<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, 2001                                    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                               40,961,682
------------------------------------      --------------------------------------
  (Registrant's Telephone Number,          (Number of Common Shares Outstanding
       Including Area Code)                         as of March 1, 2001)


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, 2001

                          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, 2001, 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
                                             --------------------------------------------------------
                                                                    %                            %
                                                 2001             Sales        2000            Sales
                                             --------------------------    --------------------------
<S>                                          <C>                  <C>      <C>                  <C>
Net Sales                                    $ 828,323,000        100.0    $ 771,864,000        100.0

Cost and Expenses
     Cost of goods sold (Note 1)               588,803,000         71.1      536,634,000         69.5
     Selling and administrative expenses       128,413,000         15.5      133,518,000         17.3
     Provision for depreciation and
          amortization                          39,000,000          4.7       39,322,000          5.1
     Restructuring charges                         694,000          0.1                0          0.0
                                             -------------        -----    -------------        -----
          Total costs and expenses             756,910,000         91.4      709,474,000         91.9
                                             -------------        -----    -------------        -----
     Operating Income                           71,413,000          8.6       62,390,000          8.1
                                             -------------        -----    -------------        -----
     Interest income                              (542,000)        (0.1)      (1,602,000)        (0.2)
     Interest expense                           15,615,000          1.9       15,915,000          2.1
                                             -------------        -----    -------------        -----
     Income before Income Taxes                 56,340,000          6.8       48,077,000          6.2
     Provision for Income Taxes                 22,930,000          2.8       19,231,000          2.5
                                             -------------        -----    -------------        -----
          Net Income                         $  33,410,000          4.0    $  28,846,000          3.7
                                             =============        =====    =============        =====
Basic Earnings per Share                     $        0.82                 $        0.69
                                             =============                 =============
Diluted Earnings per Share                   $        0.82                 $        0.69
                                             =============                 =============
Average Common Shares Outstanding               40,514,000                    41,866,000
                                             =============                 =============
Diluted Common Shares Outstanding               40,724,000                    41,999,000
                                             =============                 =============
Dividends Declared Per Share                 $        0.33                 $        0.33
                                             =============                 =============
</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, 2001


                          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
         January 31, 2001, 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
                                                                   January 31
                                             -------------------------------------------------------
                                                                     %                             %
                                                 2001             Sales       2000             Sales
                                             --------------------------   --------------------------
<S>                                          <C>                  <C>     <C>                  <C>
Net Sales                                    $ 420,510,000        100.0   $ 384,248,000        100.0

Cost and Expenses
     Cost of goods sold (Note 1)               299,927,000         71.3     271,915,000         70.8
     Selling and administrative expenses        64,763,000         15.4      67,710,000         17.6
     Provision for depreciation and
          amortization                          19,629,000          4.7      19,736,000          5.1
     Restructuring charges                         302,000          0.1               0          0.0
                                             -------------        -----   -------------        -----
          Total costs and expenses             384,621,000         91.5     359,361,000         93.5
                                             -------------        -----   -------------        -----
     Operating Income                           35,889,000          8.5      24,887,000          6.5
                                             -------------        -----   -------------        -----
     Interest income                              (199,000)         0.0        (661,000)        (0.2)
     Interest expense                            7,549,000          1.8       8,435,000          2.2
                                             -------------        -----   -------------        -----
     Income before Income Taxes                 28,539,000          6.8      17,113,000          4.5
     Provision for Income Taxes                 11,615,000          2.8       6,845,000          1.8
                                             -------------        -----   -------------        -----
          Net Income                         $  16,924,000          4.0   $  10,268,000          2.7
                                             =============        =====   =============        =====
Basic Earnings per Share                     $        0.42                $        0.25
                                             =============                =============
Diluted Earnings per Share                   $        0.41                $        0.25
                                             =============                =============
Average Common Shares Outstanding               40,549,000                   41,377,000
                                             =============                =============
Diluted Common Shares Outstanding               40,920,000                   41,455,000
                                             =============                =============
Dividends Declared Per Share                 $       0.165                $       0.165
                                             =============                =============
</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, 2001         July 31, 2000
                                                                   (Unaudited)              (Audited)
                                                                ----------------         ---------------
<S>                                                              <C>                     <C>
Assets
------
Current Assets
     Cash and cash equivalents                                   $     4,845,000         $     4,505,000
     Accounts receivable                                             311,964,000             300,259,000
     Less-allowance for doubtful accounts                              6,599,000               5,906,000
                                                                 ---------------         ---------------
         Net receivables                                             305,365,000             294,353,000
     Inventories (Note 1)                                            126,686,000             108,133,000
     Current and deferred taxes                                       25,957,000              27,732,000
     Advances and prepaid expenses                                     7,252,000               8,110,000
                                                                 ---------------         ---------------
         Total current assets                                        470,105,000             442,833,000
                                                                 ---------------         ---------------
Property, plant and equipment, at cost                               877,766,000             856,827,000
Less-reserves for depreciation and amortization                      472,974,000             443,981,000
                                                                 ---------------         ---------------
     Net property, plant and equipment                               404,792,000             412,846,000
                                                                 ---------------         ---------------
Intangible assets arising from acquisitions                          292,750,000             296,745,000
Cash surrender value of life insurance                                15,253,000              36,400,000
System development costs                                              57,867,000              55,727,000
Other assets                                                           3,796,000               4,758,000
                                                                 ---------------         ---------------
     Total assets                                                $ 1,244,563,000         $ 1,249,309,000
                                                                 ===============         ===============
Liabilities and Stockholders' Equity
------------------------------------
Current Liabilities
     Current portion long-term debt                              $     2,043,000         $     2,454,000
     Short-term notes payable                                         11,003,000              12,991,000
     Accounts payable                                                120,685,000              99,368,000
     Accrued salaries, wages, profit sharing and other                82,491,000              81,277,000
                                                                 ---------------         ---------------
           Total current liabilities                                 216,222,000             196,090,000
                                                                 ---------------         ---------------
Long-term debt                                                       343,459,000             389,413,000
Deferred income taxes                                                 69,637,000              69,912,000
Deferred compensation and retirement benefits                         37,726,000              36,265,000
Other long-term liabilities                                            7,975,000               8,092,000
Stockholders' equity
     Common stock (Note 2)- issued shares of
         45,764,054 at January 31, 2001 and July 31, 2000             45,764,000              45,764,000
     Additional capital                                               38,624,000              38,486,000
     Deferred compensation                                             3,161,000               3,159,000
     Retained earnings                                               568,721,000             558,933,000
     Treasury stock  (at cost)- 5,060,443 shares at
         January 31, 2001 and 5,076,661 shares at
         July 31, 2000                                               (86,251,000)            (96,805,000)
     Accumulated other comprehensive loss (Note 4)                      (475,000)                      0
                                                                 ---------------         ---------------
     Total stockholders' equity                                      569,544,000             549,537,000
                                                                 ---------------         ---------------
Total liabilities and stockholders' equity                       $ 1,244,563,000         $ 1,249,309,000
                                                                 ===============         ===============
</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
                                                               ----------------------------------
                                                                      2001                2000
                                                               -------------        -------------
<S>                                                            <C>                  <C>
Cash Flows from Operating Activities:
     Net income from operations                                $  33,410,000        $  28,846,000
     Adjustments to reconcile net income to net
       cash provided by operating activities:
         Depreciation and amortization                            39,000,000           39,322,000
         Restructuring charges                                        87,000                    0
         Deferred taxes                                             (275,000)            (168,000)
         Gain on disposal of property                                (13,000)            (326,000)
     Changes in assets and liabilities
         Accounts receivable                                     (11,012,000)          (2,861,000)
         Inventories                                             (18,553,000)          (8,730,000)
         Advances and prepaid expenses                               859,000           (1,985,000)
         Prepaid taxes                                             2,106,000            3,950,000
         Other assets                                             15,790,000          (15,745,000)
         Accounts payable and other liabilities                   21,715,000          (15,320,000)
         Accrued income taxes                                              0             (750,000)
         Deferred compensation and retirement benefits             1,461,000              666,000
                                                               -------------        -------------
     Net cash provided by operating activities                    84,575,000           26,899,000
                                                               -------------        -------------
Cash Flows from Investing Activities:
     Capital expenditures                                        (24,063,000)         (34,305,000)
     Proceeds from disposal of property                            1,170,000            2,457,000
     Other capital investments-acquisitions                                0           (9,496,000)
                                                               -------------        -------------
     Net cash used in investing activities                       (22,893,000)         (41,344,000)
                                                               -------------        -------------
Cash Flows from Financing Activities:
     Treasury stock transactions                                  (4,137,000)         (30,872,000)
     Cash dividends paid                                         (13,362,000)         (13,699,000)
     Proceeds from issuance of common stock                        4,557,000                    0
     Net (retirements of)/proceeds from short-term debt           (2,399,000)          21,864,000
     Retirement of long-term debt                               (111,001,000)         (10,432,000)
     Proceeds from issuance of long-term debt                         65,000           39,551,000
                                                               -------------        -------------
     Net cash (used in)/provided by financing activities         (61,342,000)          (6,412,000)
                                                               -------------        -------------
Net changes in cash and cash equivalents                             340,000           (8,033,000)
Cash and cash equivalents at beginning of year                     4,505,000            8,033,000
                                                               -------------        -------------
Cash and cash equivalents at January 31                        $   4,845,000        $           0
                                                               =============        =============
Supplemental Disclosure:
     Interest paid (net of interest capitalized)               $  14,516,000        $  11,911,000
     Income taxes paid (net of refunds received)                  21,150,000           18,397,000
</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, 2001
                                   (Unaudited)

Note 1 - Inventories

         Inventories at January 31, 2001, and July 31, 2000, were as follows:

                                        January 31, 2001    July 31, 2000
                                        ----------------    -------------
             Raw materials                $ 15,593,000       $ 15,913,000
             Work in process                30,334,000         22,148,000
             Finished products              80,759,000         70,072,000
                                          ------------       ------------
                                          $126,686,000       $108,133,000
                                          ============       ============

         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, 2001, options to purchase 3,476,354 shares of common
         stock were outstanding and 3,532,272 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 January 31, 2001. Of these shares, 5,060,443
         were held in treasury as of January 31, 2001. The number of shares held
         in treasury at July 31, 2000 was 5,076,661.

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
                                January 31, 2001
                                   (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 fiscal 2000 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 six months ended January 31, 2001 and 2000 are as follows:

<TABLE>
<CAPTION>
Six Months Ended January 31, 2001            External     Restructuring      Income before
(Amounts in Thousands)                          Sales           Charge        Income Taxes
-------------------------------------------------------------------------------------------
<S>                                          <C>                   <C>             <C>
Forms and Labels Segment                     $406,590              $  0            $47,816
Integrated Graphics Segment                   421,733               291             24,291
-------------------------------------------------------------------------------------------
Segment Total                                 828,323               291             72,107
-------------------------------------------------------------------------------------------
Corporate / (Net Interest Expense)                  0                 0            (15,073)
Restructuring Charge - Corporate                    0               403               (694)
-------------------------------------------------------------------------------------------
Consolidated                                 $828,323              $694            $56,340
===========================================================================================

<CAPTION>
Six Months Ended January 31, 2000            External     Restructuring      Income before
(Amounts in Thousands)                          Sales           Charge        Income Taxes
-------------------------------------------------------------------------------------------
<S>                                          <C>                      <C>          <C>
Forms and Labels Segment                     $395,356                 0            $46,199
Integrated Graphics Segment                   376,508                 0             16,191
-------------------------------------------------------------------------------------------
Segment Total                                 771,864                 0             62,390
-------------------------------------------------------------------------------------------
Corporate / (Net Interest Expense)                  0                 0            (14,313)
Restructuring Charge - Corporate                    0                 0                  0
-------------------------------------------------------------------------------------------
Consolidated                                 $771,864                 0            $48,077
===========================================================================================
</TABLE>

         There are no material changes in Segment Assets from fiscal year-end
2000.


<PAGE>   8
                Wallace Computer Services, Inc. and Subsidiaries          Page 8
                   Notes to Consolidated Financial Statements
                                January 31, 2001
                                   (Unaudited)


Note 4 - Accounting for Derivative Instruments and Hedging Activities

         Effective August 1, 2000, the Company adopted SFAS No. 133, "Accounting
         for Derivative Instruments and Hedging Activities", as amended by SFAS
         No. 137 and SFAS No. 138. This standard requires that an entity
         recognize derivatives as either assets or liabilities on its balance
         sheet and measure those instruments at fair value. The Company had no
         derivatives outstanding as of July 31, 2000 and thus, no transition
         adjustment was required as a result of the adoption of SFAS No. 133.

         In the second quarter of fiscal 2001, the Company entered into interest
         rate swap agreements ("Swaps") which effectively convert $75 million of
         LIBOR floating rate debt under the revolving Credit Facility ("Credit
         Facility") to fixed rate debt. The purpose for entering into the Swaps
         is to better match the Company's assets and liabilities and reduce its
         exposure to interest rate risk. The Swaps have a term that is one year
         or less from the date of inception. These Swaps are considered cash
         flow hedges and, accordingly, the fair market value of the Swaps as of
         January 31, 2001 are recorded as liabilities in "accrued salaries,
         wages, profit sharing and other" in the current liabilities section of
         the balance sheet. Accumulated other comprehensive loss in the equity
         section of the balance sheet reflects the after-tax charge to equity
         corresponding to the fair market value of the Swaps. Any net gain or
         losses on the Swaps, which are not significant in the second quarter of
         fiscal 2001, are reflected in interest expense in the income statement.


Note 5 - 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 $41.6
         million for fiscal 2000. In the first six months of fiscal 2001,
         additional restructuring costs of $0.7 million were incurred primarily
         related to ongoing cash charges related to plant closing activities and
         restructuring administrative costs that could previously not be accrued
         for in accordance with EITF 94-3. These costs are presented separately
         as a component of income from operations in the Statement of
         Operations.

         The restructuring was undertaken in fiscal 2000 as the Company was
         experiencing continued softness in the high-quality color marketing and
         promotional printing market as well as issues relating to the
         integration of the Graphic 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 of
         fiscal 2000 with only minor charges incurred subsequent to that time.


<PAGE>   9
                Wallace Computer Services, Inc. and Subsidiaries          Page 9
                   Notes to Consolidated Financial Statements
                                January 31, 2001
                                   (Unaudited)


Note 5 - Restructuring and Other Charges (continued)

         The following table summarizes the activity in the restructuring
         reserve during fiscal 2000 and the first six months of fiscal 2001:

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

-----------------------------------------------------------------------------------------------------------------------
Additional restructuring charges            291                       639                1,725            2,655
Adjustments to Reserves                       -                         -                    -                -
Cash Payments                            (4,562)                        -               (2,245)          (6,807)
Non-cash items                                -                   (31,535)                   -          (31,535)
-----------------------------------------------------------------------------------------------------------------------
Reserve balance July 31, 2000           $ 2,079                  $      -              $ 1,130         $  3,209
-----------------------------------------------------------------------------------------------------------------------
Additional restructuring charges            100                        87                  507              694
Cash Payments                            (1,592)                        -               (1,537)          (3,129)
Non-cash items                                -                       (87)                   -              (87)
-----------------------------------------------------------------------------------------------------------------------
Reserve balance January 31, 2001        $   587                  $      -              $   100         $    687
-----------------------------------------------------------------------------------------------------------------------
</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, the Company terminated 446
         employees, 388 of which are from plant locations and 58 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 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 is $20.6 million. The amount of allocated goodwill written off
         related to plants acquired in the Graphics acquisition was $11.1
         million.

         The initiatives associated with this restructuring are substantially
         complete as of January 31, 2001. The anticipated additional charges
         related to this restructuring should continue to be minimal.

Note 6 - Income Taxes

         It is expected that the annual effective tax rate for fiscal 2001 will
         be 40.7%. The annual effective tax rate for fiscal 2000 was 54.5% due
         primarily to the non-deductibility of certain restructuring charges.



<PAGE>   10
                Wallace Computer Services, Inc. and Subsidiaries         Page 10
                   Notes to Consolidated Financial Statements
                                January 31, 2001
                                   (Unaudited)


Note 7 - Recently Issued Accounting Pronouncements

         In June and September 2000, the Emerging Issues Task Force of the
         Financial Accounting Standards Board ("Task Force") reached a consensus
         on EITF 00-10, "Accounting for Shipping and Handling Revenues and
         Costs". EITF Issue 00-10 requires that all amounts billed to a customer
         in a sale transaction for shipping and handling be classified as sales,
         and recommends that shipping and handling expenses be classified as
         cost of sales. The Company currently aggregates shipping and handling
         costs and revenues in the revenue line on the income statement.
         Accordingly, the Company has determined that EITF Issue 00-10 will
         require reclassification of shipping and handling revenues and costs
         within the income statement, but does not believe EITF Issue 00-10 will
         impact its financial condition or results of operations. This statement
         requires retroactive restatement and will be adopted by the Company in
         the fourth quarter of fiscal 2001.












<PAGE>   11
                Wallace Computer Services, Inc. and Subsidiaries         Page 11
                   Notes to Consolidated Financial Statements
                                January 31, 2001
                                   (Unaudited)


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, 2001, net sales increased
         9.4% to $420.5 million from the quarter ended January 31, 2000. For the
         six-month period ended January 31, 2001, net sales increased 7.3% to
         $828.3 million from the same period in the prior year. The Company
         estimates that unit growth remained positive, with price inflation due
         to increasing material prices being partially offset by pricing
         pressures brought on by competitive conditions. The impact of
         acquisitions, divestitures, and plant closings on sales in both the
         quarter and year-to-date periods was not material to the results.

         Roughly 30% of sales are sold to customers under a written contract
         with the Company. For the past year, both transactional and contract
         sales have increased on a quarter over quarter basis. The combination
         of higher transactional sales and increased contract sales is important
         in providing stability to the Company's utilization rates and
         profitability. A significant portion of contract sales are sales to
         customers managed by the W.I.N. system.

         Net income for the second quarter increased 64.8% to $16.9 million or
         42 cents per share (basic) and 41 cents per share (diluted), from $10.3
         million or 25 cents per share (both basic and diluted) in the same
         quarter a year ago. Net income for the six-month period ending January
         31, 2001 increased 15.8% to $33.4 million or 82 cents per share (both
         basic and diluted), from $28.8 million or 69 cents per share (both
         basic and diluted).

         The second quarter ended January 31, 2001 includes a $0.3 million
         pretax charge for costs of a restructuring announced in the third
         quarter ended April 30, 2000. Restructuring charges in the six month
         period ended January 31, 2001 total $0.7 million. 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, which occurred primarily in fiscal 2000,
         includes the write-off of goodwill associated with plants that were
         closed, the write-off of abandoned software, the write-down to net
         realizable value of property and equipment sold and severance and
         outplacement costs. The additional restructuring charges incurred in
         fiscal 2001 correspond primarily to ongoing cash charges related to
         plant closing activities and restructuring administrative costs. Future
         charges related to this restructuring should be minimal.

         Cost of sales for the quarter was 71.3% of sales as compared to 70.8%
         in the second quarter of last year. The second quarter included a LIFO
         charge of $0.3 million or 0.5 cents per share versus a charge of $1.1
         million or 1.6 cents per share in the second quarter of fiscal 2000.
         Cost of sales for the six-month period ended January 31, 2001 was 71.1%
         of sales as compared to 69.5% in the same period a year ago. Total LIFO
         charges in the first half of fiscal 2001 were $1.0 million or 1.5 cents
         per share versus a charge of $1.7 million or 2.4 cents per share in the
         first half of fiscal 2000.

         Year over year, the Forms and Labels segment's quarterly sales
         increased 4.6% to $202.6 million, with operating income of $24.1
         million and operating margin of 11.9% versus operating income of $20.7


<PAGE>   12

                Wallace Computer Services, Inc. and Subsidiaries         Page 12
                   Notes to Consolidated Financial Statements
                                January 31, 2001
                                   (Unaudited)


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

         million and an operating margin of 10.7% in the second quarter of last
         year. For the six-month period ended January 31, 2001, segment sales
         increased 2.8% to $406.6 million, with operating income of $47.8
         million and an operating margin of 11.8%, versus operating income of
         $46.1 million and an operating margin of 11.7% in the prior year to
         date period. Competitive market conditions have continued to put
         pressure on operating margins in this segment. Since the third quarter
         of last year, margins have improved sequentially, as the effects of
         cost cutting measures initiated with the restructuring announced in
         that quarter have taken effect.

         Year over year, the Integrated Graphics' segment quarterly sales
         increased 14.4% to $217.9 million, with operating income of $12.1
         million and operating margin of 5.6% versus operating income of $4.2
         million and an operating margin of 2.2% in the second quarter of last
         year. For the six-month period ended January 31, 2001, segment sales
         increased 12.0% to $421.7 million, with operating income of $24.3
         million and an operating margin of 5.8% versus operating income of
         $16.3 million and an operating margin of 4.3% in the prior year to date
         period. The second quarter of the current year benefited from a major
         customer accelerating their normal order pattern. The revenue that was
         accelerated normally occurs in the fourth quarter. In general, margins
         have improved from benefits derived from the restructuring program and
         other cost cutting initiatives which have been offset, in part, by
         competitive pricing pressures. Ongoing competitive and economic
         pressures are likely to continue.

         Selling and administration expenses for the quarter were 15.4% versus
         17.6% last year. Included in the second quarter of last year was a
         one-time charge of $2.3 million for executive retirement benefits.
         Adjusting for this one-time charge, the second quarter of fiscal 2000
         would have been 17.0% of sales. The restructuring activity in the third
         quarter of last fiscal year, along with other cost reduction
         opportunities, have helped to decrease both selling and administrative
         expenses to the current level as a percent of sales.

         Depreciation and amortization for the quarter was $19.6 million or 4.7%
         of sales versus $19.7 million or 5.1% of sales in the first quarter a
         year ago. Depreciation expense has decreased as underperforming assets
         were disposed of as part of the restructuring. Amortization expense is
         up over 7% and will continue to increase in the third quarter, due
         primarily to ongoing enhancements to the Company's order entry,
         customer service, and inventory management system.

         Interest expense for the quarter was $7.5 million, down from $8.4
         million last year. The decrease is primarily attributable to the
         significant reduction in debt quarter over quarter. Interest income for
         the quarter decreased $0.6 million from the second quarter of last
         year. The decrease in interest income can be attributed to the
         surrender of several life insurance policies, the proceeds of which
         were used to pay down debt.

         Liquidity and Capital Resources

         Working capital increased by $7.1 million from July 31, 2000. Increases
         in inventory were more than offset by increases in accounts payable.
         The significant increase in sales during the quarter caused accounts
         receivable to increase from both prior year-end and prior quarter
         levels. The current ratio at January 31, 2001 was 2.2 to 1.


<PAGE>   13

                Wallace Computer Services, Inc. and Subsidiaries         Page 13
                   Notes to Consolidated Financial Statements
                                January 31, 2001
                                   (Unaudited)


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

         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 January 31, 2001, $135.0 million has been
         borrowed under a five-year Credit Agreement ("Credit Facility"), which
         provides for a maximum aggregate principal amount available to be
         borrowed of $400 million. The borrowings under the Credit Facility are
         classified as long-term debt as of January 31, 2001 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 $184.7 million classified as long-term debt with the
         earliest maturity in 2006.

         In addition to the credit facility and the senior notes, the Company
         has unsecured money market lines of $125 million under which $11.0
         million was borrowed at January 31, 2001. The $11.0 million from the
         unsecured money market lines is classified as short-term debt.

         Of the remaining long-term debt, $15.0 million is made up of industrial
         revenue bonds at rates ranging from 4.55% to 4.65%. The balance of
         $10.8 million relates to acquisitions.

         Total debt currently represents 38.5% of total capitalization. The
         maximum amount as authorized by the Board of Directors for total
         borrowings is limited to $600 million.

         Capital expenditures for the quarter totaled $13.2 million. For the
         full fiscal year, capital expenditures are expected to be approximately
         $40 million, which are expected to be financed through internally
         generated funds and by borrowing against the Credit Facility.

         Corporate owned life insurance policies totaling $10.9 million were
         surrendered in the current quarter, with the cash proceeds used to
         reduce debt. In the first quarter of fiscal 2001, policies totaling
         $11.3 million were surrendered, with those proceeds also being used to
         reduce debt.

         Stockholders' equity increased 3.6% to $569.5 million at January 31,
         2001.

         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. On
         September 12, 2000, the Board of Directors decided to maintain the
         annualized dividend rate at $0.66 per share.

         During the first quarter of fiscal 2001, the Company purchased 441,000
         shares of Wallace common stock. The Company did not purchase any shares
         of Wallace common stock in the current quarter. Total repurchases
         through January 31, 2001 against the $100 million authorized by the
         Board in June 1997 have been $95.5 million. On January 25, 2000 the
         Board of Directors approved an additional $100 million share repurchase
         authorization. The Company intends to repurchase shares in the
         near-term to the extent necessary to offset the dilutive effects of
         shares issued pursuant to employee benefit plans.

<PAGE>   14

                Wallace Computer Services, Inc. and Subsidiaries         Page 14
                   Notes to Consolidated Financial Statements
                                January 31, 2001
                                   (Unaudited)


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


Items 1 through 3          None

Item 4  Submission of Matters to a Vote of Security Holders

The Company held its annual meeting of stockholders on November 29, 2000. The
results of the three proposals put to a shareholder vote are as follows:

1) Election of directors for the class of directors

                                            For               Withheld
                                         ----------           --------
         John C. Pope                    31,772,256            903,437
         William J. Devers, Jr.          31,715,222            960,471

2) Ratification of the appointment of Arthur Andersen LLP as the Company's
independent public accountants for the fiscal year 2001

                     For               Against           Abstain
                  ----------          ---------          -------
                  32,545,595            88,155            41,943

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

                     For               Against           Abstain
                  ----------          ---------          -------
                  29,638,653          2,591,261          445,779



<PAGE>   15

                Wallace Computer Services, Inc. and Subsidiaries         Page 15
                   Notes to Consolidated Financial Statements
                                January 31, 2001
                                   (Unaudited)


Item 5    Other Information

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

Item 6   Exhibits and Reports on Form 8-K

   (a)   Exhibits


         10.1  Employment Agreement between the Company and M. David Jones
               entered into as of November 27, 2000, previously filed as Exhibit
               10.1 to Registrant's Quarterly Report on Form 10-Q for the
               quarter ended October 31, 2000.

         10.2  Severance Agreement between the Company and M. David Jones
               entered into as of November 27, 2000, filed herewith.

         10.3  Amendment No. 1 to the Wallace Computer Services, Inc. Amended
               and Restated Executive Incentive Plan, dated November 29, 2000,
               previously filed as Exhibit 10.2 to registrant's Quarterly Report
               on Form 10-Q for the quarter-ended October 31, 2000.

         10.4  Indemnification Agreement with Director between the Company and
               M. David Jones in the form previously filed as part of Exhibit 10
               to the Company's Annual Report on Form 10-K for the fiscal year
               ended July 31, 1990, and incorporated herein by reference to such
               Report.

         10.5  Indemnification Agreement with Officer between the Company and M.
               David Jones in the form previously filed as part of Exhibit 10 to
               the Company's Annual Report on Form 10-K for the fiscal year
               ended July 31, 1990, and incorporated herein by reference to such
               Report.

   (b)   Reports on Form 8-K

         None


<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.





       March 15, 2001                        /s/ M. David Jones
   ---------------------       -------------------------------------------------
            Date                                M. David Jones
                               Chairman of the Board and Chief Executive Officer


       March 15, 2001                       /s/ Vicki L. Avril
   ---------------------       -------------------------------------------------
            Date                                Vicki L. Avril
                                Senior Vice President - Chief Financial Officer
                                        (Principal Accounting Officer)