<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, 2000                                         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                                  40,353,470
--------------------------------            ------------------------------------
(Registrant's Telephone Number,             (Number of Common Shares Outstanding
      Including Area Code)                           as of June 1, 2000)


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, 2000

                          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, 2000, 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
                                                --------------------------------------------------------
                                                                      %                              %
                                                     2000           Sales           1999           Sales
                                                -------------------------      -------------------------
<S>                                             <C>                 <C>        <C>                 <C>
Net Sales                                       $1,160,582,000      100.0      $1,145,953,000      100.0

Cost and Expenses
     Cost of goods sold (Note 1)                   812,817,000       70.0         787,502,000       68.7
     Selling and administrative expenses           204,831,000       17.6         184,631,000       16.1
     Provision for depreciation and
          amortization                              58,452,000        5.0          57,199,000        5.0
     Restructuring charge                           38,896,000        3.4                   -          -
                                                --------------      -----      --------------      -----
          Total costs and expenses               1,114,996,000       96.1       1,029,332,000       89.8
                                                --------------      -----      --------------      -----
     Operating Income                               45,586,000        3.9         116,621,000       10.2
                                                --------------      -----      --------------      -----
     Other income                                   (3,190,000)      (0.3)                  -          -
     Net interest expense                           23,131,000        2.0          22,271,000        1.9
                                                --------------      -----      --------------      -----
     Income before Income Taxes                     25,645,000        2.2          94,350,000        8.2
     Provision for Income Taxes (Note 8)            13,464,000        1.2          37,740,000        3.3
                                                --------------      -----      --------------      -----
          Net Income                            $   12,181,000        1.0      $   56,610,000        4.9
                                                ==============      =====      ==============      =====
Basic Earnings per Share                                 $0.29                          $1.34
                                                         =====                          =====
Diluted Earnings per Share                               $0.29                          $1.34
                                                         =====                          =====
Average Common Shares Outstanding                   41,386,000                     42,166,000
                                                    ==========                     ==========
Diluted Average Common Shares Outstanding           41,646,000                     42,373,000
                                                    ==========                     ==========
Dividends Declared Per Share                            $0.495                         $0.480
                                                        ======                         ======
</TABLE>

The accompanying notes are an integral part of this statement.


<PAGE>   3


                         Wallace Computer Services, Inc.                  Page 3
                                    FORM 10-Q
                    For Quarterly Period Ended April 30, 2000

                          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
         April 30, 2000, 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
                                                                         April 30
                                                  ------------------------------------------------------
                                                                      %                              %
                                                      2000          Sales            1999          Sales
                                                  -----------------------        -----------------------
<S>                                               <C>               <C>          <C>               <C>
Net Sales                                         $388,718,000      100.0        $384,731,000      100.0

Cost and Expenses
     Cost of goods sold (Note 1)                   276,183,000       71.0         262,238,000       68.2
     Selling and administrative expenses            71,313,000       18.3          61,108,000       15.9
     Provision for depreciation and
          amortization                              19,130,000        4.9          19,213,000        5.0
     Restructuring charge                           38,896,000       10.0                   -          -
                                                  ------------      -----        ------------      -----
          Total costs and expenses                 405,522,000      104.3         342,559,000       89.0
                                                  ------------      -----        ------------      -----
     Operating (Loss) Income                       (16,804,000)      (4.3)         42,172,000       11.0
                                                  ------------      -----        ------------      -----
     Other income                                   (3,190,000)      (0.8)                  -          -
     Net interest expense                            8,818,000        2.3           7,863,000        2.0
                                                  ------------      -----        ------------      -----
     (Loss) Income before Income Taxes             (22,432,000)      (5.8)         34,309,000        8.9
     (Recovery)/Provision for Income Taxes
          (Note 8)                                  (5,767,000)      (1.5)         13,724,000        3.6
                                                  ------------      -----        ------------      -----
          Net (Loss) Income                       $(16,665,000)      (4.3)       $ 20,585,000        5.4
                                                  ============      =====        ============      =====
Basic (Loss) Earnings per Share                         $(0.41)                         $0.49
                                                        ======                          =====
Diluted (Loss) Earnings per Share                       $(0.41)                         $0.49
                                                        ======                          =====
Average Common Shares Outstanding                   40,403,000                     41,964,000
                                                    ==========                     ==========
Diluted Average Common Shares Outstanding           40,407,000                     42,182,000
                                                    ==========                     ==========
Dividends Declared Per Share                            $0.165                         $0.160
                                                        ======                         ======
</TABLE>

The accompanying notes are an integral part of this statement.


<PAGE>   4


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

<TABLE>
<CAPTION>
                                                           April 30, 2000     July 31, 1999
                                                            (Unaudited)         (Audited)
Assets                                                    ----------------------------------
------
<S>                                                       <C>                <C>
Current Assets
     Cash and cash equivalents                            $     6,511,000    $     8,033,000
     Accounts receivable                                      303,694,000        297,677,000
     Less-allowance for doubtful accounts                       5,650,000          5,582,000
                                                          ---------------    ---------------
         Net receivables                                      298,044,000        292,095,000
     Inventories (Note 1)                                     124,009,000        107,540,000
     Current and deferred income taxes                         39,057,000         37,422,000
     Advances, prepaids, and other expenses                    11,333,000          3,284,000
                                                          ---------------    ---------------
         Total current assets                                 478,954,000        448,374,000
                                                          ---------------    ---------------
Property, plant and equipment, at cost                        847,157,000        846,898,000
Less-reserves for depreciation and amortization               430,737,000        409,891,000
                                                          ---------------    ---------------
     Net property, plant and equipment                        416,420,000        437,007,000
                                                          ---------------    ---------------
Intangible assets arising from acquisitions                   299,337,000        306,117,000
Cash surrender value of life insurance                         50,809,000         58,796,000
Systems development costs                                      53,926,000         43,337,000
Other assets                                                    3,919,000          4,028,000
                                                          ---------------    ---------------
     Total assets                                         $ 1,303,365,000    $ 1,297,659,000
                                                          ===============    ===============

Liabilities and Stockholders' Equity
------------------------------------
Current Liabilities
     Current portion long-term debt                       $     2,620,000    $     2,290,000
     Short-term notes payable                                  24,207,000         21,222,000
     Accounts payable                                          94,312,000         85,577,000
     Accrued salaries, wages, profit sharing and other         72,554,000         82,776,000
                                                          ---------------    ---------------
         Total current liabilities                            193,693,000        191,865,000
                                                          ---------------    ---------------
Long-term debt                                                458,911,000        416,653,000
Deferred income taxes                                          63,721,000         64,438,000
Deferred compensation and retirement benefits                  37,325,000         31,992,000
Other long-term liabilities                                     8,329,000          9,144,000
Stockholders' equity
     Common stock (Note 2)- issued shares of
         45,764,054 at April 30, 2000 and July 31, 1999        45,764,000         45,764,000
     Additional capital                                        37,841,000         37,528,000
     Deferred compensation                                      4,771,000          3,883,000
     Retained earnings                                        567,252,000        581,392,000
     Treasury stock  (at cost)- 5,585,262 shares at
         April 30, 2000 and 3,546,243 shares at
         July 31, 1999                                       (114,242,000)       (85,000,000)
                                                          ---------------    ---------------
     Total stockholders' equity                               541,386,000        583,567,000
                                                          ---------------    ---------------
Total liabilities and stockholders' equity                $ 1,303,365,000    $ 1,297,659,000
                                                          ===============    ===============
</TABLE>

The accompanying notes are an integral part of this statement.

<PAGE>   5


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

<TABLE>
<CAPTION>
                                                                For the Nine Months Ended
                                                                        April 30
                                                               ----------------------------
                                                                   2000            1999
Cash Flows from Operating Activities:                          ------------    ------------
<S>                                                            <C>             <C>
     Net income from operations                                $ 12,181,000    $ 56,610,000
     Adjustments to reconcile net income to net
       cash provided by operating activities:
         Depreciation and amortization                           58,452,000      57,199,000
         Restructuring charge                                    30,896,000               0
         Deferred taxes                                            (302,000)     (3,909,000)
         Gain on disposal of property                              (306,000)       (584,000)
     Changes in assets and liabilities
         Accounts receivable                                     (4,036,000)    (38,086,000)
         Inventories                                            (16,182,000)        300,000
         Advances and prepaid expenses                           (1,379,000)      2,759,000
         Prepaid taxes                                           (1,635,000)       (297,000)
         Other assets                                           (17,106,000)    (27,247,000)
         Accounts payable and other liabilities                  (2,759,000)     10,068,000
         Accrued income taxes                                      (750,000)     15,383,000
         Deferred compensation and retirement benefits            5,333,000       2,320,000
                                                               ------------    ------------
     Net cash provided by operating activities                   62,407,000      74,516,000
                                                               ------------    ------------
Cash Flows from Investing Activities:
     Capital expenditures                                       (41,957,000)    (36,788,000)
     Proceeds from disposal of property                             512,000       5,597,000
     Net construction funds held by trustee                               0       1,280,000
     Other capital investments - (acquisitions)/divestitures    (10,067,000)      7,044,000
                                                               ------------    ------------
     Net cash used in investing activities                      (51,512,000)    (22,867,000)
                                                               ------------    ------------
Cash Flows from Financing Activities:
     Treasury stock transactions                                (34,323,000)    (23,780,000)
     Cash dividends paid                                        (20,357,000)    (20,095,000)
     Net proceeds from short-term debt                            2,984,000       4,257,000
     Retirement of long-term debt                               (57,272,000)    (69,532,000)
     Proceeds from issuance of long-term debt                    96,551,000      54,000,000
                                                               ------------    ------------
     Net cash used in financing activities                      (12,417,000)    (55,150,000)
                                                               ------------    ------------
Net changes in cash and cash equivalents                         (1,522,000)     (3,501,000)
Cash and cash equivalents at beginning of year                    8,033,000       3,501,000
                                                               ------------    ------------
Cash and cash equivalents at April 30                          $  6,511,000    $          0
                                                               ============    ============
Supplemental Disclosure:
     Interest paid (net of interest capitalized)               $ 23,412,000    $ 17,852,000
     Income taxes paid (net of refunds received)                 18,655,000      24,257,000
</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, 2000
                                   (Unaudited)

Note 1 - Inventories

         Inventories at April 30, 2000, and July 31, 1999, were as follows:

                                      April 30, 2000   July 31, 1999
                                      --------------   -------------
               Raw materials            $ 15,235,000    $ 18,043,000
               Work in process            32,313,000      16,948,000
               Finished products          76,461,000      72,549,000
                                      --------------   -------------
                                        $124,009,000    $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 April 30, 2000, options to purchase 2,989,452 shares of common
         stock were outstanding and 2,931,352 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 April 30, 2000. Of these shares, 5,585,262 were
         held in treasury as of April 30, 2000. 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>   7


                Wallace Computer Services, Inc. and Subsidiaries          Page 7
                   Notes to Consolidated Financial Statements
                                 April 30, 2000
                                   (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 nine months ended April 30, 2000, and April 30, 1999 and three
         months ended April 30, 2000, and April 30, 1999 is as follows:

<TABLE>
<CAPTION>
Nine Months Ended April 30, 2000             External     Restructuring             Income before
(Amounts in Thousands)                          Sales            Charge              Income Taxes

-------------------------------------------------------------------------------------------------
<S>                                        <C>                  <C>                      <C>
Forms and Labels Segment                   $  579,024           $ 4,263                  $ 53,240
Integrated Graphics Segment                   581,558            22,465                     4,514

-------------------------------------------------------------------------------------------------
Segment Total                               1,160,582            26,728                    57,754

-------------------------------------------------------------------------------------------------
Corporate / (Net Interest Expense)                  0                 0                   (19,941)
Restructuring Charge - Corporate                    0            12,168                   (12,168)

-------------------------------------------------------------------------------------------------
Consolidated                               $1,160,582           $38,896                  $ 25,645
=================================================================================================
</TABLE>

<TABLE>
<CAPTION>
Nine Months Ended April 30, 1999             External     Restructuring             Income before
(Amounts in Thousands)                          Sales            Charge              Income Taxes

-------------------------------------------------------------------------------------------------
<S>                                        <C>                  <C>                      <C>
Forms and Labels Segment                   $  574,526                 0                  $ 81,660
Integrated Graphics Segment                   571,427                 0                    34,961

-------------------------------------------------------------------------------------------------
Segment Total                               1,145,953                 0                   116,621

-------------------------------------------------------------------------------------------------
Corporate / (Net Interest Expense)                  0                 0                   (22,271)
Restructuring Charge - Corporate                    0                 0                         0

-------------------------------------------------------------------------------------------------
Consolidated                               $1,145,953                 0                  $ 94,350
=================================================================================================
</TABLE>

<TABLE>
<CAPTION>
Three Months Ended April 30, 2000            External     Restructuring      Income (Loss) before
(Amounts in Thousands)                          Sales            Charge              Income Taxes

-------------------------------------------------------------------------------------------------
<S>                                          <C>                <C>                      <C>
Forms and Labels Segment                     $183,668           $ 4,263                  $  7,041
Integrated Graphics Segment                   205,050            22,465                   (11,676)

-------------------------------------------------------------------------------------------------
Segment Total                                 388,718            26,728                    (4,635)

-------------------------------------------------------------------------------------------------
Corporate / (Net Interest Expense)                  0                 0                    (5,629)
Restructuring Charge - Corporate                    0            12,168                   (12,168)

-------------------------------------------------------------------------------------------------
Consolidated                                 $388,718           $38,896                  $(22,432)
=================================================================================================
</TABLE>

<PAGE>   8


                Wallace Computer Services, Inc. and Subsidiaries          Page 8
                   Notes to Consolidated Financial Statements
                                 April 30, 2000
                                   (Unaudited)

Note 3 - Segment Reporting (continued)

<TABLE>
<CAPTION>
Three Months Ended April 30, 1999            External     Restructuring             Income before
(Amounts in Thousands)                          Sales            Charge              Income Taxes

-------------------------------------------------------------------------------------------------
<S>                                          <C>          <C>                             <C>
Forms and Labels Segment                     $181,611                 0                   $27,021
Integrated Graphics Segment                   203,120                 0                    15,151

-------------------------------------------------------------------------------------------------
Segment Total                                 384,731                 0                    42,172

-------------------------------------------------------------------------------------------------
Corporate / (Net Interest Expense)                  0                 0                    (7,863)
Restructuring Charge - Corporate                    0                 0                         0

-------------------------------------------------------------------------------------------------
Consolidated                                 $384,731                 0                   $34,309
=================================================================================================
</TABLE>

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. Implementation of this standard
         has not affected 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.

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.

Note 7 - Restructuring and Other Charges

         In February 2000, the Company announced a plan to restructure its
         operations, which resulted in one-time pre-tax expense totaling $38.9
         million in the third fiscal quarter ending April 30, 2000. This is
         presented separately as a component of income from operations in the
         Statement of Operations. The anticipated additional charges related to
         this restructuring should be minimal, with the majority being
         recognized in the fiscal 2000 fourth quarter.

<PAGE>   9


                Wallace Computer Services, Inc. and Subsidiaries          Page 9
                   Notes to Consolidated Financial Statements
                                 April 30, 2000
                                   (Unaudited)


Note 7 - Restructuring and Other Charges, Continued

         The Company experienced continued softness in the high-quality color
         marketing and promotional printing market as well as issues relating to
         the integration of the Graphic Industries acquisition. Management
         reviewed its operations and developed action plans relating to both
         segments that dealt with under-performing facilities, underutilized
         assets, rationalization of certain product lines and a reduction in
         management positions at the corporate office. The Company's plan was
         approved, committed to, and for the most part, executed in the third
         quarter.

The following table summarizes the activity in the restructuring reserve during
the quarter:

<TABLE>
<CAPTION>
(Amounts in Thousands)
-------------------------------------------------------------------------------------------------------------
                              Employee          Asset Write-       Other Charges         Total Restructuring
                              Termination       downs
                              Benefits          (non-cash)
-------------------------------------------------------------------------------------------------------------
<S>                           <C>               <C>                <C>                   <C>
Restructuring Provision       $ 6,350           $ 30,896           $ 1,650               $ 38,896

-------------------------------------------------------------------------------------------------------------
Adjustments to Reserves       0                 0                  0                     0
Cash Payments                 (2,827)           0                  (865)                 (3,692)
Non-cash items                0                 (30,896)           0                     (30,896)
-------------------------------------------------------------------------------------------------------------
Reserve balance April 30,     $ 3,523           $ 0                $ 785                 $ 4,308
2000
-------------------------------------------------------------------------------------------------------------
</TABLE>

         The plan resulted in four plant closings, and resizing and
         consolidation of other facilities. Exit costs are primarily comprised
         of tangible and intangible asset write-downs related to assets to be
         disposed of and the sale of certain facilities, and severance and
         severance-related costs. Under the plan, during the current quarter,
         the Company terminated 376 employees, 325 of which are from plant
         locations and 51 from the corporate headquarters.

         Due to the changes described above, management performed a review of
         its existing property, and equipment, to determine impairment as
         described in Statement of Financial Accounting Standards No. 121 (SFAS
         121), "Accounting for the Impairment of Long-Lived Assets and for
         Long-Lived Assets to be Disposed of." Based on its evaluation,
         management determined that significant impairment in goodwill and
         long-lived assets associated with plants that were closed or are to be
         closed occurred related to both segments. Certain assets that had no
         long-term strategic value were considered held for disposal and either
         written off or written down to estimated fair market value if the asset
         was able to be sold. The amount of non-cash write-offs related to
         impaired assets and allocated goodwill is $19.8 million and $11.1
         million, respectively.

Note 8 - Income Taxes

         Due primarily to the non-deductibility of certain restructuring
         charges, primarily goodwill, the Company's annualized effective tax
         rate will increase in fiscal year 2000. It is expected that the annual
         effective tax rate will increase to 52.5% from the previous estimate of
         40%. The tax provision in the third quarter adjusts the year-to-date
         provision to the expected annual effective rate.





<PAGE>   10


                Wallace Computer Services, Inc. and Subsidiaries         Page 10
                   Notes to Consolidated Financial Statements
                                 April 30, 2000
                                   (Unaudited)

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, 2000, net sales increased
         1.0% to $388.7 million. Adjusting for acquisitions, divestitures, and
         plant closings, net sales were up 0.4% over the same quarter a year
         ago. The Company estimates unit growth for the quarter was down 2%,
         while increasing paper prices had the effect of increasing sales by
         approximately 2%. For the nine-month period ended April 30, 2000, net
         sales increased 1.3% to $1.2 billion. Adjusting for acquisitions,
         divestitures, and plant closings, net sales were up 3.1% over the same
         period a year ago. The estimated unit growth for the nine-month period
         was approximately 1%.

         Roughly one third of sales are sold to customers under a written
         contract with the Company, which is up slightly from the third quarter
         a year ago. Contract sales provide the Company a stable sales base
         which leads to an increased, more consistent asset utilization of its
         facilities. A significant portion of contract sales are sales to
         customers managed by the W.I.N. system.

         The Company is also hiring experienced sales representatives to
         continue to capitalize on local transactional business. The combination
         of higher transactional sales and increased contract sales is important
         in providing stability to the Company's profitability and utilization
         rates.

         Net loss for the third quarter decreased to $16.7 million or 41 cents
         per share (both basic and diluted), down from $20.6 million or 49 cents
         per share (both basic and diluted) in the same quarter a year ago. Net
         income for the nine-month period ending April 30, 2000 decreased to
         $12.2 million or 29 cents per share (both basic and diluted), down from
         $56.6 million or 1.34 cents per share (both basic and diluted).

         The third quarter ended April 30, 2000 includes a $38.9 million pretax
         charge for a restructuring program. The Company implemented the
         restructuring program because of continued softness in the high-quality
         color marketing and promotional printing market, along with issues
         relating to the integration of the Graphic Industries acquisition.
         Management reviewed its operations and developed action plans relating
         to both segments that dealt with under-performing facilities,
         underutilized assets, and rationalization of certain product lines.
         This charge includes the write-off of goodwill associated with plants
         that were closed or are to be closed, the write-off of abandoned
         software, the write-down to net realizable value of property and
         equipment to be sold and severance and outplacement costs. The majority
         of the restructuring activity occurred in the third quarter which will
         result in most of the restructuring charge also occurring in the third
         quarter. Remaining additional charges (estimated to be less than $1
         million) will occur in the fourth quarter of fiscal year 2000. Total
         restructuring charges will be within the range initially estimated by
         management. The restructuring activities did not materially effect
         ongoing operations, but did result in increased uses of working capital
         in the current quarter, specifically the build-up of certain finished
         goods inventory in anticipation of plant closures. The Company will
         realize reduced depreciation and amortization charges and reduced
         employee costs during the fourth quarter of this year and moving
         forward.

         Cost of sales for the quarter was 71.0% of sales for the quarter as
         compared to 68.2% in the third quarter of last year. The third quarter
         includes a LIFO charge of $1,529,000 or 2.3 cents per share, based on
         historical tax rate of 40% for comparative purposes, versus a LIFO
         credit of $639,000 or 0.9 cents per share in the third quarter of last
         year. Cost of sales for the nine-month period ended April 30, 2000 was
         70.0% of sales as compared to 68.7% in the same period a year ago.
         Total LIFO charges in the first nine months of fiscal year 2000 were
         $3,219,000 or 4.7 cents, based on historical tax rate of 40% for
         comparative purposes, per share versus LIFO credits of $1,231,000 or
         1.8 cents per share in the same period a year ago.

<PAGE>   11


                Wallace Computer Services, Inc. and Subsidiaries         Page 11
                   Notes to Consolidated Financial Statements
                                 April 30, 2000
                                   (Unaudited)


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

         Results of Operations, Continued

         Year over year, the Forms and Labels segment's sales increased from
         $181.6 million to $183.7 million, with operating income of $7.0 million
         and operating margin of 3.8%, down from the prior year quarter of $27.0
         million and operating margin of 14.9%. Adjusting for acquisitions and
         divestitures, net sales in this segment increased 0.9%. For the
         nine-month period ended April 30, 2000, segment sales increased
         slightly from $574.5 million to $579.0 million, with operating income
         of $53.2 million and operating margin of 9.2%, down from prior
         year-to-date of $81.7 million and operating margin of 14.2%. Adjusting
         for acquisitions and divestitures, net sales in this segment increased
         4.2% from the same period a year ago.

         The current quarter restructuring charge resulted in a reduction in
         operating income of $4.3 million for this segment. This charge includes
         asset write-downs, and severance and severance related costs. Excluding
         the impact of this charge, operating income would have been down by
         $15.7 million as compared to the same quarter last year and by $24.2
         million for the same year-to-date period.

         The impact of rising paper prices continues to adversely affect
         operating margins in this segment. The majority of the LIFO impact
         discussed earlier, resulting from the higher prices on paper grades
         used primarily in this segment, impacted the results for the quarter.
         Competitive market conditions continued to pressure selling prices and
         operating margins in this segment, especially within the business forms
         division.

         Year over year, the Integrated Graphics segment's sales increased from
         $203.1 million to $205.1 million, with an operating loss of $11.7
         million and operating margin of (5.7%), down from prior year quarter of
         $15.2 million and operating margin of 7.5%. Adjusting for acquisitions,
         divestitures, and plant closings, net sales in this segment decreased
         0.1%. For the nine-month period ended April 30, 2000, segment sales
         increased from $571.4 million to $581.6 million, with operating income
         of $4.5 million and operating margin of 0.8%, down from prior
         year-to-date operating income of $35.0 million and operating margin of
         6.1%. Adjusting for the acquisitions, divestitures, and plant closings,
         net sales in this segment increased 2.0% from the same period a year
         ago.

         Sales growth over the second quarter grew in line with Company
         expectations for the third quarter and was up 7.6% from prior quarter
         ending January 31, 2000. Consistent with prior years, the third fiscal
         quarter generates the highest level of Integrated Graphics quarterly
         sales. These higher sales help to improve margins by increasing
         equipment utilization in the Integrated Graphic's plants due to the
         seasonal production of annual reports.

         The current quarter restructuring charge resulted in a reduction in
         operating income by $22.5 million for this segment. This charge
         includes the write-off of allocated goodwill, asset write-downs, and
         severance and severance related costs. Excluding the impact of this
         charge, operating income would have been down by $4.4 million as
         compared to the same quarter last year and by $8.0 million for the same
         year-to-date period.



<PAGE>   12


                Wallace Computer Services, Inc. and Subsidiaries         Page 12
                   Notes to Consolidated Financial Statements
                                 April 30, 2000
                                   (Unaudited)


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

         Results of Operations, Continued

         Current year margins are below prior years due largely to an increase
         in manufacturing expenses in anticipation of higher sales volumes for
         the year. The Company's restructuring program was aimed at addressing
         this build-up of expenses resulting from under-performing facilities
         and underutilized assets. During the current quarter, three
         manufacturing plants were closed and the workforce was reduced,
         resulting in the significant charge against segment operating margins
         in the third quarter.

         Selling and administrative expenses for the quarter were 18.3% of sales
         versus 15.9% in the third quarter of last year. For the nine months
         ended April 30, the ratio to sales was 17.6% versus 16.1%. Included in
         the current quarter are one-time charges of $5.1 million. This charge
         represents an adjustment to the reserve for postretirement medical
         costs arising from a change in the actuarial assumptions utilized to
         estimate the benefit, an adverse judgement with respect to the purchase
         price of a facility previously acquired by Graphic Industries, and
         further costs associated with management changes. Included in the prior
         quarter ending January 31, 2000 is a one-time charge of $2.3 million
         for executive retirement benefits.

         Excluding the one-time adjustments, selling and administrative expenses
         for the current quarter were 17.0% of sales verses 15.9% in the third
         quarter of last year. The percentage of sales was flat as compared to
         the prior quarter ending January 31, 2000. For the nine months ended
         April 30, the ratio to sales was 17.0% versus 16.1%. The majority of
         this increase over the prior year continues to relate to the expansion
         in the Company's information technology infrastructure and positioning
         for business-to-business eCommerce. There has also been an increase in
         year over year expenses in the financial division as the Company has
         added personnel and improved financial systems. Selling expense has
         increased as the Company has hired a number of sales representatives,
         including experienced sales representatives, in order to increase the
         transactional business. The restructuring previously mentioned and
         other cost reduction opportunities have been identified which should
         bring these expenses back to historical levels in the fourth quarter of
         fiscal 2000.

         Fiscal year 1999 year-to-date total selling & administrative
         expenditures includes $1,372,000 of Year 2000 related programming
         expenses, of which $319,000 relates to the third quarter fiscal year
         1999, compared to no charges in the current fiscal year period to date.
         Total Year 2000 costs are the same as disclosed in the Company's 1999
         Annual Report.

         Depreciation and amortization for the quarter was $19.1 million or 4.9%
         of sales versus $19.2 million or 5.0% of sales in the third quarter a
         year ago. For the nine-month period ended April 30, 2000, depreciation
         and amortization was $58.5 million or 5.0% of sales versus $57.2
         million or 5.0% of sales in the same period a year ago. Of the total,
         software amortization and development represents $1.4 million for the
         quarter, consistent with the third quarter a year ago. For the
         nine-month period ended April 30, 2000, software amortization and
         development was $4.7 million versus $4.0 million in the same period a
         year ago. The unamortized balance of all capitalized computer software
         at April 30, 2000 was $53.9 million, a 24.4% increase from fiscal
         year-end, due primarily to ongoing enhancements to the Company's order
         entry, customer service, and inventory management system, net of
         impairment charge.

         Other income for the quarter of $3.2 million represents the proceeds
         received from the sale of stock that the Company received in John
         Hancock's conversion from a policyholder owned company to a stockholder
         based company.




<PAGE>   13


                Wallace Computer Services, Inc. and Subsidiaries         Page 13
                   Notes to Consolidated Financial Statements
                                 April 30, 2000
                                   (Unaudited)


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

         Results of Operations, Continued

         Interest expense for the quarter was $9.0 million, up from $8.1 million
         last year. For the nine months ended April 30, 2000, interest expense
         increased from $23.1 million to $25.0 million. The increase is
         primarily due to increased debt levels along with rising interest rates
         as compared to a year ago. Interest income for the quarter remained
         flat as compared to the third quarter of last year and increased
         approximately $1.0 million for the nine-month period to date. Most of
         the increase is related to increased returns on the cash surrender
         value of life insurance policies.

         Due to the restructuring charges, a portion of which is not deductible,
         the current year tax rate is expected to be 52.5%. Management
         anticipates that the annual tax rate for fiscal year 2001 should be in
         the range of 41% to 43%.

         Some of the financial ratios for the twelve months ended April 30, 2000
         were: Return on Net Sales of 3.2%, Return on Average Assets of 3.9%,
         and Return on Equity of 9.1%, excluding the income effects of the
         current quarter restructuring charge.

         Liquidity and Capital Resources

         Working capital increased by $28.8 million from July 31, 1999. Of the
         total increase, $6.7 million of the increase is related to estimated
         proceeds from disposition of assets due to the restructuring. Of the
         $16.5 million increase in Inventory, $5.0 million is related to the
         build-up in finished goods inventory in anticipation of plant closures
         with the majority of the remaining increase due to seasonal build-up in
         the Integrated Graphics segment. The current ratio at April 30, 2000
         was 2.5 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 April 30, 2000, $240.0 million has been
         borrowed under a five-year Credit Agreement ("Credit Facility").
         Subsequent to April 30, 2000, the Company elected to lower the maximum
         aggregate principal amount available to be borrowed under the Credit
         Facility from $500 million to $400 million due to significant excess
         borrowing capacity. The borrowings under the Credit Facility are
         classified as long-term debt as of April 30, 2000 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 $183.5 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 $125.0 million under which $24.2
         million was borrowed at April 30, 2000, and 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 5.1% to 5.2%. The balance of $14.5
         million relates to acquisitions, $6.5 million to the former owners of
         acquired businesses, with the rest being long-term debt from the
         Graphic acquisition.


<PAGE>   14


                Wallace Computer Services, Inc. and Subsidiaries         Page 14
                   Notes to Consolidated Financial Statements
                                 April 30, 2000
                                   (Unaudited)


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

         Liquidity and Capital Resources, Continued

         During the current quarter, Standard and Poor's lowered the Company's
         credit rating from BBB+ to BBB, resulting in an anticipated increase in
         annual borrowing costs by approximately $160,000.

         The maximum amount as authorized by the Board of Directors for total
         borrowings is limited to $600 million.

         Total debt currently represents 47.3% of total capitalization. The
         restructuring charge to equity and share repurchases made during the
         current quarter resulted in a slight increase in this ratio from the
         second quarter of fiscal 2000.

         Capital expenditures for the first nine months of this year totaled
         $42.0 million. For the full fiscal year, capital expenditures are
         expected to be in the range of $47.0 to $52.0 million, which are
         expected to be financed through internally generated funds and by
         borrowing against our revolving credit facility. The full fiscal year
         estimate has been reduced in light of the restructuring program and a
         complete review of current fixed asset utilization.

         Corporate owned life insurance policies totaling $14.2 million were
         surrendered in the current quarter, with the cash proceeds used to
         reduce debt.

         Restructuring charges in the quarter of $38.9 million consisted of
         $30.9 million of non-cash items and 8.0 million of cash items. Cash
         payouts for employee termination benefits, anticipated to occur over
         the next 12 months, are expected to be substantially offset by proceeds
         from the sale of property and equipment. The Company anticipates all
         cash transactions related to the restructuring will occur within the
         next 12 months.

         Stockholders' equity decreased 7.2% to $541.4 million at April 30,
         2000.


         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 nine months of fiscal 2000, the Company purchased
         2,509,000 shares of Wallace common stock. Total repurchases through
         April 30, 2000 against the $100 million authorized by the Board in June
         1997 have been $91.4 million.



<PAGE>   15


                Wallace Computer Services, Inc. and Subsidiaries         Page 15
                   Notes to Consolidated Financial Statements
                                 April 30, 2000
                                   (Unaudited)

                            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 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. Separation Agreement and
                  General Release between the Company and Michael T. Leatherman,
                  dated March 15, 2000, filed herewith.

            27.1  Financial Data Schedule.

         (b)      Reports on Form 8-K

              (1) A report on Form 8-K was filed on March 16, 2000 announcing
                  that the Board of Directors of the Company adopted a Rights
                  Agreement, dated March 14, 2000, between the Company and
                  Harris Trust and Savings Bank, as Rights Agent.






<PAGE>   16



                                                                         Page 16

                                   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 14, 2000                      /s/ Michael O. Duffield
       -----------------        ------------------------------------------------
              Date                              Michael O. Duffield
                                 Acting Chief Executive Officer, President, and
                                             Chief Operating Officer


         June 14, 2000                       /s/ John J. DeCoster
       -----------------        ------------------------------------------------
              Date                               John J. DeCoster
                                           Vice-President, Controller
                                         (Principal Accounting Officer)