<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

                                QUARTERLY REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


         April 30, 1999                                      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                               41,915,754
-------------------------------------     --------------------------------------
(Registrant's Telephone Number,            (Number of Common Shares Outstanding
      Including Area Code)                         as of May 28, 1999)


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


                               X   Yes               No
                            ------           ------





<PAGE>   2
                         Wallace Computer Services, Inc.                 Page 2

                                    FORM 10-Q
                    For Quarterly Period Ended April 30, 1999

                          Part I Financial Information

Item 1.  Financial Statements

         The information furnished herein reflects all adjustments which are, in
         the opinion of the management, necessary to a fair statement of the
         results of operations and financial position for the nine months ended
         April 30, 1999, subject to year-end audit by independent public
         accountants. These adjustments are of a normal, recurring nature.

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


<TABLE>
<CAPTION>
                                                                For the Nine Months Ended
                                                                        April 30
                                               ----------------------------------------------------------
                                                                     %                             %
                                                     1999          Sales            1998          Sales
                                               ----------------------------------------------------------
<S>                                            <C>                  <C>          <C>               <C>
Net Sales                                      $ 1,145,953,000      100.0        $988,117,000      100.0

Cost and Expenses
     Cost of goods sold (Note 1)                   787,502,000       68.7         659,780,000       66.8
     Selling and administrative expenses           184,631,000       16.1         165,973,000       16.8
     Provision for depreciation and
          amortization                              57,199,000        5.0          48,903,000        4.9
                                               ---------------     ------        ------------     ------
          Total costs and expenses               1,029,332,000       89.8         874,656,000       88.5
                                               ---------------     ------        ------------     ------
     Operating Income                              116,621,000       10.2         113,461,000       11.5
                                               ---------------     ------        ------------     ------
     Interest income                                  (875,000)      (0.1)         (2,045,000)      (0.2)
     Interest expense                               23,146,000        2.0          15,817,000        1.6
                                               ---------------     ------        ------------     ------
     Income before Income Taxes                     94,350,000        8.2          99,689,000       10.1
     Provision for Income Taxes (Note 4)            37,740,000        3.3          39,702,000        4.0
                                               ---------------     ------        ------------     ------
          Net Income                           $    56,610,000        4.9        $ 59,987,000        6.1
                                               ===============     ======        ============     ======
Basic Earnings per Share                       $          1.34                   $       1.39
                                               ===============                   ============
Fully Diluted Earnings per Share               $          1.34                   $       1.37
                                               ===============                   ============
Average Common Shares Outstanding                   42,166,000                     43,176,000
                                               ===============                   ============
Fully Diluted Common Shares Outstanding             42,373,000                     43,647,000
                                               ===============                   ============
Dividends Declared Per Share                   $          0.48                   $      0.465
                                               ===============                   ============
</TABLE>

The accompanying notes are an integral part of this statement.



<PAGE>   3
                         Wallace Computer Services, Inc.                  Page 3
                                    FORM 10-Q
                    For Quarterly Period Ended April 30, 1999

                          Part I Financial Information


Item 1.  Financial Statements

         The information furnished herein reflects all adjustments which are, in
         the opinion of the management, necessary to a fair statement of the
         results of operations and financial position for the three months ended
         April 30, 1999 subject to year-end audit by independent public
         accountants. These adjustments are of a normal, recurring nature.

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



<TABLE>
<CAPTION>
                                                                For the Three Months Ended
                                                                         April 30
                                                  ------------------------------------------------------
                                                                     %                             %
                                                     1999          Sales            1998          Sales
                                                  -----------------------        -----------------------
<S>                                               <C>               <C>          <C>               <C>
Net Sales                                         $384,731,000      100.0        $375,649,000      100.0

Cost and Expenses
     Cost of goods sold (Note 1)                   262,238,000       68.2         257,624,000       68.6
     Selling and administrative expenses            61,108,000       15.9          63,042,000       16.8
     Provision for depreciation and
          amortization                              19,213,000        5.0          17,443,000        4.6
                                                  ------------     ------        ------------     ------
          Total costs and expenses                 342,559,000       89.0         338,109,000       90.0
                                                  ------------     ------        ------------     ------
     Operating Income                               42,172,000       11.0          37,540,000       10.0
                                                  ------------     ------        ------------     ------
     Interest income                                  (283,000)      (0.1)           (322,000)      (0.1)
     Interest expense                                8,146,000        2.1           7,602,000        2.0
                                                  ------------     ------        ------------     ------
     Income before Income Taxes                     34,309,000        8.9          30,260,000        8.1
     Provision for Income Taxes (Note 4)            13,724,000        3.6          12,104,000        3.2
                                                  ------------     ------        ------------     ------
          Net Income                              $ 20,585,000        5.4        $ 18,156,000        4.8
                                                  ============     ======        ============     ======
Basic Earnings per Share                          $       0.49                   $       0.42
                                                  ============                   ============
Fully Diluted Earnings per Share                  $       0.49                   $       0.41
                                                  ============                   ============
Average Common Shares Outstanding                   41,964,000                     43,421,000
                                                  ============                   ============
Fully Diluted Common Shares Outstanding             42,182,000                     43,886,000
                                                  ============                   ============
Dividends Declared Per Share                      $       0.16                   $      0.155
                                                  ============                   ============
</TABLE>

The accompanying notes are an integral part of this statement.



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

<TABLE>
<CAPTION>
                                                               April 30, 1999         July 31, 1998
                                                                 (Unaudited)            (Audited)
                                                               --------------        --------------
<S>                                                            <C>                   <C>
Current Assets
     Cash and cash equivalents                                 $            0        $    3,501,000
     Accounts receivable                                          300,744,000           265,519,000
     Less-allowance for doubtful accounts                           5,454,000             5,195,000
                                                               --------------        --------------
         Net receivables                                          295,290,000           260,324,000
     Inventories (Note 1)                                         119,200,000           120,196,000
     Prepaid taxes                                                 35,115,000            34,818,000
     Advances and prepaid expenses                                  5,063,000             7,920,000
                                                               --------------        --------------
         Total current assets                                     454,668,000           426,759,000
                                                               --------------        --------------
Property, plant and equipment, at cost                            833,428,000           807,588,000
Less-reserves for depreciation and amortization                   397,654,000           353,181,000
                                                               --------------        --------------
     Net property, plant and equipment                            435,774,000           454,407,000
                                                               --------------        --------------
Intangible assets arising from acquisitions                       290,235,000           290,568,000
Cash surrender value of life insurance                             57,807,000            48,064,000
Systems development costs                                          40,331,000            31,887,000
Other assets                                                        4,882,000             5,778,000
                                                               --------------        --------------
     Total assets                                              $1,283,697,000        $1,257,463,000
                                                               ==============        ==============
Liabilities and Stockholders' Equity
Current Liabilities
       Current portion long-term debt                          $    1,911,000        $    1,934,000
       Short-term notes payable                                    39,975,000            35,718,000
       Accounts payable                                            91,871,000            77,057,000
       Accrued salaries, wages, profit sharing and other           85,760,000            75,193,000
                                                               --------------        --------------
           Total current liabilities                              219,517,000           189,902,000
                                                               --------------        --------------
Long-term debt                                                    413,797,000           428,224,000
Deferred income taxes                                              48,062,000            51,971,000
Deferred compensation and retirement benefits                      32,872,000            30,552,000
Other long-term liabilities                                         9,241,000             9,341,000
Stockholders' equity
     Common stock (Note 2)- issued shares of
         45,764,054 at April 30, 1999 and July 31, 1998            45,764,000            45,764,000
     Additional capital                                            36,703,000            36,390,000
     Retained earnings                                            571,455,000           537,751,000
     Treasury stock  (at cost)- 3,849,338 shares at
         April 30, 1999 and 2,496,173 shares at
         July 31, 1998                                            (93,714,000)          (72,432,000)
                                                               --------------        --------------
     Total stockholders' equity                                   560,208,000           547,473,000
                                                               --------------        --------------
Total liabilities and stockholders' equity                     $1,283,697,000        $1,257,463,000
                                                               ==============        ==============
</TABLE>


The accompanying notes are an integral part of this statement.

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


<TABLE>
<CAPTION>
                                                                      For the Nine Months Ended
                                                                              April 30
                                                                  ---------------------------------
                                                                       1999              1998
                                                                  --------------    ---------------
<S>                                                               <C>               <C>
Cash Flows from Operating Activities:
     Net income from operations                                   $   56,610,000    $    59,987,000
     Adjustments to reconcile net income to net
       cash provided by operating activities:
         Depreciation and amortization                                57,199,000         48,903,000
         Deferred taxes                                               (3,909,000)        (3,261,000)
         (Gain)/loss on disposal of property                            (584,000)           684,000
     Changes in assets and liabilities
         Accounts receivable                                         (38,086,000)        (7,627,000)
         Inventories                                                     300,000        (13,084,000)
         Advances and prepaid expenses                                 2,759,000         10,717,000
         Prepaid taxes                                                  (297,000)        (9,096,000)
         Other assets                                                (27,247,000)       (15,218,000)
         Accounts payable and other liabilities                       10,068,000         (7,155,000)
         Accrued income taxes                                         15,383,000            (14,000)
         Deferred compensation and retirement benefits                 2,320,000          1,269,000
                                                                  --------------    ---------------
     Net cash provided by operating activities                        74,516,000         66,105,000
                                                                  --------------    ---------------
Cash Flows from Investing Activities:
     Capital expenditures                                            (36,788,000)       (44,240,000)
     Proceeds from sales of short-term investments                             0          1,866,000
     Proceeds from disposal of property                                5,597,000          6,517,000
     Net construction funds held by trustee                            1,280,000                  0
     Other capital divestitures/(investments-acquisitions)             7,044,000       (437,830,000)
                                                                  --------------    ---------------
     Net cash used in investing activities                           (22,867,000)      (473,687,000)
                                                                  --------------    ---------------
Cash Flows from Financing Activities:
     Treasury stock transactions                                     (23,780,000)         9,950,000
     Cash dividends paid                                             (20,095,000)       (19,415,000)
     Net proceeds from short-term debt                                 4,257,000          7,637,000
     Retirement of long-term debt                                    (69,532,000)        (9,853,000)
     Proceeds from issuance of long-term debt                         54,000,000        415,884,000
                                                                  --------------    ---------------
     Net cash (used in) provided by financing activities             (55,150,000)       404,203,000
                                                                  --------------    ---------------
Net changes in cash and cash equivalents                              (3,501,000)        (3,379,000)
Cash and cash equivalents at beginning of year                         3,501,000         14,168,000
                                                                  --------------    ---------------
Cash and cash equivalents at April 30                             $            0    $    10,789,000
                                                                  ==============    ===============
Supplemental Disclosure:
     Interest paid (net of interest capitalized)                  $   17,852,000    $    13,925,000
     Income taxes paid (net of refunds received)                      24,257,000         42,514,000
</TABLE>

The accompanying notes are an integral part of this statement.

<PAGE>   6


                Wallace Computer Services, Inc. and Subsidiaries          Page 6
                   Notes to Consolidated Financial Statements
                                 April 30, 1999
                                   (Unaudited)

Note 1 - Inventories

         Inventories at April 30, 1999, and July 31, 1998, were as follows:

                                          April 30, 1999         July 31, 1998
                                         -----------------     -----------------
                  Raw materials            $ 17,202,000          $ 26,200,000
                  Work in process            22,060,000            19,539,000
                  Finished products          79,938,000            74,457,000
                                         -----------------     -----------------
                                           $119,200,000          $120,196,000
                                         =================     =================

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

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

Note 2 - Stock Options

         As of April 30, 1999, options to purchase 2,165,495 shares of common
         stock were outstanding and 2,481,942 shares of common stock were
         available for future grants under the Company's Stock Incentive and
         Employee Stock Purchase Plans.

         The Company has authorized 100,000,000 shares of common stock and
         issued 45,764,054 as of April 30, 1999. Of these shares, 3,849,338 were
         held in treasury as of April 30, 1999. The number of shares held in
         treasury at July 31, 1998 was 2,496,173.

Note 3 - Comprehensive Income

         In June 1997, Statement of Financial Accounting Standards No. 130,
         "Reporting Comprehensive Income" (SFAS No. 130) was issued. The
         provisions of SFAS No. 130 were adopted in the first quarter of Fiscal
         1999. This statement establishes standards for the reporting and
         display of comprehensive income and its components in a full set of
         financial statements. This statement is intended to report a measure of
         all changes in shareholders' equity that result from either recognized
         transactions and other economic events from nonowner sources, excluding
         capital stock transactions, that impact shareholders' equity.
         Implementation of this disclosure standard has not affected the
         Company's financial position, results of operations or the manner in
         which financial information is currently presented.

Note 4 - Income Taxes

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


<PAGE>   7


                Wallace Computer Services, Inc. and Subsidiaries          Page 7
                   Notes to Consolidated Financial Statements
                                 April 30, 1999
                                   (Unaudited)


Note 5 - Financial Instruments

         The Company offered $200 million of Senior Notes to institutional
         investors in a private placement. The transaction closed and was funded
         on January 15, 1999. Of the total $200 million, $65 million mature in 7
         years and $135 million mature in 10 years. The notes carry an
         all-inclusive effective rate of 8.3% for the $65 million of Senior
         Notes and 8.9% for the $135 million of Senior Notes.

         The Company settled the treasury rate lock agreement related to the
         issuance of the $200 million Senior Notes. A settlement of $18.3
         million relating to the treasury lock plus fees related to the
         transaction are being amortized using the effective interest method
         over the term of the 7 and 10 year Notes and have been included in the
         rates noted above.



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


         Results of Operations


         For the three-month period ended April 30, 1999, net sales increased
         2.4% to $384,731,000. Adjusting for the divestitures of the contract
         stationers business to Boise Cascade Office Products, which occurred in
         the second quarter of fiscal 1999, and Mercury Printing to Consolidated
         Graphics, Inc, which occurred in the third quarter of fiscal 1999, and
         for the acquisition of Good Decal, which occurred in the fourth quarter
         of fiscal 1998, sales would have been up 5.8%. The Company estimates
         that unit growth for the quarter was around 10%, while lower paper
         prices had the effect of reducing sales by approximately 4%. For the
         nine months ended April 30, 1999, net sales increased 16.0%. The
         Graphic Industries ("Graphic") acquisition, which was effective in the
         second quarter of last fiscal year, accounts for the majority of the
         increase over prior fiscal year. The unit growth for the nine-month
         period was also around 10%.

         Net income for the third quarter increased 13.4% to $20,585,000 or 49
         cents per share (both basic and fully diluted), from $18,156,000 or 42
         cents per share (basic) and 41 cents per share (fully diluted) in the
         third quarter fiscal 1998. Net income for the nine-month period
         decreased 5.6% to $56,610,000 or 1.34 cents per share (both basic and
         fully diluted). In the second quarter of fiscal 1999, the results of
         the Print Management Segment reflected a non-recurring pre-tax charge
         of approximately $1.6 million, or 2.3 cents per share for physical
         inventory adjustments at Graphic facilities.

         Cost of sales for the quarter was 68.2% of sales as compared to 68.6%
         in the third quarter of last year. The third quarter includes a LIFO
         credit of $639,000 or 0.9 cents per share versus a charge of $213,000
         or 0.3 cents per share in the third quarter of last year. Total LIFO
         credits for the nine months ending April 30, 1999 were $1,231,000 or
         1.8 cents per share versus charges of $1,243,000 or 1.7 cents per
         share.

         Year over year, the Forms and Labels segment's sales decreased 2.0% to
         $181.6 million. Adjusting for acquisitions and divestitures, sales
         would have increased 2.9% for the segment. Operating income for the
         current quarter increased 27.1% to $27.0 million from the third quarter
         of last fiscal year and increased 5.4% year-to-date over the same
         period last year. The increase in operating margins was the result of
         efforts to improve margins by management of margin levels on new
         business, efforts to negotiate improved levels of service revenues on
         certain existing accounts and continued cost reduction activities.


<PAGE>   8



                Wallace Computer Services, Inc. and Subsidiaries          Page 8
                   Notes to Consolidated Financial Statements
                                 April 30, 1999
                                   (Unaudited)

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


         The operating margin for the segment improved to 14.9% in the current
         quarter from 11.5% in the third quarter of the prior fiscal year. The
         operating margin is down from the 15.5% reported in the second quarter
         of fiscal 1999 primarily because of increased paper costs in the third
         quarter which decreases margins until the paper price increases can be
         passed along to contract customers. The lag is typically one quarter
         for any market price increase. A second paper price increase is
         expected to take effect in the fourth quarter of fiscal 1999.

         The Print Management segment's sales increased 6.7% to $203.1 million.
         Adjusting for the divestiture of Mercury Printing, the sales increase
         would have been 8.4%. Operating income for the current quarter
         decreased 7.0% to $15.2 million from the third quarter of last fiscal
         year. Operating margins decreased from 8.6% in the third quarter of
         last year to 7.5% in the current quarter. While the year over year
         comparisons are down, the current quarter shows an improvement from the
         first quarter's margin of 6.0% and the second quarter's margin of 4.8%.
         Commercial Printing continues to increase its share of sales to the
         company's W.I.N. and Select Services customers. In the current quarter
         over 13% of the sales to these customers came from commercial printing
         versus only 7% in the third quarter of last year. This is a positive
         indicator of the Company's strategy of increasing asset utilization in
         this segment by selling to national contract customers. Poor
         performance in the segment's Southern region in the second quarter had
         impacted the overall margin and more than offset the gains made in the
         other regions. In that region sales of local transaction by transaction
         business has dropped from prior quarters and significant national
         contractual business has not been established. In the third quarter,
         sales in the Southern region had recovered somewhat and actually
         increased from the third quarter of the prior year.

         Selling and administration expenses for the quarter were 15.9% versus
         16.8% in the third quarter of last year. For the nine months ended
         April 30, the ratio to sales was 16.1% versus 16.8% last year. The
         Company continues to leverage its selling and administrative expenses
         over the larger sales base. This quarter's total includes $319,000 of
         Year 2000 related programming expenses compared to $770,000 in the
         third quarter of last year. Total Year 2000 expenses through the third
         quarter 1999 were $4.3 million. We anticipate expensing a total of
         $300,000 during the fourth quarter of fiscal year 1999. The Company
         does not anticipate that the costs of remediation will have a material
         effect on its financial condition.

         The Company's effort to address Year 2000 compliance issues includes
         (i) evaluating internal computing infrastructure, business applications
         and production systems for Year 2000 compliance, and (ii) replacing or
         remediating systems and applications as necessary to assure such
         compliance. The Company's efforts in these respects are well under way.
         The Company has completed an inventory of all potentially affected
         software, firmware and hardware (including imbedded chips) material to
         its operations. The Company is remediating the problem by modifying its
         software and in certain cases, purchasing new software, firmware, and
         hardware.

         The Company has completed the Phase 1 of its Year 2000 project. In
         Phase 1, the Company assessed and remediated all material date and
         logic errors in applications and databases running on its internal
         mainframe, AS400, UNIX systems. Phase 1 culminated with a successful
         two-week on-site test by one of our largest customers--a major
         financial institution. During testing, the Company simulated operations
         on 20 dates ranging from September 9, 1999 to January 3, 2001 without
         any material interruption.



<PAGE>   9
                Wallace Computer Services, Inc. and Subsidiaries          Page 9
                   Notes to Consolidated Financial Statements
                                 April 30, 1999
                                   (Unaudited)

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


         The Company completed Phase 2 on April 30, 1999, which entails
         certification of all mission critical manufacturing and operational
         equipment (e.g. printing presses, conveyors, and heating and cooling
         systems).

         As part of the final phase of the Year 2000 project, the Company is
         currently implementing internal administration systems which have been
         tested by the Company or that have been certified by the outside
         provider as Year 2000 compliant.  Implementation is expected to be
         completed by July 31, 1999.

         In addition, the Company is focused on an initiative to upgrade and
         standardize the information technology of its newly acquired commercial
         printing facilities, which has the incidental effect of addressing
         certain Year 2000 compliance issues.

         Based on communications with vendors, and where deemed appropriate,
         internal testing, the Company believes that substantially all of its
         equipment used in its printing operations, including its pre-press and
         press equipment and its equipment used to finish and deliver its
         products, will not be materially affected by a Year 2000 related
         failure. Remediation and testing of other material systems, including
         production and physical plant systems, was completed by April 30, 1999.

         In addition to its internal remediation activities, the Company is
         continuing to evaluate compliance by key suppliers and customers whose
         systems interact with those of the Company (collectively, "Trading
         Partners"). The Company has received confirmation from many of its
         significant Trading Partners regarding Year 2000 readiness and is
         evaluating the need for other action with respect to such information.
         These evaluations will be followed, where appropriate, by the
         development of contingency plans.

         There are many suppliers of paper, ink and other materials used in
         printing operations. Thus, the Company believes that it is not
         materially dependent on any one supplier. Nonetheless, the Company
         relies upon utility companies, telecommunication services providers,
         delivery services, the financial services industry and other suppliers
         outside of its control and there can be no assurance that such
         suppliers or other third parties will not suffer a Year 2000 business
         disruption. The failure of the systems or equipment of one or more
         third parties (which the Company believes is the most likely "worst
         case" scenario) could result in the reduction or suspension of one or
         more of the Company's operations and could have a material adverse
         effect on the Company. Due to the multiple locations of the Company's
         manufacturing facilities and redundancy of capabilities, localized
         interruptions would not be expected to have a material adverse effect
         on the Company. However, in the case of a systemic failure, such as
         wide-spread and prolonged telecommunications or electrical failures,
         the primary business risks of the Company would include, but not be
         limited to, loss of customers or orders, increased operating costs,
         inability to obtain supplies and inventory on a timely basis,
         disruptions in product shipments or other business interruptions of a
         material nature, as well as possible legal actions, any of which could
         have a material, adverse effect on the Company's business, results of
         operations and financial condition.

         The Company has also identified Trading Partners with whom it exchanges
         electronic transmissions and has tested successfully the material means
         of transmission utilized in such exchanges. The failure of customers to
         place EDI orders or to remit EDI payments could have a short-term
         impact on the operations of the Company.



<PAGE>   10
                Wallace Computer Services, Inc. and Subsidiaries         Page 10
                   Notes to Consolidated Financial Statements
                                 April 30, 1999
                                   (Unaudited)

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


         The Company will evaluate recent and future acquisition candidates for
         Year 2000 compliance prior to acquisition, where feasible, and will
         conduct appropriate assessment, remediation, testing and contingency
         planning following completion of any such acquisition.

         Depreciation and amortization for the quarter was $19,213,000 or 5.0%
         of sales versus $17,443,000 or 4.6% of sales in the third quarter a
         year ago. For the nine months ended April 30, 1999, depreciation and
         amortization was $57,199,000 or 5.0% of sales versus $48,903,000 or
         4.9% of sales. The dollar increase from the first quarter year over
         year is related to Graphic depreciation and goodwill amortization.
         While the total dollar amount for depreciation and amortization is
         increasing due to acquisitions (mostly Graphic), and capital
         expenditures, the percent to sales has remained relatively consistent.
         This is keeping with the objective of the Company's Print Management
         segment to leverage the asset base acquired in the Graphic transaction
         and improve the utilization of those assets.

         Interest expense for the quarter increased by $544,000 from the same
         period one year ago. For the nine months ended, interest expense
         increased $7,329,000 to $23,146,000. The increase is primarily due to
         the Graphic acquisition becoming effective in the second quarter of
         last fiscal year. Interest expense was impacted as a result of a higher
         fixed rate on long-term notes. See Note 5 for further discussion
         related to the debt offering. Interest income for the quarter decreased
         $39,000 from the third quarter of last fiscal year.

         Some of the financial ratios for the twelve months ended April 30, 1999
         were: Return on Net Sales of 4.7%, Return on Average Assets of 5.6%,
         and Return on Equity of 12.8%.

         Liquidity and Capital Resources


         Working capital decreased by $1,706,000 from July 31, 1998 to
         $235,151,000.   The current ratio at April 30, 1999 was 2.1 to 1.

         Of the outstanding debt as of April 30, 1999, $200,000,000 has been
         borrowed under a five-year credit agreement ("Credit Facility"), which
         provides for a maximum aggregate principal amount available to be
         borrowed of $500,000,000. On January 15, 1999, the Company offered
         $200,000,000 of Senior Notes, and at that time, settled on the treasury
         rate lock agreement related to the issuance of the Senior Notes. See
         Note 5 to the Consolidated Financial Statements for further discussion
         related to the treasury rate lock agreement and the related debt
         offering. The proceeds of the note issue were used to pay down
         borrowings under the Credit Facility. The borrowings under the Credit
         Facility are classified as long-term debt as of April 30, 1999 since
         the Company has the intent and ability to carry that debt long-term.

         In addition to the Credit Facility, the Company has unsecured money
         market lines of $125,000,000, under which $39,975,000 was borrowed at
         April 30, 1999. The $39,975,000 from the unsecured money market lines
         is classified as short-term debt. The maximum amount as authorized by
         the Board of Directors for total borrowings is currently limited to
         $600,000,000.

         Of the remaining long-term debt, $23,500,000 is made up of industrial
         revenue bonds at rates ranging from 4.00% to 4.10%. The balance of
         $10,146,000 relates to acquisitions, $2,000,000 to the former owners of
         acquired businesses, with the rest being long-term debt from the
         Graphic acquisition. Total debt currently represents 44.9% of total
         capitalization.



<PAGE>   11


                Wallace Computer Services, Inc. and Subsidiaries         Page 11
                   Notes to Consolidated Financial Statements
                                 April 30, 1999
                                   (Unaudited)


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


         Capital expenditures for the first nine months totaled $36,788,000. For
         the full fiscal year, capital expenditures are expected to be
         approximately $46.0 million, which are expected to be financed through
         internally generated funds and by borrowing against our revolving
         credit facility.

         Stockholders' equity increased 2.3% to $560,208,000 at April 30, 1999.

         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.


         Common Stock


         On September 10, 1998, the Board of Directors increased the annualized
         dividend rate to $0.64 per share, a 3.2% increase from fiscal 1998.

         During the first nine months of fiscal 1999, the Company purchased
         1,656,000 shares of Wallace common stock. Total repurchases against the
         $100 million authorized by the Board in June, 1997 have been $49.9
         million.


         Other


         The Company anticipates completing the acquisition of Commercial Press,
         Inc., a commercial printer in San Diego, by June 11, 1999. The
         acquisition will be a cash transaction and will be accounted for using
         the purchase method. The acquisition is not expected to materially
         impact the Company's results for fiscal 1999.


                            Part II Other Information


Items 1 through 4          None





<PAGE>   12
                Wallace Computer Services, Inc. and Subsidiaries         Page 12
                   Notes to Consolidated Financial Statements
                                 April 30, 1999
                                   (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 Wallace Computer Services, Inc. Director Retainer Fee Plan, dated
         June 2, 1999.

         10.2 Indemnification Agreement with Officer between the Company and
         Robert J. Kelderhouse dated June 2, 1999 (form previously filed as part
         of Exhibit 10 to the Registrant's Annual Report on Form 10-K for the
         fiscal year ended July 31, 1990, and incorporated herein by reference
         to such report).

         27.1 Financial Data Schedule.

(b)      Reports on Form 8-K

         None



<PAGE>   13



                                                                        Page 13

                                   SIGNATURES


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




                         WALLACE COMPUTER SERVICES, INC.





      June 11, 1999                     /s/ Robert J. Cronin
  --------------------   -------------------------------------------------------
          Date                         Robert J. Cronin
                         Chairman of the Board and Chief Executive Officer


      June 11, 1999                     /s/ Michael T. Leatherman
  --------------------   -------------------------------------------------------
          Date                            Michael T. Leatherman
                         Executive Vice President, Chief Administrative Officer,
                                         and Chief Financial Officer
                                      (Principal Accounting Officer)