<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



          April 30, 1998                                    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                                  43,424,121
----------------------------------          ------------------------------------
(Registrant's Telephone Number,             (Number of Common Shares Outstanding
     Including Area Code)                             as of May 31, 1998)



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 April 30, 1998

                         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 nine months ended
         April 30, 1998, 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 Nine Months Ended
                                                                   April 30
                                         ----------------------------------------------------------------
                                                                  %                                  %
                                                1998            Sales             1997             Sales
                                         ----------------------------        ----------------------------
<S>                                         <C>                 <C>            <C>                 <C>
Net Sales                                   $988,117,000        100.0          $672,038,000        100.0
                                                                                             
Cost and Expenses                                                                            
   Cost of goods sold (Note 1)               659,780,000         66.8           409,969,000         61.0
   Selling and administrative expenses       165,973,000         16.8           122,632,000         18.2
   Provision for depreciation and                                                            
      amortization                            48,903,000          4.9            36,679,000          5.5
                                            ------------        -----          ------------        -----
      Total costs and expenses               874,656,000         88.5           569,280,000         84.7
                                            ------------        -----          ------------        -----
   Operating Income                          113,461,000         11.5           102,758,000         15.3
                                            ------------        -----          ------------        -----
   Interest income                            (2,045,000)        (0.2)           (1,468,000)        (0.2)
   Interest expense                           15,817,000          1.6             1,744,000          0.3
                                            ------------        -----          ------------        -----
   Income before Income Taxes                 99,689,000         10.1           102,482,000         15.2
   Provision for Income Taxes (Note 4)        39,702,000          4.0            40,480,000          6.0
                                            ------------        -----          ------------        -----
      Net Income                            $ 59,987,000          6.1          $ 62,002,000          9.2
                                            ============         ====          ============        =====
Basic Earnings per Share                          $ 1.39                              $1.43  
                                                  ======                              =====  
Fully Diluted Earnings per Share                  $ 1.37                              $1.42  
                                                  ======                              =====  
Average Common Shares Outstanding             43,176,000                         43,425,000  
                                             ===========                         ==========  
Fully Diluted Common Shares Outstanding       43,647,000                         43,810,000  
                                             ===========                         ==========  
Dividends Declared Per Share                      $0.465                             $0.420  
                                                  ======                             ======  
</TABLE>


The accompanying notes are an integral part of this statement.



<PAGE>   3

                                                                          Page 3
                        Wallace Computer Services, Inc.
                                   FORM 10-Q
                   For Quarterly Period Ended April 30, 1998

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


<TABLE>
<CAPTION>
                                                          For the Three Months Ended
                                                                   April 30
                                         ----------------------------------------------------------------
                                                                  %                                  %
                                                1998            Sales             1997             Sales
                                         ----------------------------        ----------------------------
<S>                                        <C>                  <C>          <C>                 <C>
Net Sales                                  $375,649,000         100.0        $225,807,000         100.0
                                                                                                 
Cost and Expenses                                                                                
   Cost of goods sold (Note 1)              257,624,000          68.6         141,613,000          62.7
   Selling and administrative expenses       63,042,000          16.8          39,469,000          17.5
   Provision for depreciation and                                                                
      amortization                           17,443,000           4.6          12,625,000           5.6
                                           ------------        ------        ------------        ------
      Total costs and expenses              338,109,000          90.0         193,707,000          85.8
                                           ------------        ------        ------------        ------
   Operating Income                          37,540,000          10.0          32,100,000          14.2
                                           ------------        ------        ------------        ------
   Interest income                             (322,000)         (0.1)           (429,000)         (0.2)
   Interest expense                           7,602,000           2.0             686,000           0.3
                                           ------------        ------        ------------        ------
   Income before Income Taxes                30,260,000           8.1          31,843,000          14.1 
   Provision for Income Taxes (Note 4)       12,104,000           3.2          12,578,000           5.6
                                           ------------        ------        ------------        ------
      Net Income                           $ 18,156,000           4.8        $ 19,265,000           8.5
                                           ============          ====        ============        ======
Basic Earnings per Share                          $0.42                             $0.45 
                                                  =====                             ===== 
Fully Diluted Earnings per Share                  $0.41                             $0.44 
                                                  =====                             ===== 
Average Common Shares Outstanding            43,421,000                        43,119,000 
                                             ==========                        ========== 
Fully Diluted Common Shares Outstanding      43,886,000                        43,554,000 
                                             ==========                        ========== 
Dividends Declared Per Share                     $0.155                            $0.140 
                                                 ======                            ====== 
</TABLE>


The accompanying notes are an integral part of this statement.



<PAGE>   4
                                                                          Page 4
               Wallace Computer Services, Inc. and Subsidiaries
                          Consolidated Balance Sheet


<TABLE>
<CAPTION>
                                                              April 30, 1998           July 31, 1997
                                                                (Unaudited)              (Audited)
                                                              --------------           -------------
<S>                                                           <C>                      <C>
Assets                                                
Current Assets
   Cash and cash equivalents                                  $   10,789,000           $  14,168,000
   Short-term investments                                                  0               1,706,000
   Accounts receivable                                           275,034,000             171,059,000
   Less-allowance for doubtful accounts                            6,454,000               3,481,000
                                                              --------------           -------------
       Net receivables                                           268,580,000             167,578,000
   Inventories (Note 1)                                          128,654,000              85,150,000
   Prepaid taxes                                                  25,844,000              16,748,000
   Advances and prepaid expenses                                   9,029,000               5,140,000
                                                              --------------           -------------
       Total current assets                                      442,896,000             290,490,000
                                                              --------------           -------------
Property, plant and equipment, at cost                           792,734,000             608,486,000
Less-reserves for depreciation and amortization                  338,351,000             306,994,000
                                                              --------------           -------------
   Net property, plant and equipment                             454,383,000             301,492,000
                                                              --------------           -------------
Intangible assets arising from acquisitions                      279,599,000              59,913,000
Cash surrender value of life insurance                            48,025,000              39,845,000
Systems development costs                                         27,937,000              24,404,000
Other assets                                                       6,044,000               4,298,000
                                                              --------------           -------------
   Total assets                                               $1,258,884,000           $ 720,442,000
                                                              ==============           =============
Liabilities and Stockholders' Equity
Current Liabilities
   Current portion long-term debt                             $    4,724,000           $   7,100,000
   Short-term notes payable                                       36,137,000              28,500,000
   Accounts payable                                               80,131,000              49,348,000
   Accrued salaries, wages, profit sharing and other              74,768,000              56,308,000
                                                              --------------           -------------
       Total current liabilities                                 195,760,000             141,256,000
                                                              --------------           -------------
Long-term debt                                                   432,907,000              24,500,000
Deferred income taxes                                             47,657,000              32,669,000
Deferred compensation and retirement benefits                     30,098,000              28,829,000
Other long-term liabilities                                        9,361,000                       0
Stockholders' equity
   Common stock (Note 2)- issued shares of
      45,764,054 at April 30, 1998 and July 31, 1997              45,764,000              45,764,000
   Additional capital                                             36,971,000              34,739,000
   Retained earnings                                             530,560,000             491,719,000
   Unrealized loss on securities                                           0                 (95,000)
   Treasury stock  (at cost)- 2,339,933 shares at
      April 30, 1998 and 2,693,784 shares at
      July 31, 1997                                              (70,194,000)             (78,939,000)
                                                              --------------           -------------
   Total stockholders' equity                                    543,101,000             493,188,000
                                                              --------------           -------------
Total liabilities and stockholders' equity                    $1,258,884,000           $ 720,442,000
                                                              ==============           =============
</TABLE>


The accompanying notes are an integral part of this statement. 

<PAGE>   5
                                                                         Page 5
               Wallace Computer Services, Inc. and Subsidiaries
               Consolidated Statement of Cash Flows (Unaudited)


<TABLE>
<CAPTION>
                                                                   For the Nine Months Ended
                                                                           April 30
                                                             -------------------------------------
                                                                  1998                  1997
                                                             ---------------       ---------------
<S>                                                          <C>                   <C>
Cash Flows from Operating Activities:                                           
   Net income from operations                                $    59,987,000       $    62,002,000
   Adjustments to reconcile net income to net                                   
    cash provided by operating activities:                                      
       Depreciation and amortization                              48,903,000            36,679,000
       Deferred taxes                                             (3,261,000)             (364,000)
       (Gain)/loss on disposal of property                           684,000               (27,000)
   Changes in assets and liabilities                                            
       Accounts receivable                                        (7,627,000)          (17,442,000)
       Inventories                                               (13,084,000)           (6,581,000)
       Advances and prepaid expenses                              10,717,000            (1,825,000)
       Prepaid taxes                                              (9,096,000)                    0
       Other assets                                              (15,218,000)          (12,933,000)
       Accounts payable and other liabilities                     (7,155,000)          (12,187,000)
       Accrued income taxes                                          (14,000)                    0
       Deferred compensation and retirement benefits               1,269,000             3,163,000
       Realized security (gain) loss                                       0                 5,000
                                                             ---------------       ---------------
   Net cash provided by operating activities                      66,105,000            50,490,000
                                                             ---------------       ---------------
Cash Flows from Investing Activities:                                           
   Capital expenditures                                          (44,240,000)          (30,750,000)
   Purchases of short-term investments                                     0           (14,000,000)
   Proceeds from sales of short-term investments                   1,866,000            50,177,000
   Proceeds from disposal of property                              6,517,000               185,000
   Net construction funds held by trustee                                  0               (96,000)
   Other capital investments-acquisitions                       (437,830,000)           (6,586,000)
                                                             ---------------       ---------------
   Net cash used in investing activities                        (473,687,000)           (1,070,000)
                                                             ---------------       ---------------
Cash Flows from Financing Activities:                                           
   Treasury stock transactions                                     9,950,000           (76,203,000)
   Cash dividends paid                                           (19,415,000)          (16,835,000)
   Net proceeds from issuance of short-term debt                   7,637,000            20,000,000
   Retirement of long-term debt                                   (9,853,000)                    0
   Proceeds from issuance of long-term debt                      415,884,000                     0
                                                             ---------------       ---------------
   Net cash used in financing activities                         404,203,000           (73,038,000)
                                                             ---------------       ---------------
Net changes in cash and cash equivalents                          (3,379,000)          (23,618,000)
Cash and cash equivalents at beginning of year                    14,168,000            23,618,000
                                                             ---------------       ---------------
Cash and cash equivalents at April 30                        $    10,789,000       $             0 
                                                             ===============       ===============
Supplemental Disclosure:                                                        
   Interest paid (net of interest capitalized)               $    13,925,000       $       559,000
   Income taxes paid (net of refunds received)                    42,514,000            43,540,000
</TABLE>


The accompanying notes are an integral part of this statement.

<PAGE>   6

               Wallace Computer Services, Inc. and Subsidiaries         Page 6
                  Notes to Consolidated Financial Statements
                                April 30, 1998
                                 (Unaudited)

Note 1 - Inventories

         Inventories at April 30, 1998, and July 31, 1997, were as follows:


<TABLE>
<CAPTION>
                                  April 30, 1998            July 31, 1997
                                  --------------            -------------
      <S>                         <C>                       <C>
      Raw materials                 $ 25,983,000              $21,440,000
      Work in process                 24,053,000                1,426,000
      Finished products               78,618,000               62,284,000
                                  --------------            -------------
                                    $128,654,000              $85,150,000
                                  ==============            =============
</TABLE>


         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 April 30, 1998, options to purchase 1,752,845 shares of common   
         stock were outstanding and 3,490,872 shares of common stock were
         available for future grants under the Registrant's Stock Option and
         Employee Stock Purchase Plans.

         The Registrant has authorized 100,000,000 shares of common stock and   
         issued 45,764,054 as of  April 30, 1998.  Of these shares, 2,339,933
         were held in treasury as of April 30, 1998.  The number of shares held
         in treasury at July 31, 1997 was 2,693,784.

Note 3 - Acquisition of Graphic Industries

         On November 3, 1997, a wholly owned subsidiary of the Registrant       
         completed a tender offer for all of the shares of common stock of
         Graphic Industries, Inc. a Georgia corporation ("Graphic").  On
         December 22, 1997, the wholly owned subsidiary was merged with and
         into Graphic, with Graphic becoming a wholly owned subsidiary of the
         Registrant as a result of the Merger.  The total cost of the
         acquisition, including the purchase of all outstanding shares of
         Graphic at $21.75 per share, assumed debt, and transaction costs, was
         $437,830,000.  The acquisition has been accounted for as a purchase. 
         The Registrant's financial results for the nine month period ended
         April 30, 1998 includes the operations of Graphic since November 3,
         1997.

         The cost of the acquisition has been allocated on the basis of the     
         estimated fair market value of the assets acquired.  This preliminary
         purchase price allocation (subject to possible accrual adjustments)    
         resulted in goodwill of $223,727,000.  Goodwill will be amortized on a
         straight line basis over 40 years.

         The pro forma financial results of operations below assume the 
         transaction was completed at the beginning of the periods presented
         and include adjustments for increased interest costs associated with
         the transaction, as well as increased depreciation, amortization, and
         effective income tax rates to reflect the effects of the preliminary
         purchase price allocation:



<PAGE>   7


                                                                          Page 7
                       Wallace Computer Services, Inc.
                                  FORM 10-Q
                  For Quarterly Period Ended April 30, 1998


Note 3 - Acquisition of Graphic Industries (continued)


<TABLE>
<CAPTION>
         Nine months ended April 30,         1998               1997
                                        ---------------    ---------------
         <S>                            <C>                <C>
         Net sales                       $1,105,559,000     $1,017,062,000
         Net income                         $58,661,000        $62,921,000
         Basic earnings per share                 $1.36              $1.45
</TABLE>


Note 4 - Income Taxes

         Effective November 1, 1997, the Registrant increased its effective     
         tax rate from 39.5% to 40.0%.  The income tax rate had been 39.5%
         since August 1, 1996.  The increase in the effective tax rate is due
         to higher goodwill amortization expense, which is not tax deductible.


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

         Results of Operations

         For the three month period ended April 30, 1998, net sales increased   
         66.4% to $375,649,000.  Graphic sales in the quarter were
         $122,579,000. The quarterly increase in sales without Graphic was
         12.1%.  Excluding the acquisition of Moran Printing, a commercial
         printer acquired in July, 1997, the increase in sales for the quarter
         was 7.6%.  Excluding the commercial printing segment, the Registrant
         estimates that unit growth for the quarter was around 9%.  For the
         nine months ended April 30, 1998, net sales increased 47.0% to
         $988,117,000.  Before Graphic, the increase was 12.0%.

         Sales to W.I.N. and Select Services customers totalled 34% of the      
         third quarter's sales and 50% of sales without Graphic.  The later
         number compares to 45% in the third quarter a year ago.

         Net income for the third quarter decreased 5.8% to $18,156,000 or 42   
         cents per share. Graphic results for the quarter were additive by 3
         cents per share, after including the impact of goodwill amortization
         and interest expense.  Net income for the nine month period decreased
         3.2% to $59,987,000 or $1.39 per share.  The Registrant expects that
         the results for Graphic will be either break-even or slightly
         accretive for the fiscal year ended July 31, 1998. The first quarter
         was impacted by the UPS strike in August, 1997.  UPS is both a large
         customer and a significant supplier to the Registrant.  The Registrant
         estimates that the effects of the strike reduced earnings per share in
         the first quarter by one to two cents.

         Cost of sales for the quarter was 68.6% of sales for the quarter.      
         Without Graphic, the cost of sales was 66.9% versus 62.7% in the third
         quarter of fiscal 1997.  The third quarter includes a LIFO charge of
         $213,000 or 0.3 cents per share versus a credit of $485,000 or 0.7
         cents per share in the third quarter last year.  Total LIFO charges in
         the first nine months were $1,243,000 or 1.7 cents per share versus
         credits of $1,456,000 or 2.0 cents per share last year. Cost of sales
         in the third quarter of fiscal 1997, before LIFO effect was 62.9%.  In
         the second quarter of fiscal 1998, cost of sales without Graphic and
         before LIFO effect increased from approximately 63% to 64.9%. Cost of
         sales had trended higher due to increasing paper prices.  The
         Registrant had anticipated increasing selling prices in the third
         quarter to pass along the paper cost increases.  Uncertainty in the
         paper market made passing increased costs along to the customer
         difficult.



<PAGE>   8

                                                                         Page 8
                       Wallace Computer Services, Inc.
                                  FORM 10-Q
                  For Quarterly Period Ended April 30, 1998



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

         This difficulty contributed to increasing cost of sales to 66.8% in    
         the third quarter before Graphic and LIFO effect.  Current market
         conditions for paper remain unknown, but paper cost reductions may
         provide some relief in the fourth quarter.

         The other major factor impacting cost of sales in the third quarter    
         was the impact of lower margins in commodity-type sales with
         non-contract customers.  The margins in accounts supported by W.I.N.
         and Select Services remained relatively consistent with the third
         quarter in the prior year.  It is in the non-contract portion of the
         business where margins dropped.  Had the margins been consistent with
         the third quarter of the prior year in this non-contract business,
         overall cost of sales would have been 65.4% before Graphic and LIFO
         effect.  These form sales of a commodity nature are not part of the
         Registrant's long-term strategic focus.  As such, the Registrant will
         continue to focus on expanding the contract customer base, which is
         consistent with the Registrant's Total Print Management and Integrated
         Supplies Management strategies. 

         Selling and administration expenses for the quarter were 16.8% versus  
         17.5% in the third quarter of last year.  For the nine months ended
         April 30, the ratio to sales was 16.8% versus 18.2% last year.  This
         year's total includes $480,000 in the first quarter, $596,000 in the
         second quarter, and $770,000 in the third quarter of Year 2000 related
         programming expenses.  The Registrant is expecting another $750,000 to
         $800,000 in the fourth quarter of this fiscal year.  Also in the
         current quarter is a loss of $700,000 on the sale/leaseback of the
         Registrant's former headquarters in Hillside, Illinois.  The
         Registrant will continue to lease the facility which houses a
         commercial printing facility. Included in the first half of fiscal
         1997 is $787,000 of expenses related to a proxy contest over the
         Wyser-Pratte proposals to amend our By-laws and Wyser-Pratte's
         nomination of an alternate slate of directors.  The Wyser-Pratte
         proposals were never adopted by the shareholders and the directors
         nominated by Wyser-Pratte were not elected.

         Depreciation and amortization for the quarter was $17,443,000 or 4.6%  
         of sales versus $12,625,000 or 5.6% of sales in the third quarter a
         year ago.  Depreciation expense of $14,185,000 includes $3,036,000
         from Graphic.  The decrease from the prior quarter at Graphic was due
         to final valuations and useful life determinations becoming available
         during the third quarter.  Overall, the total value assigned to the
         Graphic property has not been adjusted.  Goodwill amortization of
         $1,805,000 for the quarter includes $1,398,000 from the Graphic
         acquisition.  An additional $106,000 of goodwill amortization has been
         recognized in each of the first three quarters of this fiscal year
         related to the Moran acquisition completed in July 1997.  Total
         depreciation and amortization, before the impact of Graphic, increased
         3.0% and is the result of continued reinvestment in capital resources
         and system development.

         Interest expense for the quarter increased by $6,916,000 from the same 
         period one year ago.  The current quarter includes $6,818,000 related
         to the Graphic acquisition.  Interest income for the quarter decreased
         by $107,000 and for the year has increased by $577,000.  Interest
         income in the first quarter of fiscal 1998 included a positive
         adjustment of $800,000 for the cash surrender value of life insurance
         policies.




<PAGE>   9

                                                                          Page 9
                       Wallace Computer Services, Inc.
                                  FORM 10-Q
                  For Quarterly Period Ended April 30, 1998


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

         Some of the financial ratios for the twelve months ended April 30,     
         1998 were:  Return on Net Sales of 6.5%, Return on Average Assets of
         8.2%, and Return on Equity of 15.5%.  Those same ratios before adding
         Graphic were: Return on Net Sales of 8.0%, Return on Average Assets of
         11.2%, and Return on Equity of 15.4%.

         Liquidity and Capital Resources

         Working capital increased by $97,902,000 from July 31, 1997, primarily 
         due to the Graphic acquisition.  The current ratio at April 30, 1998
         was 2.3 to 1.

         During the first quarter, the Registrant entered into a five-year      
         Credit Agreement providing a maximum aggregate principal amount
         available to be borrowed of $500,000,000 ("Credit Facility").  In the
         second quarter, the Registrant borrowed $396,000,000 to fund the
         acquisition of Graphic. The Credit Facility will be further used to
         fund acquisitions and for general corporate purposes.  The Credit
         Agreement was filed as Exhibit 10.1 to the Quarterly Report on Form
         10-Q for the quarter ended October 31, 1997. In addition to the Credit
         Facility, the Registrant has unsecured money market lines of
         $125,000,000, under which $35,000,000 was borrowed at April 30, 1998. 
         The maximum amount as authorized by the Board of Directors for
         short-term borrowings under the Credit Facility and the money market
         lines is limited to $600,000,000. The borrowings under the Credit
         Facility are classified as long-term debt as of April 30, 1998 since
         the Registrant has the intent and ability to carry that debt
         long-term.  The $35,000,000 from the unsecured money market lines is
         classified as short-term debt.

         Of the remaining long-term debt, $23,500,000 is made up of industrial  
         revenue bonds at rates ranging from 4.15% to 4.30%.   The balance of
         $13,407,000 relates to acquisitions, $1,000,000 due to the former
         owners of Moran Printing, with the rest being long-term debt from the
         Graphic acquisition.  Long-term debt currently represents 44.4% of
         total capitalization.

         The Registrant has filed a shelf registration statement on Form S-3    
         with the intention of issuing debt securities.  The proceeds of any
         issuance will be used to reduce amounts outstanding under the Credit
         Facility and for general corporate purposes.

         Capital expenditures for the first nine months totalled $44,240,000,   
         including $17,774,000 for Graphic.  For the fourth quarter of fiscal
         1998, the Registrant expects to spend another $20,000,000 on capital
         expenditures, which are expected to be financed through internally
         generated funds and by borrowing against the revolving credit facility
         and unsecured money market lines.

         Stockholders' equity increased 10.1% to $543,101,000 at April 30, 1998.

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



<PAGE>   10

                                                                         Page 10
                       Wallace Computer Services, Inc.
                                  FORM 10-Q
                  For Quarterly Period Ended April 30, 1998



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

         Common Stock

         On September 3, 1997, the Board of Directors increased the annualized
         dividend rate to $0.62 per share, a 10.7% increase from fiscal 1997.

         During the first nine months of fiscal year 1998, the Registrant has
         purchased 130,000 shares of Wallace common stock.  Total repurchases
         against the $100 million authorized by the Board in June, 1997 have 
         been $9.7 million.

                          Part II  Other Information

Items 1 through 4      None

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 Registrant with the Securities and Exchange Commission, press
releases, presentations by the Registrant 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 Registrant 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
Registrant'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 Registrant 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 Registrant and its subsidiaries;
successful integration of acquisitions; labor market conditions; changes in
postal rates and paper prices; the ability of the Registrant to retain its
customers who generally do not operate under long-term contracts with the
Registrant; the potential unpredictability of the Registrant's net sales due to
seasonal and other factors which can lead to fluctuations in quarterly and
annual operating results; the ability of the Registrant to keep pace with
technological advancements in the industry; the effect of technical
advancements on the demand for the Registrant's goods and services; and the
risk of damage to the Registrant's data centers and manufacturing facilities or
interruptions in the Registrant's telecommunications links.

Item 6 Exhibits and Reports on Form 8-K

       (a)   Exhibits

             10.1  First Amendment Credit Agreement dated June 5, 1998 among 
                   Wallace Computer Services, Inc., Bank of America National    
                   Trust and Savings Association, as Administrative Agent and
                   the other financial institutions party thereto amending the
                   $500,000,000 Credit Agreement dated as of October 31, 1997.



<PAGE>   11
                                                                         Page 11
                       Wallace Computer Services, Inc.
                                  FORM 10-Q
                  For Quarterly Period Ended April 30, 1998


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

            27.1  Financial Data Schedule.

        (b) Reports on Form 8-K

            (1)   A report on Form 8-K/A was filed on April 8, 1998 (amending 
                  a report filed on November 18, 1997 and amended on January    
                  16, 1998).  The amended report contained  unaudited pro forma
                  financial statements including,  (i) condensed consolidated
                  statement of operations for the three months ended October
                  31, 1997 and three months ended January 31, 1998, and the
                  fiscal year ended July 31, 1997 presenting pro forma
                  operating results for the Registrant as if the acquisition of
                  Graphic had occurred as of the beginning of the periods
                  presented, and (ii) condensed consolidated balance sheet as
                  of October 31, 1997 as if the acquisition of Graphic had
                  occurred as of October 31, 1997.




<PAGE>   12
                                                                         Page 12
                       Wallace Computer Services, Inc.
                                  FORM 10-Q
                  For Quarterly Period Ended April 30, 1998

                                  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.






        June 12, 1998                     /s/ Robert J. Cronin
     ------------------       ----------------------------------------------
            Date                             Robert J. Cronin
                                  President and Chief Executive Officer
                           
                           
        June 12, 1998                   /s/ Michael J. Halloran
     ------------------       ----------------------------------------------
            Date                           Michael J. Halloran
                                  Vice President, Chief Financial Officer,
                                          and Assistant Secretary
                                       (Principal Accounting Officer)