,000)   (14,896,000)
     Proceeds from disposal of property                                  975,000      3,266,000
     Net construction funds held by trustee                                    0        704,000
                                                                     -----------    -----------
     Net cash used in investing activities                           (18,936,000)   (10,926,000)
                                                                     -----------    -----------
Cash Flows from Financing Activities:
     Treasury stock transactions                                      (7,159,000)   (24,314,000)
     Cash dividends paid                                              (6,787,000)    (6,697,000)
     Net proceeds from short-term debt                                25,740,000     27,603,000
     Retirement of long-term debt                                    (12,281,000)      (151,000)
     Proceeds from issuance of long-term debt                                  0      4,000,000
                                                                     -----------    -----------
     Net cash (used in)/provided by financing activities                (487,000)       441,000
                                                                     -----------    -----------
Net changes in cash and cash equivalents                               5,354,000     (3,501,000)
Cash and cash equivalents at beginning of year                         8,033,000      3,501,000
                                                                     -----------    -----------
Cash and cash equivalents at October 31                              $13,387,000    $         0
                                                                     ===========    ===========
Supplemental Disclosure:
     Interest paid (net of interest capitalized)                     $ 8,597,000    $ 3,145,000
     Income taxes paid (net of refunds received)                       1,128,000        710,000
</TABLE>

The accompanying notes are an integral part of this statement.
<PAGE>   5
                Wallace Computer Services, Inc. and Subsidiaries          Page 5
                   Notes to Consolidated Financial Statements
                                October 31, 1999
                                  (Unaudited)

Note 1 - Inventories

         Inventories at October 31, 1999, and July 31, 1999, were as follows:

                                   October 31, 1999      July 31, 1999
                                   ----------------      -------------
            Raw materials               $19,224,000        $18,043,000
            Work in process              18,822,000         16,948,000
            Finished products            73,064,000         72,549,000
                                       ------------       ------------
                                       $111,110,000       $107,540,000
                                       ============       ============

         Certain inventories are stated on the last-in, first-out (LIFO) basis
         for their labor and material content, and other inventories are stated
         on the first-in, first-out (FIFO) basis.

         Because the inventory determination under the LIFO method can only be
         made at the end of each fiscal year based on the inventory levels and
         costs at that time, interim period LIFO determinations must necessarily
         be based upon management's estimates of expected year-end inventory
         levels and costs.


Note 2 - Stock Options

         As of October 31, 1999, options to purchase 2,559,063 shares of common
         stock were outstanding and 3,744,710 shares of common stock were
         available for future grants under the Company's Stock Incentive and
         Employee Stock Purchase Plans.

         The Company has authorized 100,000,000 shares of common stock and
         issued 45,764,054 as of October 31, 1999. Of these shares, 3,879,739
         were held in treasury as of October 31, 1999. The number of shares held
         in treasury at July 31, 1999 was 3,546,243.


Note 3 - Segment Reporting

         The Company adopted SFAS No. 131 for fiscal year-ended 1999. The
         Company operates in two business segments. Each segment offers
         distinctive products and services and are managed separately because of
         their unique production, distribution, and marketing requirements. The
         Company's two reportable segments are Forms and Labels, and Integrated
         Graphics.

         The principal products and services supplied by the Forms and Labels
         Segment include the design, manufacture and sales of both paper based
         and electronic business forms, the manufacture of both electronic data
         processing (EDP) labels and prime labels, and the manufacture and
         distribution of a standard line of office products. The principal
         products and services supplied by the Integrated Graphics Segment
         include the design and manufacture of high-color, high quality
         marketing and promotional materials, and the manufacture of direct
         response printing materials.
<PAGE>   6
                Wallace Computer Services, Inc. and Subsidiaries          Page 6
                   Notes to Consolidated Financial Statements
                                October 31, 1999
                                  (Unaudited)

Note 3 - Segment Reporting (continued)

         The Company's accounting policies for the segments are the same as
         those described in the Summary of Significant Accounting Policies in
         the Company's 1999 Annual Report. Management evaluates segment
         performance based on segment profit or loss before interest and income
         taxes. Net interest expense and income taxes are not allocated to
         segments. Transfers between segments, which are not significant, are
         accounted for at standard cost.

         Summarized segment data and a reconciliation to the consolidated totals
         for the quarters ended October 31, 1999 and 1998 are as follows:


Quarter Ended October 31, 1999             External           Income before
                                              Sales            Income Taxes
(Amounts in Thousands)
---------------------------------------------------------------------------
Forms and Labels Segment                   $201,665                 $25,402
Integrated Graphics Segment                 185,951                  12,100
---------------------------------------------------------------------------
Segment Total                               387,616                  37,502
---------------------------------------------------------------------------
Net Interest Expense                              -                 (6,537)
---------------------------------------------------------------------------
Consolidated                               $387,616                 $30,965
===========================================================================


Quarter Ended October 31, 1998             External           Income before
                                              Sales            Income Taxes
(Amounts in Thousands)
---------------------------------------------------------------------------
Forms and Labels Segment                   $199,290                 $24,603
Integrated Graphics Segment                 185,625                  11,052
---------------------------------------------------------------------------
Segment Total                               384,915                  35,655
---------------------------------------------------------------------------
Net Interest Expense                              -                 (7,273)
---------------------------------------------------------------------------
Consolidated                               $384,915                 $28,382
===========================================================================

There are no material changes in Segment Assets from Fiscal Year-End 1999.

Note 4 - Accounting for the Costs of Computer Software Developed or Obtained for
         Internal Use.

         In fiscal 2000, the Company adopted Statement of Position (SOP) 98-1,
         "Accounting for the Costs of Computer Software Developed or Obtained
         for Internal Use". The statement requires that certain costs, such as
         preliminary project costs and training, related to internally developed
         software must be expensed as incurred. Based on current circumstances,
         the Company does not believe that application of SOP 98-1 will have a
         material effect on the Company's financial condition or results of
         operations.


Note 5 - Reporting on the Costs of Start-up Activities

         In April 1998, the American Institute of Certified Public Accountants
         issued SOP 98-5, "Reporting on the Costs of Start-up Activities", which
         requires costs of start-up activities and organization costs to be
         expensed as incurred. The Company adopted this standard in the first
         quarter of fiscal 2000. Implementation of this standard has not
         affected the Company's financial condition or results of operations.

<PAGE>   7
                Wallace Computer Services, Inc. and Subsidiaries          Page 7
                   Notes to Consolidated Financial Statements
                                October 31, 1999
                                  (Unaudited)


Note 6 - Accounting for Derivative Instruments and Hedging Activities

         In June 1998, the Financial Accounting Standards Board issued SFAS No.
         133, "Accounting for Derivative Instruments and Hedging Activities".
         This standard requires that an entity recognize derivatives as either
         assets or liabilities on its balance sheet and measure those
         instruments at fair value. As a result of SFAS No. 137, "Accounting for
         Derivative Instruments and Hedging Activities - Deferral of the
         Effective Date of SFAS No. 133", the Company will adopt this standard
         in the first quarter of fiscal 2001. Based on current circumstances,
         the Company does not believe that application of SFAS No. 133 will have
         a material effect on the Company's financial condition or results of
         operations.


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

         Results of Operations
         ------------------------------

         For the three month period ended October 31, 1999, net sales increased
         0.7% to $387,616,000. Adjusting for acquisitions and divestitures, net
         sales were up 2.9% over the same quarter a year ago. The Company
         estimates unit growth in the range of 2% to 4%. Material prices had
         very little impact on net sales for the quarter as compared to the
         first quarter of last year.

         Sales to customers managed by the W.I.N. system totalled 40% of the
         first quarter's sales which is up from 38% in the first quarter of
         fiscal year 1999. The Integrated Graphics' segment, which accounted for
         only 16% of sales to these customers in the first quarter of last year,
         now accounts for over 22% of the sales. This segment increased almost
         48% in sales made to customers managed by the W.I.N. system in year
         over year comparisons. Sales in the Forms and Labels segment increased
         6% in this category. An increase in sales to these customers provides
         the Company with a larger sales base of longer term contracts resulting
         in an increased, more consistent asset utilization at our facilities.

         Net income for the first quarter increased 9.1% to $18,579,000 or 44
         cents per share, from $17,029,000 or 40 cents per share in the same
         quarter a year ago.

         Cost of sales for the quarter was 68.4% of sales for the quarter as
         compared to 69.4% in the first quarter of last year. The first quarter
         includes a LIFO charge of $571,000 or 0.8 cents per share versus no
         charge in the prior year's first quarter.

         Year over year, the Forms and Labels segment's sales increased 1.2% to
         $201.7 million, with operating income of $25.4 million and operating
         margin of 12.6% versus operating income of $24.6 million and an
         operating margin of 12.3% in the first quarter of last year. Adjusting
         for the acquisitions and divestitures, net sales in this segment
         increased 7.5%. In the second quarter of last fiscal year, the Company
         divested its Contract Stationers business, which had annual sales of
         around $40 million. While the operating margin compares favorably to
         the prior year's first quarter, it is below the trailing three
         quarters, mostly due to paper cost increases that have occurred since
         the beginning of the calendar year. Paper costs have increased 27%
         since January 1, 1999. While this is favorable for this segment
         long-term, this causes short-term margin compression as there is a
         grace period in passing the paper prices along to our contract customer
         base. The impact of these paper cost changes adversely affected
         operating margins by 80 basis points in the first quarter.
<PAGE>   8
                Wallace Computer Services, Inc. and Subsidiaries          Page 8
                   Notes to Consolidated Financial Statements
                                October 31, 1999
                                  (Unaudited)


Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations (continued)
--------------------------------------------------------------------------------

         The Integrated Graphics' segment sales increased 0.2% to $185.9
         million, with operating income of $12.1 million and operating margin of
         6.5% versus operating income of $11.1 million and an operating margin
         of 6.0% in the first quarter of last year. As mentioned earlier, sales
         to customers being managed by the W.I.N. system increased 48% in this
         segment over the first quarter a year ago. Local transactional
         business, which is typically characterized as non-recurring and with a
         lead time of 2 to 14 days, dropped off from the prior year, especially
         in the Southeastern United States. The Company plans to increase the
         local sales force by 10% over the next two quarters in order to achieve
         growth in this local transactional business. The combination of
         increased contract sales to national accounts and increased local
         transactional business should lead to increased operating margins in
         this segment.

         Selling and administration expenses for the quarter were 16.9% versus
         16.5% last year. The majority of the increase relates to continued
         expansion in the Company's information technology infrastructure and
         positioning for business-to-business eCommerce. Last year's total
         includes $512,000 of Year 2000 related programming expenses compared to
         no charges in the current fiscal year. Total Year 2000 costs are the
         same as disclosed in the Company's 1999 Annual Report.

         The Company's effort to address Year 2000 compliance issues included
         (i) evaluating internal computing infrastructure, business applications
         and production systems for Year 2000 compliance, and (ii) replacing or
         remediating systems and applications as necessary to assure such
         compliance. The Company's efforts in these respects are complete. The
         Company has completed an inventory of all potentially affected
         software, firmware and hardware (including embedded chips) material to
         its operations. The Company has remediated the problem by modifying its
         software and in certain cases, purchasing new software, firmware and
         hardware.

         The Year 2000 project was completed in two phases. In Phase 1, the
         Company assessed and remediated all material date and logic errors in
         applications and databases running on its internal mainframe, AS400 and
         UNIX systems. Phase 1 culminated with a successful two-week, on-site
         test by one of our largest customers: a major financial institution.
         During testing, the Company simulated operations on 20 dates ranging
         from September 9, 1999 to January 3, 2001 without any material
         interruption.

         In Phase 2, the Company certified the compliance of all mission
         critical manufacturing and operational equipment (e.g. printing
         presses, conveyors, and heating and cooling systems).

         As part of the final phase of the Year 2000 project, the Company
         implemented internal administration systems which have been tested by
         the Company or that have been certified by the outside provider as
         being Year 2000 compliant. Implementation was completed as of July 31,
         1999.

         In addition, the Company has focused on an initiative to upgrade and
         standardize the information technology of its newly acquired high color
         marketing and promotional printing facilities, which had the incidental
         effect of addressing certain Year 2000 compliance issues.

         Based on communications with vendors and, where deemed appropriate,
         internal testing, the Company believes that substantially all of its
         equipment used in its printing operations, including its pre-press and
         press equipment and its equipment used to finish and deliver its
         products, will not be materially affected by a Year 2000 related
         failure.
<PAGE>   9
                Wallace Computer Services, Inc. and Subsidiaries          Page 9
                   Notes to Consolidated Financial Statements
                                October 31, 1999
                                  (Unaudited)


Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations (continued)
--------------------------------------------------------------------------------

         In addition to its internal remediation activities, the Company is
         continuing to evaluate compliance by key suppliers and customers whose
         systems interact with those of the Company (collectively, "Trading
         Partners"). The Company has received confirmation from its significant
         Trading Partners regarding Year 2000 readiness and is comfortable with
         its Trading Partners level of Year 2000 compliance. Contingency plans
         have been developed, where necessary, in the event a Trading Partner
         cannot function properly after the Year 2000.

         There are many suppliers of paper, ink and other materials used in
         printing operations. Thus, the Company believes that it is not
         materially dependent on any one supplier. Nonetheless, the Company
         relies upon utility companies, telecommunication services providers,
         delivery services, the financial services industry and other suppliers
         outside of its control and there can be no assurance that such
         suppliers or other third parties will not suffer a Year 2000 business
         disruption. The failure of the systems or equipment of one or more
         third parties (which the Company believes is the most likely "worst
         case" scenario) could result in the reduction or suspension of one or
         more of the Company's operations and could have a material adverse
         effect on the Company. Due to the multiple locations of the Company's
         manufacturing facilities and redundancy of capabilities, localized
         interruptions would not be expected to have a material adverse effect
         on the Company. However, in the case of a systemic failure, such as
         wide-spread and prolonged telecommunications or electrical failures,
         the primary business risks of the Company would include, but not be
         limited to, loss of customers or orders, increased operating costs,
         inability to obtain supplies and inventory on a timely basis,
         disruptions in product shipments or other business interruptions of a
         material nature, as well as possible legal actions, any of which could
         have a material, adverse effect on the Company's business, results of
         operations and financial condition.

         The Company has also identified Trading Partners with whom it exchanges
         electronic transmissions and has tested successfully the material means
         of transmission utilized in such exchanges. The failure of customers to
         place EDI orders or to remit EDI payments could have a short-term
         impact on the operations of the Company.

         Depreciation and amortization for the quarter was $19.6 million or 5.1%
         of sales versus $18.7 million or 4.9% of sales in the first quarter a
         year ago. While depreciation of plant and equipment increased only
         1.7%, amortization of capitalized software is up approximately $400,000
         over the preceding year.

         Interest expense for the quarter was $7.5 million, down slightly from
         $7.6 million last year. Total debt has been decreased by over $42
         million from one year ago. The benefit of debt reduction has been
         mostly mitigated by rising interest rates as compared to a year ago.
         Interest income for the quarter increased $640,000 from the first
         quarter of last year. Most of the increase is related to increased
         returns on the cash surrender value of life insurance policies.

         Some of the financial ratios for the twelve months ended October 31,
         1999 were: Return on Net Sales of 5.1%, Return on Average Assets of
         5.9%, and Return on Equity of 13.8%.
<PAGE>   10
                Wallace Computer Services, Inc. and Subsidiaries         Page 10
                   Notes to Consolidated Financial Statements
                                October 31, 1999
                                  (Unaudited)


Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations (continued)
--------------------------------------------------------------------------------

         Liquidity and Capital Resources
         -------------------------------

         Working capital decreased by $12.7 million from July 31, 1999,
         primarily due to the increase in short-term notes payable, the proceeds
         of which were used to fund the stock repurchase program. The current
         ratio at October 31, 1999 was 2.1 to 1.

         Current inventory levels are believed to be in-line with the inventory
         levels necessary to satisfy customer demand. The Company anticipates
         having adequate sources of supply of raw materials to meet future
         business requirements.

         Of the outstanding debt as of October 31, 1999, $190.0 million has been
         borrowed under a five-year Credit Agreement ("Credit Facility"), which
         provides for a maximum aggregate principal amount available to be
         borrowed of $500 million. The borrowings under the Credit Facility are
         classified as long-term debt as of October 31, 1999 since the Company
         has the intent and ability to carry that debt long-term. The Company
         has $200 million of Senior Term Notes with institutional investors with
         a book value of $182.8 million classified as long-term debt with the
         earliest maturity in 2006.

         In addition to the credit facility and the senior notes, the Company
         has unsecured money market lines of $125 million under which $47.0
         million was borrowed at October 31, 1999. The $47.0 million from the
         unsecured money market lines is classified as short-term debt.

         Of the remaining long-term debt, $23.5 million is made up of industrial
         revenue bonds at rates ranging from 3.5% to 3.6%. The balance of $11.5
         million relates to acquisitions, $3.1 million to the former owners of
         acquired businesses, with the rest being long-term debt from the
         Graphic acquisition.

         Total debt currently represents 43.6% of total capitalization. The
         maximum amount as authorized by the Board of Directors for total
         borrowings is limited to $600 million.

         Capital expenditures for the quarter totalled $19.9 million. For the
         full fiscal year, capital expenditures are expected to be in the range
         of $62 to $64 million, which are expected to be financed through
         internally generated funds and by borrowing against our revolving
         credit facility.

         Stockholders' equity increased 0.8% to $588.1 million at October 31,
         1999.


         Common Stock
         -------------

         On September 8, 1999, the Board of Directors increased the annualized
         dividend rate to $0.66 per share, a 3.1% increase from fiscal 1999.

         During the first quarter of fiscal 2000, the Company purchased 355,000
         shares of Wallace common stock. Total repurchases through October 31,
         1999 against the $100 million authorized by the Board in June 1997 have
         been $57.5 million.
<PAGE>   11
                Wallace Computer Services, Inc. and Subsidiaries         Page 11
                   Notes to Consolidated Financial Statements
                                October 31, 1999
                                  (Unaudited)


                           Part II  Other Information
                       ---------------------------------

Items 1 through 3          None
------------------

Item 4  Submission of Matters to a Vote of Security Holders
------------------------------------------------------------

The Company held its annual meeting of stockholders on November 3, 1999. The
results of the three proposals put to a shareholder vote are as follows:

1) Election of directors for the class of directors

                                    For                  Withheld
                                -----------              ---------
      Robert J. Cronin          34,895,928                412,936
      Neele E. Stearns Jr.      34,910,844                398,020
      Michael T. Riordan        34,901,582                407,282


2) Ratification of the appointment of Arthur Andersen LLP as the Company's
independent public accountants for the fiscal year 2000

                    For               Against          Abstain
                ----------            -------          -------
                35,147,099             97,635           64,130

3) Approval of an amendment to the 1997 Stock Incentive Plan to increase the
number of shares of Common Stock reserved for issuance thereunder


                    For                Against         Abstain
                ----------            ---------        -------
                30,281,870            4,881,074        145,920
<PAGE>   12
                Wallace Computer Services, Inc. and Subsidiaries         Page 12
                   Notes to Consolidated Financial Statements
                                October 31, 1999
                                  (Unaudited)


Item 5    Other Information
----------------------------------
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: Certain statements in this filing and elsewhere (such as in other filings
by the Company with the Securities and Exchange Commission, press releases,
presentations by the Company or its management, and oral statements) may
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements, other than statements
of historical facts, that address activities, events, or developments that the
Company expects or anticipates may occur in the future, including such things as
future capital expenditures (including the amount and nature thereof), business
strategy and measures to implement strategy, competitive strengths, goals,
expansion and growth of the Company's and its subsidiaries' business and
operations, plans, references to future success and other such matters are
forward-looking statements. These forward-looking statements involve known and
unknown risks, uncertainties, and other factors which may cause the actual
results, performance or achievements of the Company to materially differ from
any future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among other things, general
economic, market or business conditions, changes in laws or regulations; the
opportunities (or lack thereof) that may be presented to and pursued by the
Company and its subsidiaries; successful integration of acquisitions; labor
market conditions; changes in postal rates and paper prices; the ability of the
Company to retain its customers who generally do not operate under long-term
contracts with the Company; the potential unpredictability of the Company's net
sales due to seasonal and other factors which can lead to fluctuations in
quarterly and annual operating results; the ability of the Company to keep pace
with technological advancements in the industry; the effect of technical
advancements on the demand for the Company's goods and services; and the risk of
damage to the Company's data centers and manufacturing facilities or
interruptions in the Company's telecommunications links.


Item 6   Exhibits and Reports on Form 8-K
------------------------------------------------------
         (a)  Exhibits

              10.1  Wallace Computer Services, Inc. 1997 Stock Incentive Plan,
                    Amendment No. 1, dated September 8, 1999, filed herewith.

              10.2  Wallace Computer Services, Inc. Executive Severance Pay
                    Plan, Amendment No. 3, dated December 8, 1999, filed
                    herewith.

              10.3  Indemnification Agreement with Officer between the Company
                    and Craig Grant dated November 4, 1999 (form previously
                    filed as part of Exhibit 10 to the Registrant's Annual
                    Report on Form 10-K for the fiscal year ended July 31, 1990,
                    and incorporated herein by reference to such report).

              10.4  Addendum to Indemnification Agreement with Officer (Member
                    of Profit Sharing Committee) between the Company and Craig
                    Grant dated November 4, 1999 (form previously filed as part
                    of Exhibit 10 to the Registrant's Annual Report on Form 10-K
                    for the fiscal year ended July 31, 1990, and incorporated
                    herein by reference to such report).

              27.1  Financial Data Schedule.

         (b)  Reports on Form 8-K
              None
<PAGE>   13
                                                                         Page 13

                                   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.




                                     WALLACE COMPUTER SERVICES, INC.





 December 15, 1999                         /s/ Robert J. Cronin
-------------------      -------------------------------------------------------
        Date                                Robert J. Cronin
                            Chairman of the Board and Chief Executive Officer


 December 15, 1999                      /s/ Michael T. Leatherman
-------------------      -------------------------------------------------------
        Date                              Michael T. Leatherman
                         Executive Vice President, Chief Administrative Officer,
                                       and Chief Financial Officer
                                      (Principal Accounting Officer)