<PAGE>

                       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


         January 31, 1997                                   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                                 43,197,255
-----------------------------------         ------------------------------------
(Registrant's Telephone Number,             (Number of Common Shares Outstanding
    Including Area Code)                           as of February 28, 1997)


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>

                         Wallace Computer Services, Inc.                  Page 2
                                    FORM 10-Q
                   For Quarterly Period Ended January 31, 1997

                          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 six months ended January 31, 1997,
subject to year-end audit by independent public accountants.  These adjustments
are of a normal, recurring nature.

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

<TABLE>
<CAPTION>

                                                          For the Six Months Ended
                                                                 January 31
                                         --------------------------------------------------------
                                                                %                             %
                                               1997           Sales          1996           Sales
                                         --------------------------    --------------------------
<S>                                      <C>                 <C>       <C>                 <C>
Net Sales                                  $446,232,000       100.0      $433,983,000       100.0

Cost and Expenses
   Cost of goods sold (Note 1)              268,356,000        60.1       272,866,000        62.9
   Selling and administrative expenses       83,163,000        18.6        74,683,000        17.2
   Provision for depreciation and
        amortization                         24,054,000         5.4        21,499,000         5.0
   Hostile takeover expenses                          0         0.0         6,911,000         1.6
                                            -----------       -----       -----------       -----
        Total costs and expenses           $375,573,000        84.2      $375,959,000        86.6
                                            -----------       -----       -----------       -----
   Operating Income                          70,659,000        15.8        58,024,000        13.4
                                            -----------       -----       -----------       -----
   Interest income                           (1,039,000)       (0.2)       (1,413,000)       (0.3)
   Interest expense                           1,059,000         0.2           553,000         0.1
                                            -----------       -----       -----------       -----
   Income before Income Taxes                70,639,000        15.8        58,884,000        13.6
   Provision for Income Taxes (Note 4)       27,902,000         6.3        22,535,000         5.2
                                            -----------       -----       -----------       -----
        Net Income                          $42,737,000         9.6       $36,349,000         8.4
                                            -----------       -----       -----------       -----
                                            -----------       -----       -----------       -----
Net Income per Share                              $0.98                         $0.80
                                                  -----                         -----
                                                  -----                         -----
Average Common Shares Outstanding            43,574,000                    45,462,000
                                            -----------                   -----------
                                            -----------                   -----------
Dividends Declared Per Share                     $0.280                        $0.215
                                                 ------                        ------
                                                 ------                        ------
</TABLE>

The accompanying notes are an integral part of this statement.

<PAGE>

                         Wallace Computer Services, Inc.                  Page 3
                                    FORM 10-Q
                   For Quarterly Period Ended January 31, 1997

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

<TABLE>
<CAPTION>

                                                         For the Three Months Ended
                                                                 January 31
                                         --------------------------------------------------------
                                                                %                             %
                                               1997           Sales          1996           Sales
                                         --------------------------    --------------------------
<S>                                      <C>                 <C>       <C>                 <C>
Net Sales                                  $225,439,000       100.0      $219,545,000       100.0
Cost and Expenses
   Cost of goods sold (Note 1)              135,569,000        60.1       136,535,000        62.2
   Selling and administrative expenses       41,934,000        18.6        37,706,000        17.2
   Provision for depreciation and
        amortization                         12,136,000         5.4        10,944,000         5.0
   Hostile takeover expenses                          0         0.0         2,879,000         1.3
                                            -----------       -----       -----------       -----
        Total costs and expenses           $189,639,000        84.1      $188,064,000        85.7
                                            -----------       -----       -----------       -----
   Operating Income                          35,800,000        15.9        31,481,000        14.3
                                            -----------       -----       -----------       -----
   Interest income                             (414,000)       (0.2)         (561,000)       (0.3)
   Interest expense                             584,000         0.3           219,000         0.1
                                            -----------       -----       -----------       -----
   Income before Income Taxes                35,630,000        15.8        31,823,000        14.5
   Provision for Income Taxes (Note 4)       14,074,000         6.2        12,252,000         5.6
                                            -----------       -----       -----------       -----
        Net Income                          $21,556,000         9.6       $19,571,000         8.9
                                            -----------       -----       -----------       -----
                                            -----------       -----       -----------       -----
Net Income per Share                              $0.50                         $0.43
                                                  -----                         -----
                                                  -----                         -----
Average Common Shares Outstanding            42,968,000                    45,513,000
                                            -----------                   -----------
                                            -----------                   -----------
Dividends Declared Per Share                    $0.1400                       $0.1075
                                                -------                       -------
                                                -------                       -------
</TABLE>


The accompanying notes are an integral part of this statement.

<PAGE>

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

<TABLE>
<CAPTION>

                                                           January 31, 1997     July 31, 1996
                                                              (Unaudited)         (Audited)
                                                           ----------------   ----------------
<S>                                                        <C>                <C>
ASSETS
Current Assets
   Cash and cash equivalents                                     $6,901,000        $23,618,000
   Short-term investments                                         2,873,000         39,025,000
   Accounts receivable                                          165,104,000        152,133,000
   Less-allowance for doubtful accounts                           3,477,000          3,215,000
                                                           ----------------   ----------------
       Net receivables                                          161,627,000        148,918,000
   Inventories (Note 1)                                          80,680,000         71,332,000
   Prepaid taxes                                                 16,917,000         15,138,000
   Advances and prepaid expenses                                  6,114,000          6,077,000
                                                           ----------------   ----------------
       Total current assets                                     275,112,000        304,108,000
                                                           ----------------   ----------------
Property, plant and equipment, at cost                          581,922,000        557,069,000
Less-reserves for depreciation and amortization                 287,952,000        268,197,000
                                                           ----------------   ----------------
   Net property, plant and equipment                            293,970,000        288,872,000
                                                           ----------------   ----------------
Intangible assets arising from acquisitions                      43,478,000         43,180,000
Cash surrender value of life insurance                           39,133,000         32,244,000
Systems development costs                                        22,986,000         21,499,000
Other assets                                                      5,823,000          5,947,000
                                                           ----------------   ----------------
   Total assets                                                $680,502,000       $695,850,000
                                                           ----------------   ----------------
                                                           ----------------   ----------------

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
   Short-term borrowings                                        $30,000,000                 $0
   Current portion long-term debt                                   100,000                  0
   Accounts payable                                              44,521,000         46,044,000
   Accrued salaries, wages, profit sharing and other             45,160,000         51,826,000
                                                           ----------------   ----------------
       Total current liabilities                                119,781,000         97,870,000
                                                           ----------------   ----------------
Long-term debt                                                   30,500,000         30,600,000
Deferred income taxes                                            32,314,000         32,187,000
Deferred compensation and retirement benefits                    27,063,000         24,750,000
Stockholders' equity
   Common stock (Note 2)- issued shares of
     45,764,054 at January 31, 1997 and July 31, 1996            45,764,000         45,764,000
   Treasury stock  (at cost)- 2,578,699 shares at
     January 31, 1997 and 177,216 shares at July 31, 1996       (74,220,000)        (5,176,000)
   Additional capital                                            33,308,000         32,616,000
   Retained earnings                                            466,200,000        437,459,000
   Unrealized loss on securities                                   (208,000)          (220,000)
                                                           ----------------   ----------------
   Total stockholders' equity                                   470,844,000        510,443,000
                                                           ----------------   ----------------
Total liabilities and stockholders' equity                     $680,502,000       $695,850,000
                                                           ----------------   ----------------
                                                           ----------------   ----------------
</TABLE>

The accompanying notes are an integral part of this statement.

<PAGE>

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

<TABLE>
<CAPTION>

                                                                For the Six Months Ended
                                                                         January
                                                           -----------------------------------
                                                                 1997               1996
                                                           ----------------   ----------------
<S>                                                        <C>                <C>
Cash Flows from Operating Activities:
   Net income from operations                                   $42,737,000        $36,349,000
   Adjustments to reconcile net income to net
     cash provided by operating activities:
      Depreciation and amortization                              24,054,000         21,499,000
      Deferred taxes                                                127,000          2,231,000
      (Gain)/loss on disposal of property                           (15,000)           (47,000)
   Changes in assets and liabilities
      Accounts receivable                                       (11,483,000)       (22,630,000)
      Inventories                                                (9,136,000)       (12,384,000)
      Advances and prepaid expenses                              (1,786,000)        (5,187,000)
      Other assets                                              (10,730,000)       (10,676,000)
      Accounts payable and other liabilities                    (10,055,000)        13,576,000
      Deferred compensation and retirement benefits               2,313,000          1,158,000
                                                           ----------------   ----------------
   Net cash provided by operating activities                     26,026,000         23,889,000
                                                           ----------------   ----------------
Cash Flows from Investing Activities:
   Capital expenditures                                         (21,145,000)       (32,792,000)
   Short-term investments                                        36,152,000         27,358,000
   Proceeds from disposal of property                                92,000             77,000
   Unrealized gain/loss on securities                                12,000            (55,000)
   Purchase of Post Printing                                     (6,586,000)                 0
                                                           ----------------   ----------------
   Net cash used in investing activities                          8,525,000         (5,412,000)
                                                           ----------------   ----------------
Cash Flows from Financing Activities:
   Treasury stock transactions                                  (70,416,000)         4,324,000
   Cash dividends paid                                          (10,787,000)        (9,085,000)
   Amounts paid on long-term debt                                         0            (55,000)
   Proceeds from issuance of short-term debt                     30,000,000                  0
   Proceeds from construction funds held by trustee                 (65,000)         3,195,000
                                                           ----------------   ----------------
   Net cash used in financing activities                        (51,268,000)        (1,621,000)
                                                           ----------------   ----------------
Net changes in cash and cash equivalents                        (16,717,000)        16,856,000
Cash and cash equivalents at beginning of year                   23,618,000         10,815,000
                                                           ----------------   ----------------
Cash and cash equivalents at January 31                          $6,901,000        $27,671,000
                                                           ----------------   ----------------
                                                           ----------------   ----------------

Supplemental Disclosure:
   Interest paid (net of interest capitalized)                 $    377,000         $ (108,000)
   Income taxes paid (net of refunds received)                   29,718,000         25,547,000

</TABLE>

The accompanying notes are an integral part of this statement.

<PAGE>

                 Wallace Computer Services, Inc. and Subsidiary           Page 6
                   Notes to Consolidated Financial Statements
                                January 31, 1997
                                   (Unaudited)

Note 1 - Inventories

         Inventories at January 31, 1997, and July 31, 1996, were as follows:

                                  January 31, 1997     July 31, 1996
                                  ----------------   ----------------
              Raw materials            $19,082,000        $20,470,000
              Work in process            3,612,000          1,771,000
              Finished products         57,986,000         49,091,000
                                  ----------------   ----------------
                                       $80,680,000        $71,332,000
                                  ----------------   ----------------
                                  ----------------   ----------------

         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  January 31, 1997, options to purchase 1,011,888 shares of common
         stock were outstanding and 888,592 shares of common stock were
         available for future grants under the Company's Stock Option and
         Employee Stock Purchase Plans.  The number of shares available
         increased by 2,000,000 shares effective February 28, 1997 due to the
         adoption of the 1997 Stock Incentive Plan (see Item 4-Submission of
         Matters to a Vote of Security Holders, and Exhibit 10.3) The number of
         option shares outstanding and available have been adjusted for the two-
         for-one stock split in July 1996.

         The Company had authorized 50,000,000 shares of common stock and had
         issued 45,764,054 as of  January 31, 1997.  Of these shares, 2,578,699
         were held in treasury as of January 31, 1997.   The number of shares
         held in treasury at July 31, 1996 was 177,216.  The shareholders
         approved a proposal to increase the number of authorized shares from 50
         million to 100 million (see Item 4-Submission of Matters to a Vote of
         Security Holders) at the special meeting on February 28, 1997.

Note 3 - Changes in Accounting

         The Financial Accounting Standards Board ("FASB") issued Statement of
         Financial Accounting Standards ("SFAS") No. 121 on accounting for the
         impairment and/or disposal of long-lived assets, certain identifiable
         intangibles and goodwill related to assets to be held and used.  As
         required, the Company will adopt SFAS No. 121 for the fiscal year ended
         July 31, 1997.  At this time, it is the opinion of management that the
         adoption of this statement will not have any material impact on the
         results of operations or the consolidated financial position of the
         Company.

         The FASB issued a new standard, SFAS No. 123 on accounting for stock-
         based compensation that the Company will adopt for the fiscal year
         ended July 31, 1997.  As permitted, the Company will continue its
         current method of accounting for stock-based compensation and will
         comply with the new disclosure requirements of this standard.

<PAGE>

                         Wallace Computer Services, Inc.                  Page 7
                                    FORM 10-Q
                   For Quarterly Period Ended January 31, 1997

Note 4 - Income Taxes

         Effective August 1, 1996, the Company increased its effective tax rate
         from 38.5% to 39.5%.  The income tax rate in the second quarter of
         fiscal 1996 was 38.5% and was 38.3% in the first half.  The increase in
         the tax rate for fiscal 1997 is due to the reduction of tax-exempt
         investment income as a result of diminished cash due to the stock
         repurchase program.


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS


         RESULTS OF OPERATIONS

         There have been no material changes in financial condition since the
         preceding fiscal year which ended July 31, 1996.

         For the three month period ended January 31, 1997, net sales increased
         2.7% to $225,439,000.  Net income for the second quarter increased
         10.1% to $21,556,000 or 50 cents per share, from $19,571,000 or 43
         cents per share in fiscal 1996.   Pretax income for the quarter was up
         by $3,807,000 or 12.0%.

         For the six month period ended January 31, 1997, net sales increased
         2.8% to $446,232,000.  Net income for the first half increased 17.6% to
         $42,737,000 or 98 cents per share, from $36,349,000 or 80 cents per
         share in fiscal 1996.   Pretax income for the half was up by
         $11,755,000 or 20.0%.

         The sales increase was affected by changing paper prices for both the
         quarter and 6 month periods.  Our estimate of unit growth for the
         current year is 11% over last year.   Unit growth has been offset by
         lower selling prices due to lower paper prices.  The net increase in
         sales is from the net benefit of acquisitions and the divestiture of
         the Lasermax division.  In the second half of fiscal 1996, paper price
         deflation began affecting net sales.

         Cost of goods sold represented 60.1% of sales versus 62.2% in the
         second quarter of fiscal 1996.  The second quarter of fiscal 1997
         includes a LIFO credit of $739,000 or 1.0 cents per share.  The LIFO
         credit for the second quarter of fiscal 1996 was $1,249,000 or 1.7
         cents per share.  Cost of goods sold for the first half was 60.1% in
         fiscal 1997 versus 62.9% in fiscal 1996.  Total LIFO credits for the
         first half were $971,000 or 1.3 cents per share.  The LIFO credit for
         the first half of 1996 was $1.0 million or 1.4 cents per share.  The
         decrease in cost of goods sold for the second quarter is attributable
         to improved gross margins in our Business Forms Group and improved unit
         growth in our Label Group.

         Selling and administrative expenses were 18.6% of sales in 1997 versus
         17.2% in both the second quarter and in the first half of last year.
         Included in the first half of fiscal 1997 is  $787,000 of expenses
         related to the proxy contest over the Wyser-Pratte proposals to amend
         our bylaws.  The Wyser-Pratte proposals were not adopted by the
         shareholders (see Item 4-Submission of Matters to a Vote of Security
         Holders).  On November 8, 1996, Mr. Wyser-Pratte voluntarily dismissed
         the Wyser-Pratte litigation (previously filed on the Registrant's
         Quarterly Report on Form 10-Q dated October 31, 1996, and incorporated
         herein by reference to such Report).  As such, we don't anticipate any
         further expenses related to the Wyser-Pratte proposals for the rest of
         the fiscal year.  Sales costs increased in the first half of fiscal
         1997 due to

<PAGE>
                         Wallace Computer Services, Inc.                  Page 8
                                    FORM 10-Q
                   For Quarterly Period Ended January 31, 1997

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS (CONTINUED)

         the hiring of 150 sales representatives in the fourth quarter of fiscal
         1996 which increased wage and travel expenses over the first half of
         fiscal 1996.

         The provision for depreciation and amortization is up 11.9% in the
         first half from fiscal 1996.  This increase is the result of the
         Company's continued reinvestment in capital resources and system
         development.

         Interest income for the first half decreased by $374,000 or 26.5% from
         the same period one year ago.  The reduction is due to the decrease in
         cash and short-term investments attributable to reinvestment in the
         Company through capital expenditures, acquisitions and the $100 million
         stock repurchase program approved by the Board of Directors in June of
         1996.   As of January 31, 1997, $93,270,000 of stock has been
         repurchased under this program.   Interest expense, which is shown net
         of capitalized interest, increased $506,000 or 91.5% between years.
         The increase of interest expense is mainly attributable to a $5,000,000
         increase in debt related to the FEC acquisition in fiscal 1996 and $30
         million borrowed under the $50 million revolving credit agreement (see
         paragraph 4 in the Liquidity and Capital Resources section).

         Operating income for the quarter was up $4,319,000 or 13.7%.  For the
         first half, operating income was up $12,635,000 or 21.8%.  For fiscal
         1997 this represents 15.8% to sales versus 13.4% for fiscal 1996.

         LIQUIDITY AND CAPITAL RESOURCES

         Working capital decreased by $50,907,000 from July 31, 1996, primarily
         due to the $100 million stock repurchase program, with a current ratio
         of 2.3 at January 31, 1997.  Long-term debt includes $23,500,000 of
         industrial revenue bonds at rates ranging from 3.6% to 3.7%, as well as
         $7,000,000 related to acquisitions made in prior fiscal years.  Long-
         term debt currently represents 6.1% of total capitalization.

         Capital expenditures for the first half were $21,145,000.  For the full
         fiscal year, capital expenditures are expected to be $40.0 million,
         which are expected to be financed through internally generated funds
         and by borrowing against our short-term lines of bank credit.

         Stockholders' equity decreased 7.8% to $470,844,000 at January 31,
         1997.  The decrease is attributable to our stock repurchase program.

         During the first quarter, the Company opened a $50 million revolving
         credit agreement with two local banking institutions. The Company has
         borrowed $30.0 million at an interest rate of 5.7% under this revolving
         credit facility during the second quarter due to the stock repurchase
         program.   It is anticipated that cash balances will be adequate to
         fund operations moving forward into our fiscal year.

         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.

<PAGE>

                         Wallace Computer Services, Inc.                  Page 9
                                    FORM 10-Q
                   For Quarterly Period Ended January 31, 1997

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS (CONTINUED)

         COMMON STOCK

         On September 4, 1996, the Board of Directors increased the annualized
         dividend rate to $.56 per share, a 30.2% increase from fiscal 1996.

         OTHER

         On October 22, 1996, the Company completed the acquisition of Post
         Printing.  The acquisition was a cash transaction and will be accounted
         for using the purchase method.  Though the acquisition is anticipated
         to be additive to fiscal 1997 earnings, it is not expected to have a
         material impact.

<PAGE>


                         Wallace Computer Services, Inc.                 Page 10
                                    FORM 10-Q
                   For Quarterly Period Ended January 31, 1997

                           PART II  OTHER INFORMATION


ITEMS 1 THRU 3     None

ITEM 4   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         A) ANNUAL MEETING HELD NOVEMBER 6, 1996

         The Company held its annual meeting of stockholders on November 6,
         1996.  The annual meeting was adjourned and reconvened on November 20,
         1996.  At the reconvened annual meeting the Inspectors of Election
         submitted the final results of the meeting.  The results are as
         follows:

         1)   Election of three directors for the class of directors whose terms
              are expiring at the 1996 Annual Meeting.

                                          For         Withheld
                                         -----        ---------
              Robert J. Cronin         30,866,865     1,099,390
              Richard F. Doyle         30,826,619     1,139,636
              Neele E. Stearns, Jr.    30,867,669     1,098,586

              Guy P. Wyser-Pratte       6,697,023       139,058
              William M. Frazier        6,697,023       139,058
              W. Michael Frazier        6,696,842       139,239

         2)   Ratification of the appointment of Arthur Andersen LLP as the
              Company's independent public accountants for the fiscal year 1997.

                      For              Against        Abstain
                   ----------          -------        -------
                   38,524,994          175,189        102,153

         3)   Mr. Wyser-Pratte's proposal to amend the Company's Bylaws to elect
              out of Section 203 of Delaware General Corporation Law.

                      For              Against        Abstain
                   ----------       ----------        -------
                   12,312,133       26,081,886        408,315

<PAGE>

                         Wallace Computer Services, Inc.                 Page 11
                                    FORM 10-Q
                   For Quarterly Period Ended January 31, 1997

ITEM 4   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (CONTINUED)

         4)   Mr. Wyser-Pratte's proposal to amend the Company's Bylaws
              regarding tender offers.

                      For            Against           Abstain
                   ----------       ----------        ---------
                   16,589,071       17,778,362        4,434,901

         At the reconvened annual meeting, Robert J. Cronin, Richard F. Doyle,
         and Neele E. Stearns, Jr. were elected directors of the Company.  They
         joined Theodore Dimitriou, Curtis A. Hessler, Albert W. Isenman III,
         William N. Lane III, John C. Pope, and Robert P. Rittereiser on the
         Board of Directors.  Proposal 2 obtained the affirmative vote of
         stockholders holding a majority of the shares entitled to vote and
         consequently was adopted.   Proposal 3 failed to obtain the affirmative
         vote of stockholders holding a majority of the shares entitled to vote
         and consequently was not adopted.  Proposal 4 failed to obtain the
         affirmative vote of stockholders holding a majority of shares voted and
         consequently was not adopted.

         B) SPECIAL MEETING HELD FEBRUARY 28, 1997

         The Company held a special meeting of stockholders on February 28, 1997
         to vote on two proposals. The results are as follows:

         1) Amend the Company's Restated Certificate of Incorporation to
         increase the number of authorized shares of Common Stock from 50
         million to 100 million.

                      For            Against           Abstain
                   ----------       ----------        ---------
                   35,919,718        1,982,977           97,229

         2) Adopt the Company's 1997 Stock Incentive Plan.

                      For            Against           Abstain
                   ----------       ----------        ---------
                   36,722,209        1,089,096          188,619

ITEM 6   EXHIBITS

         (a)  Exhibits

              10.1  Amendment No. 1 to the 1994 Deferred Compensation and
                    Capital Accumulation Plan for Directors

              10.2  Amendment No. 39 to the Profit Sharing Retirement Fund

              10.3  1997 Stock Incentive Plan

              10.4  1997 Deferred Compensation/Capital Accumulation Plan for
                    Directors

              10.5  1997 Deferred Compensation/Capital Accumulation Plan

<PAGE>

                         Wallace Computer Services, Inc.                 Page 12
                                    FORM 10-Q
                   For Quarterly Period Ended January 31, 1997

ITEM 6   EXHIBITS (CONTINUED)

              27.1  Financial Data Schedule

         (b)  Reports on Form 8-K

              No reports on Form 8-K have been filed by the Company during the
              quarter ended January 31, 1997.

<PAGE>
                                                                         Page 13
                         Wallace Computer Services, Inc.
                                    FORM 10-Q
                   For Quarterly Period Ended January 31, 1997


                                   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.





        March 12, 1997                  /s/ Robert J. Cronin
      ------------------      ----------------------------------------
             Date                         Robert J. Cronin
                                President and Chief Executive Officer


        March 12, 1997                 /s/ Michael J. Halloran
      ------------------      ----------------------------------------
             Date                        Michael J. Halloran
                              Vice President, Chief Financial Officer,
                                       and Assistant Secretary
                                   (Principal Accounting Officer)