<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



       January 31, 1998                               1-6528
------------------------------                ----------------------
For the quarterly period ended                Commission file number



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


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


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


       (630) 588-5000                                    43,419,721
-------------------------------            ------------------------------------
(Registrant's Telephone Number,            (Number of Common Shares Outstanding
    Including Area Code)                           as of February 27, 1998)



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



                             
                                X   Yes       No
                               ----      ----


<PAGE>   2



                      Wallace Computer Services, Inc.                    Page 2
                                  FORM 10-Q
                 For Quarterly Period Ended January 31, 1998

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

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

      The information furnished herein reflects all adjustments which are, in
      the opinion of the management, necessary to a fair statement of the
      results of operations and financial position for the six months ended
      January 31, 1998, subject to year-end audit by independent public
      accountants.  These adjustments are of a normal, recurring nature.

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


<TABLE>
<CAPTION>
                                                     For the Six Months Ended
                                                            January 31
                                           ----------------------------------------------
                                                             %                        %
                                               1998        Sales        1997        Sales
                                           ---------------------    ---------------------
<S>                                        <C>             <C>      <C>             <C>
Net Sales                                  $612,468,000    100.0    $446,232,000    100.0
                                                                                    
Cost and Expenses                                                                   
   Cost of goods sold (Note 1)              402,156,000     65.7     268,356,000     60.1
   Selling and administrative expenses      102,931,000     16.8      83,163,000     18.6
   Provision for depreciation and                                                   
      amortization                           31,460,000      5.1      24,054,000      5.4
                                           ------------    -----    ------------    -----
      Total costs and expenses             $536,547,000     87.6    $375,573,000     84.2
                                           ------------    -----    ------------    -----
   Operating Income                          75,921,000     12.4      70,659,000     15.8
                                           ------------    -----    ------------    -----
   Interest income                           (1,723,000)    (0.3)     (1,039,000)    (0.2)
   Interest expense                           8,215,000      1.3       1,059,000      0.2
                                           ------------    -----    ------------    -----
   Income before Income Taxes                69,429,000     11.3      70,639,000     15.8 
   Provision for Income Taxes (Note 4)       27,598,000      4.5      27,902,000      6.3
                                           ------------    -----    ------------    -----                                
      Net Income                           $ 41,831,000      6.8    $ 42,737,000      9.6
                                           ============    =====    ============    =====                                         

Basic Earnings per Share                   $       0.97             $       0.98    
                                           ============             ============
Fully Diluted Earnings per Share           $       0.96             $       0.97    
                                           ============             ============
Average Common Shares Outstanding            43,058,000               43,574,000    
                                           ============             ============
Fully Diluted Common Shares Outstanding      43,541,000               43,892,000    
                                           ============             ============
Dividends Declared Per Share               $       0.31             $       0.28    
                                           ============             ============
</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 January 31, 1998

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



<TABLE>
<CAPTION>
                                                    For the Three Months Ended
                                                            January 31
                                           ----------------------------------------------
                                                             %                        %
                                               1998        Sales        1997        Sales
                                           ---------------------    ---------------------
<S>                                        <C>             <C>      <C>             <C>
Net Sales                                  $366,356,000    100.0    $225,439,000    100.0

Cost and Expenses
   Cost of goods sold (Note 1)              246,951,000     67.4     135,569,000     60.1
   Selling and administrative expenses       59,689,000     16.3      41,934,000     18.6
   Provision for depreciation and                                                   
      amortization                           18,221,000      5.0      12,136,000      5.4
                                           ------------     ----    ------------     ----
      Total costs and expenses             $324,861,000     88.7    $189,639,000     84.1
                                           ------------     ----    ------------     ----
   Operating Income                          41,495,000     11.3      35,800,000     15.9
                                           ------------     ----    ------------     ----
   Interest income                             (506,000)    (0.1)       (414,000)    (0.2)
   Interest expense                           7,296,000      2.0         584,000      0.3
                                           ------------     ----    ------------     ----
   Income before Income Taxes                34,705,000      9.5      35,630,000     15.8 
   Provision for Income Taxes (Note 4)       13,882,000      3.8      14,074,000      6.2
                                           ------------     ----    ------------     ----
      Net Income                           $ 20,823,000      5.7    $ 21,556,000      9.6
                                           ============     ====    ============     ====
Basic Earnings per Share                   $       0.48             $       0.50
                                           ============             ============
Fully Diluted Earnings per Share           $       0.48             $       0.50
                                           ============             ============
Average Common Shares Outstanding            43,107,000               42,968,000
                                           ============             ============
Fully Diluted Common Shares Outstanding      43,632,000               43,339,000
                                           ============             ============
Dividends Declared Per Share               $      0.155             $      0.140
                                           ============             ============
</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>
                                               January 31, 1998   July 31, 1997
                                                   (Unaudited)      (Audited)
Assets                                          --------------    -------------
------                                          
<S>                                             <C>               <C>
Current Assets                                  
   Cash and cash equivalents                    $   27,363,000    $ 14,168,000
   Short-term investments                                    0       1,706,000
   Accounts receivable                             263,447,000     171,059,000
   Less-allowance for doubtful accounts              6,981,000       3,481,000
                                                --------------    ------------
       Net receivables                             256,466,000     167,578,000
   Inventories (Note 1)                            124,567,000      85,150,000
   Prepaid taxes                                    26,212,000      16,748,000
   Advances and prepaid expenses                    16,205,000       5,140,000
                                                --------------    ------------
       Total current assets                        450,813,000     290,490,000
                                                --------------    ------------
Property, plant and equipment, at cost             783,338,000     608,486,000
Less-reserves for depreciation and amortization    331,464,000     306,994,000
                                                --------------    ------------
   Net property, plant and equipment               451,874,000     301,492,000
                                                --------------    ------------
Intangible assets arising from acquisitions        281,405,000      59,913,000
Cash surrender value of life insurance              47,894,000      39,845,000
Systems development costs                           25,745,000      24,404,000
Other assets                                         6,309,000       4,298,000
                                                --------------    ------------
   Total assets                                 $1,264,040,000    $720,442,000
                                                ==============    ============
Liabilities and Stockholders' Equity                              
------------------------------------                              
Current Liabilities                                               
   Current portion long-term debt               $    4,548,000    $  7,100,000
   Short-term notes payable                         58,065,000      28,500,000
   Accounts payable                                 74,775,000      49,348,000
   Accrued salaries, wages, profit sharing                        
     and other                                      70,328,000      56,308,000
                                                --------------    ------------
       Total current liabilities                   207,716,000     141,256,000
                                                --------------    -----------
Long-term debt                                     437,836,000      24,500,000
Deferred income taxes                               49,073,000      32,669,000
Deferred compensation and retirement benefits       28,671,000      28,829,000
Other long-term liabilities                          9,361,000               0
Stockholders' equity                                              
   Common stock (Note 2)- issued shares of                        
     45,764,054 at January 31, 1998 and                           
     July 31, 1997                                  45,764,000      45,764,000
   Additional capital                               37,080,000      34,739,000
   Retained earnings                               519,140,000     491,719,000
   Unrealized loss on securities                             0         (95,000)
   Treasury stock  (at cost)- 2,354,873 shares                    
     at January 31, 1998 and 2,693,784 shares                     
     at July 31, 1997                              (70,601,000)    (78,939,000)
                                                --------------    ------------
   Total stockholders' equity                      531,383,000     493,188,000
                                                --------------    ------------
Total liabilities and stockholders' equity      $1,264,040,000    $720,442,000
                                                ==============    ============
</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 Six Months Ended
                                                           January 31
                                                -------------------------------
                                                     1998               1997
                                                --------------    -------------
<S>                                             <C>               <C>
Cash Flows from Operating Activities:
   Net income from operations                   $   41,831,000    $  42,737,000
   Adjustments to reconcile net income to net                     
    cash provided by operating activities:                        
       Depreciation and amortization                31,460,000       24,054,000
       Deferred taxes                               (1,845,000)         120,000
       (Gain)/loss on disposal of property              19,000          (15,000)
   Changes in assets and liabilities                              
       Accounts receivable                           4,487,000      (11,483,000)
       Inventories                                  (8,997,000)      (9,136,000)
       Advances and prepaid expenses                11,145,000       (1,786,000)
       Prepaid taxes                                (9,465,000)               0
       Other assets                                (11,729,000)     (10,730,000)
       Accounts payable and other liabilities      (16,946,000)     (10,055,000)
       Accrued income taxes                            (14,000)          (1,000)
       Deferred compensation and retirement                       
         benefits                                     (158,000)       2,313,000
       Realized security (gain) loss                    (9,000)          (7,000)
                                                --------------    -------------
   Net cash provided by operating activities        39,779,000       26,011,000
                                                --------------    -------------
Cash Flows from Investing Activities:                             
   Capital expenditures                            (27,939,000)     (21,145,000)
   Purchases of short-term investments                       0      (14,000,000)
   Proceeds from sales of short-term                              
     investments                                     1,875,000       50,179,000
   Proceeds from disposal of property                   (7,000)          92,000
   Net construction funds held by trustee                    0          (65,000)
   Other capital investments-acquisitions         (437,830,000)      (6,586,000)
                                                --------------    -------------
   Net cash used in investing activities          (463,901,000)       8,475,000
                                                --------------    -------------
Cash Flows from Financing Activities:                             
   Treasury stock transactions                       9,653,000      (70,416,000)
   Cash dividends paid                             (12,685,000)     (10,787,000)
   Proceeds from issuance of short-term debt        29,565,000       30,000,000
   Retirement of long-term debt                     (5,100,000)               0
   Proceeds from issuance of long-term debt        415,884,000                0
                                                --------------    -------------
   Net cash used in financing activities           437,317,000      (51,203,000)
                                                --------------    -------------
Net changes in cash and cash equivalents            13,195,000      (16,717,000)
Cash and cash equivalents at beginning of year      14,168,000       23,618,000
                                                --------------    -------------
Cash and cash equivalents at January 31         $   27,363,000    $   6,901,000 
                                                ==============    =============

Supplemental Disclosure:
   Interest paid (net of interest capitalized)  $    5,572,000    $     377,000
   Income taxes paid (net of refunds received)      29,463,000       29,718,000

</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
                               January 31, 1998
                                 (Unaudited)

Note 1 - Inventories

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


<TABLE>
<CAPTION>
                                      January 31, 1998           July 31, 1997
                                      ----------------           -------------
          <S>                           <C>                       <C>
          Raw materials                 $ 30,702,000              $21,440,000
          Work in process                 29,839,000                1,426,000
          Finished products               64,026,000               62,284,000
                                        ------------              -----------
                                        $124,567,000              $85,150,000
                                        ============              ===========

</TABLE>


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

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

Note 2 - Stock Options

      As of January 31, 1998, options to purchase 1,769,740 shares of common
      stock were outstanding and 3,490,872 shares of common stock were
      available for future grants under the Registrant's Stock Option and
      Employee Stock Purchase Plans.

      The Registrant has authorized 100,000,000 shares of common stock and
      issued 45,764,054 as of  January 31, 1998.  Of these shares, 2,354,873
      were held in treasury as of January 31, 1998.  The number of shares held
      in treasury at July 31, 1997 was 2,693,784.

Note 3 - Acquisition of Graphic Industries

      On November 3, 1997, a wholly owned subsidiary of the Registrant
      completed a tender offer for all of the shares of common stock of Graphic
      Industries, Inc. a Georgia corporation ("Graphic").  On December 22,
      1997, the wholly owned subsidiary was merged with and into Graphic, with
      Graphic becoming a wholly owned subsidiary of the Registrant as a result
      of the Merger.  The total cost of the acquisition, including the purchase
      of all outstanding shares of Graphic at $21.75 per share, assumed debt,
      and transaction costs, was $437,830,000.  The acquisition has been
      accounted for as a purchase.  The Registrant's financial results for the
      three month period ended January 31, 1998 includes the operations of
      Graphic since November 3, 1997.

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

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



<PAGE>   7

                                                                         Page 7
                       Wallace Computer Services, Inc.
                                  FORM 10-Q
                 For Quarterly Period Ended January 31, 1998


Note 3 - Acquisition of Graphic Industries (continued)

<TABLE>
<CAPTION>

      Six months ended January 31,           1998               1997
                                         ------------       ------------
      <S>                                <C>                <C>
      Net sales                          $729,910,000       $673,659,000
      Net income                         $ 40,342,000       $ 43,267,000
      Net earnings per share             $       0.93       $       0.99

</TABLE>


Note 4 - Income Taxes

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


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

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

      For the three month period ended January 31, 1998, net sales increased
      62.5% to $366,356,000.  Graphic sales in the quarter were $112,865,000.
      The quarterly increase in sales without Graphic was 12.4%.  Excluding the
      acquisition of Moran Printing, a commercial printer acquired in July,
      1997, the increase in sales for the quarter was 7.8%.  Excluding the
      commercial printing segment, the Registrant estimates that unit growth
      for the quarter was around 9%.  For the six months ended January 31,
      1998, net sales increased 37.3% to $612,468,000.  Before Graphic, the
      increase was 12.0%.

      Sales to W.I.N. and Select Services customers totalled 31% of the second
      quarter's sales and 45% of sales without Graphic.  This number compares
      to 43% in the second quarter a year ago.

      Net income for the second quarter decreased 3.4% to $20,823,000 or 48
      cents per share. Graphic results for the quarter were dilutive by 2 cents
      per share, after including the impact of goodwill amortization and
      interest expense.  Net income for the six month period decreased 2.1% to
      $41,831,000 or 97 cents per share.  The Registrant expects that the
      results for Graphic will be break-even for the fiscal year ended July 31,
      1998.  In addition to the impact of Graphic on the current fiscal year,
      the first quarter was impacted by the UPS strike in August, 1997.  UPS is
      both a large customer and a significant supplier to the Registrant.  The
      Registrant estimates that the effects of the strike reduced earnings per
      share in the first quarter by one to two cents.

      Cost of sales for the quarter was 67.4% of sales for the quarter.
      Without Graphic, the cost of sales was 65.1% versus 60.1% in the second
      quarter of fiscal 1997.  The second quarter includes a LIFO charge of
      $448,000 or 0.6 cents per share versus a credit of $739,000 or 1.0 cents
      per share  in the second quarter last year.  Total LIFO charges in the
      first half were $1,030,000 or 1.4 cents per share versus credits of
      $971,000 or 1.3 cents per share last year.  Cost of sales for the
      previous three quarters before LIFO effect has been around 63%.  In the
      current quarter, without Graphic and before LIFO effect, cost of sales is
      64.9%.

      Cost of sales has trended higher over the past year due to increasing
      paper prices.  Bond paper prices increased in June, August and again in
      October at a rate of about 6% each increase.  These




<PAGE>   8


                                                                         Page 8
                       Wallace Computer Services, Inc.
                                  FORM 10-Q
                 For Quarterly Period Ended January 31, 1998


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

      increases impact margins in that there is usually a one quarter lag
      between the time of a paper price increase and our ability to raise
      selling prices.  The most recent increases have taken longer than one
      quarter to pass along, thus affecting the second quarter.  Moving into
      the third quarter the Registrant anticipates some improvement in margins
      as the Registrant is now realizing success in raising selling prices.

      Selling and administration expenses for the quarter were 16.3% versus
      18.6% in the second quarter of last year.  For the six months ended
      January 31, the ratio to sales was 16.8% versus 18.6% last year.  This
      year's total includes $480,000 in the first quarter and $596,000 in the
      second quarter of Year 2000 related programming expenses.  The Registrant
      is expecting another $2 million in the second half of this fiscal year.
      Included in the first half of fiscal 1997 is $787,000 of expenses related
      to a proxy contest over the Wyser-Pratte proposals to amend our By-laws
      and Wyser-Pratte's nomination of an alternate slate of directors.  The
      Wyser-Pratte proposals were never adopted by the shareholders and the
      directors nominated by Wyser-Pratte were not elected.

      Depreciation and amortization for the quarter was $18,221,000 or 5.0% of
      sales versus $12,136,000 or 5.4% of sales in the second quarter a year
      ago.  Depreciation expense of $15,008,000 includes $3,794,000 from
      Graphic.  Goodwill amortization of $1,805,000 for the quarter includes
      $1,398,000 from the Graphic acquisition.  An additional $106,000 of
      goodwill amortization has been recognized in both the first and second
      quarters of this fiscal year related to the Moran acquisition completed
      last July.  Total depreciation and amortization, before the impact of
      Graphic, increased 7.4% and is the result of continued reinvestment in
      capital resources and system development.

      Interest expense for the quarter increased by $6,712,000 from the same
      period one year ago.  The current quarter includes $6,965,000 related to
      the Graphic acquisition.  For the year, interest expense increased by
      $7,156,000.  Interest income for the quarter increased by $92,000 and for
      the year has increased by $684,000.  Interest income in the first quarter
      of fiscal 1998 included a positive adjustment of $800,000 for the cash
      surrender value of life insurance policies.

      Some of the financial ratios for the twelve months ended January 31, 1998
      were:  Return on Net Sales of 7.5%, Return on Average Assets of 8.3%, and
      Return on Equity of 16.0%.  Those same ratios before adding Graphic were:
      Return on Net Sales of 8.5%, Return on Average Assets of 11.4%, and
      Return on Equity of 16.2%.

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

      Working capital increased by $93,863,000 from July 31, 1997, primarily
      due to the Graphic acquisition.  The current ratio at January 31, 1998
      was 2.2 to 1.

      During the first quarter, the Registrant entered into a five-year Credit
      Agreement providing a maximum aggregate principal amount available to be
      borrowed of $500,000,000 ("Credit Facility").  In the second quarter, the
      Registrant borrowed $396,000,000 to fund the acquisition of Graphic. The
      Credit Facility will be further used to fund acquisitions and for general
      corporate purposes.  The Credit Agreement was filed as Exhibit 10.1 to
      the Quarterly Report on Form 10-Q for the quarter





<PAGE>   9


                                                                         Page 9
                       Wallace Computer Services, Inc.
                                  FORM 10-Q
                 For Quarterly Period Ended January 31, 1998


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

      ended October 31, 1997.  In addition to the Credit Facility, the
      Registrant has unsecured money market lines of $125,000,000, under which
      $57,000,000 was borrowed at January 31, 1998.  The maximum amount as
      authorized by the Board of Directors for short-term borrowings under the
      Credit Facility and the money market lines is limited to $600,000,000.
      The borrowings under the Credit Facility are classified as long-term debt
      as of January 31, 1998 since the Registrant has the intent and ability to
      carry that debt long-term.  The $57,000,000 from the unsecured money
      market lines is classified as short-term debt.

      Of the remaining long-term debt, $23,500,000 is made up of industrial
      revenue bonds at rates ranging from 3.55% to 3.65%.   The balance of
      $18,336,000 relates to acquisitions, $1,000,000 due to the former owners
      of Moran Printing, with the rest being long-term debt from the Graphic
      acquisition.  Long-term debt currently represents 45.2% of total
      capitalization.

      Capital expenditures for the first six months totalled $27,939,000,
      including $10,595,000 for Graphic.  For the second half of fiscal 1998,
      the Registrant expects to spend another $20,000,000 to $23,000,000 on
      capital expenditures, which are expected to be financed through
      internally generated funds and by borrowing against the revolving credit
      facility and unsecured money market lines.

      Stockholders' equity increased 7.7% to $531,383,000 at January 31, 1998.

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

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

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

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



<PAGE>   10



                      Wallace Computer Services, Inc.                   Page 10
                                  FORM 10-Q
                 For Quarterly Period Ended January 31, 1998

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


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

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

The Registrant held its annual meeting of stockholders on November 5, 1997.
The results of the five proposals put to a shareholder vote are as follows:

1) Election of three directors for the class of directors whose terms are
expiring at the 1997 Annual Meeting.


<TABLE>
<CAPTION>
                                          For          Withheld
                                      ----------       --------
       <S>                            <C>               <C>
       Theodore Dimitriou             36,612,176        157,507
       William N. Lane III            36,632,182        137,501
       John C. Pope                   36,623,796        145,887

</TABLE>


2) Proposal to adopt an amendment to Employee Stock Purchase Plan which would
(a) provide fourteen additional six-month offering periods thereby extending
the Plan to December 31, 2004 and (b) increase the aggregate number of shares
of the Registrant's Common Stock that may be purchased pursuant to the options
granted under the Plan from 4,700,000 to 6,600,000.


<TABLE>
<CAPTION>
             For          Against      Abstain    Broker Non-Vote*
         ----------       -------      -------    ---------------
         <S>              <C>          <C>           <C>
         32,876,039       713,073      110,939       3,069,632
</TABLE>


3) Proposal to adopt the Registrant's Annual Bonus Plan.

<TABLE>
<CAPTION>
             For          Against      Abstain   
         ----------       -------      -------   
         <S>              <C>          <C>       

         35,471,213       1,037,786    260,684
</TABLE>


4) Proposal to adopt the Registrant's 1997 Performance Share Plan, including
performance goals, which provides for the issuance of up to 250,000 shares of
Common Stock.

<TABLE>
<CAPTION>
             For          Against      Abstain    Broker Non-Vote*
         ----------       -------      -------    ---------------
         <S>              <C>          <C>           <C>
         32,007,975       1,447,659    252,017       3,062,032
</TABLE>


5) Ratification of the appointment of Arthur Andersen LLP as the Registrant's
independent public accountants for the fiscal year 1998.

<TABLE>
<CAPTION>
             For          Against      Abstain    
         ----------       -------      -------    
         <S>              <C>          <C>        

         36,629,628       66,937       73,118
</TABLE>


* Broker Non-Votes are deemed to be votes against the proposal.



<PAGE>   11


                       Wallace Computer Services, Inc.                  Page 11
                                  FORM 10-Q
                 For Quarterly Period Ended January 31, 1998

Item 5    Other Information
---------------------------

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

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

          10.1 The Wallace Computer Services, Inc. Amended and
               Restated Executive Incentive Plan, dated as of August 1, 1997.

          10.2 First Amendment to The Wallace Computer Services,
               Inc. Benefit Trust, effective as of October 31, 1997.

          27.1 Financial Data Schedule.

      (b) Reports on Form 8-K

          (1)  A report on Form 8-K was filed on November 18, 1997.
               The report announced the acceptance for payment by Greenwich
               Acquisition Corp., a wholly owned subsidiary of the Registrant,
               of 8,447,988 shares of common stock of Graphic Industries, Inc.
               The report also announced the acceptance for payment of
               4,303,092 shares of Class B Shares from Mark C. Pope III.

          (2)  A report on Form 8-K was filed on January 5, 1998.
               The exhibit filed with the report was a press release of the
               Registrant dated December 22, 1997 announcing the completion of
               the acquisition of Graphic Industries, Inc.

          (3)  A report on Form 8-K/A was filed on January 16, 1998
               (amending a report filed on November 18, 1997).  The amended
               report contained (a) financial statements of Graphic Industries,
               Inc., including  (i)  annual financial statements for the fiscal
               year ended January 31, 1997, and (ii) interim financial
               statements for the third quarter ended October 31, 1997, and (b)
               unaudited pro forma financial statements including,  (i)



<PAGE>   12


                       Wallace Computer Services, Inc.                  Page 12
                                  FORM 10-Q
                 For Quarterly Period Ended January 31, 1998

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

             condensed consolidated statement of operations for the three
             months ended October 31, 1997 and the fiscal year ended July 31,
             1997 presenting pro forma operating results for the Registrant as
             if the acquisition of Graphic had occurred as of the beginning of
             the periods presented, and (ii) condensed consolidated balance
             sheet as of October 31, 1997 as if the acquisition of Graphic had
             occurred as of October 31, 1997.

<PAGE>   13


                                                                        Page 13
                       Wallace Computer Services, Inc.
                                  FORM 10-Q
                 For Quarterly Period Ended January 31, 1998


                                  SIGNATURES
                                  ----------


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




                                          WALLACE COMPUTER SERVICES, INC.



    March 16, 1998                              /s/ Robert J. Cronin
  ------------------                 -----------------------------------------
         Date                                     Robert J. Cronin
                                      President and Chief Executive Officer


    March 16, 1998                            /s/ Michael J. Halloran
  ------------------                 -----------------------------------------
         Date                                   Michael J. Halloran
                                     Vice President, Chief Financial Officer,
                                              and Assistant Secretary
                                          (Principal Accounting Officer)