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

                                    FORM 10-Q

                                QUARTERLY REPORT

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


         January 31, 2002                                 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                                41,421,626
-----------------------------------     ----------------------------------------
(Registrant's Telephone Number,           (Number of Common Shares Outstanding
      Including Area Code)                          as of March 1, 2002)


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


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



<PAGE>

                         Wallace Computer Services, Inc.                 Page 2
                                    FORM 10-Q
                   For Quarterly Period Ended January 31, 2002

                          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, 2002, 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
                                                      --------------------------------------------------
                                                                     %                             %
(In thousands, except per share amounts)                 2002      Sales                2001      Sales
----------------------------------------              -------------------            -------------------
<S>                                                   <C>           <C>              <C>          <C>
Net Sales                                             $806,264      100.0            $870,967     100.0

Cost and Expenses
     Cost of goods sold (Note 1)                       596,266       74.0             631,447      72.5
     Selling and administrative expenses               123,542       15.3             128,413      14.7
     Provision for depreciation and
          amortization (Note 5)                         34,751        4.3              39,000       4.5
     Restructuring charges (Notes 7 and 8)              32,832        4.1                 694       0.1
                                                      --------      -----            --------     -----
          Total costs and expenses                     787,391       97.7             799,554      91.8
                                                      --------      -----            --------     -----
     Operating Income                                   18,873        2.3              71,413       8.2
                                                      --------      -----            --------     -----
     Interest income                                      (535)      (0.1)               (542)     (0.1)
     Interest expense                                   12,064        1.5              15,615       1.8
                                                      --------      -----            --------     -----
     Income before Income Taxes                          7,344        0.9              56,340       6.5
     Provision for Income Taxes (Note 9)                 2,864        0.4              22,930       2.6
                                                      --------      -----            --------     -----
     Income before the cumulative effect of a change
       in accounting principle - net of tax              4,480        0.6              33,410       3.8
     Cumulative effect of a change in accounting
       principle - net of tax (Note 5)                 144,078       17.9                   0       0.0
                                                      --------      -----            --------     -----
Net (Loss) / Income                                   (139,598)     (17.3)             33,410       3.8
                                                      ========      =====            ========     =====
Basic Earnings per Share Before the Cumulative Effect
  of a Change in Accounting Principle                 $   0.11                       $   0.82
                                                      ========                       ========
     Cumulative Effect of a Change in Accounting
       Principle                                      $  (3.51)                      $   0.00
                                                      ========                       ========
     Basic (Loss) / Earnings per Share                $  (3.40)                      $   0.82
                                                      ========                       ========
Diluted Earnings per Share Before the Cumulative
  Effect of a Change in Accounting Principle          $   0.11                       $   0.82
                                                      ========                       ========
     Cumulative Effect of a Change in Accounting
       Principle                                      $  (3.47)                      $   0.00
                                                      ========                       ========
     Diluted (Loss) / Earnings per Share              $  (3.36)                      $   0.82
                                                      ========                       ========
Average Common Shares Outstanding                       41,103                         40,514
                                                      ========                       ========
Diluted Common Shares Outstanding                       41,466                         40,724
                                                      ========                       ========
Dividends Declared Per Share                          $  0.330                       $  0.330
                                                      ========                       ========
</TABLE>


      The accompanying notes are an integral part of this statement.


<PAGE>
                         Wallace Computer Services, Inc.                 Page 3
                                    FORM 10-Q
                   For Quarterly Period Ended January 31, 2002

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

<TABLE>
<CAPTION>
                                                         For the Three Months Ended
                                                                 January 31
                                                ------------------------------------------------
                                                                  %                         %
(In thousands, except per share amounts)           2002         Sales       2001          Sales
----------------------------------------        ---------      -------    ---------      -------
<S>                                             <C>              <C>      <C>              <C>
Net Sales                                       $ 397,105        100.0    $ 441,688        100.0

Cost and Expenses
     Cost of goods sold (Note 1)                  292,908         73.8      321,105         72.7
     Selling and administrative expenses           63,072         15.9       64,763         14.7
     Provision for depreciation and
          amortization (Note 5)                    16,976          4.3       19,629          4.4
     Restructuring charges (Notes 7 and 8)         30,272          7.6          302          0.1
                                                ---------      -------    ---------      -------
          Total costs and expenses                403,228        101.5      405,799         91.9
                                                ---------      -------    ---------      -------
     Operating (Loss) / Income                     (6,123)        (1.5)      35,889          8.1
                                                ---------      -------    ---------      -------
     Interest income                                 (204)        (0.1)        (199)        (0.0)
     Interest expense                               5,875          1.5        7,549          1.7
                                                ---------      -------    ---------      -------
     (Loss) / Income before income taxes          (11,794)        (3.0)      28,539          6.5
     (Benefit) / Provision for income taxes
            (Note 9)                               (4,447)        (1.1)      11,615          2.6
                                                ---------      -------    ---------      -------
Net (Loss) / Income                                (7,347)        (1.9)      16,924          3.8
                                                =========      =======    =========      =======

Basic (Loss) / Earnings per Share               $   (0.18)                $    0.42
                                                =========                 =========
Diluted (Loss) / Earnings per Share             $   (0.18)                $    0.41
                                                =========                 =========

Average Common Shares Outstanding                  41,098                    40,549
                                                =========                 =========
Diluted Common Shares Outstanding                  41,552                    40,920
                                                =========                 =========
Dividends Declared Per Share                    $   0.165                 $   0.165
                                                =========                 =========
</TABLE>


The accompanying notes are an integral part of this statement.


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



<TABLE>
<CAPTION>
(Dollars in thousands)                                            January 31, 2002     July 31, 2001
----------------------                                               (Unaudited)         (Audited)
                                                                  ----------------     -------------
<S>                                                                  <C>                <C>
Assets
------
Current Assets:
     Cash and cash equivalents                                       $         0        $         0
     Accounts receivable                                                 269,426            291,222
     Less-allowance for doubtful accounts                                 12,869              7,896
                                                                     -----------        -----------
         Net receivables                                                 256,557            283,326
     Inventories (Note 1)                                                 97,651            100,922
     Assets held for sale (Note 7)                                        13,771              1,215
     Current and deferred income taxes                                    42,212             27,498
     Advances and prepaid expenses                                         5,969              4,321
                                                                     -----------        -----------
         Total current assets                                            416,160            417,282
                                                                     -----------        -----------
Property, plant and equipment, at cost                                   822,824            893,273
Less-reserves for depreciation and amortization                          485,225            502,107
                                                                     -----------        -----------
     Net property, plant and equipment                                   337,599            391,166
                                                                     -----------        -----------
Goodwill, net of amortization (Note 5)                                   137,164            284,664
Cash surrender value of life insurance                                    15,764             15,201
System development costs, net of amortization                             52,152             55,516
Other assets                                                               2,483              2,836
                                                                     -----------        -----------
     Total assets                                                    $   961,322        $ 1,166,665
                                                                     ===========        ===========
Liabilities and Stockholders' Equity
------------------------------------
Current Liabilities:
       Current maturities of long-term debt                          $    35,702        $       997
       Short-term notes payable                                            2,000              3,003
       Accounts payable                                                  101,874             97,384
       Accrued salaries, wages, profit sharing and other                  73,250             90,461
                                                                     -----------        -----------
           Total current liabilities                                     212,826            191,845
                                                                     -----------        -----------
Long-term debt                                                           208,874            284,087
Deferred income taxes                                                     56,970             60,385
Deferred compensation and retirement benefits                             41,079             39,128
Other long-term liabilities                                               10,572             10,603
Stockholders' equity
     Common stock (Note 2)- issued shares of
       45,764,054 at January 31, 2002 and July 31, 2001                   45,764             45,764
     Additional capital                                                   39,909             39,770
     Deferred compensation                                                 3,073              3,301
     Retained earnings                                                   416,077            570,507
     Treasury stock  (at cost)- 4,537,842 shares at
       January 31, 2002 and 4,785,511 shares at
       July 31, 2001                                                     (73,822)           (78,403)
     Accumulated other comprehensive loss (Note 4)                             0               (322)
                                                                     -----------        -----------
     Total stockholders' equity                                          431,001            580,617
                                                                     -----------        -----------
Total liabilities and stockholders' equity                           $   961,322        $ 1,166,665
                                                                     ===========        ===========
</TABLE>

The accompanying notes are an integral part of this statement

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

<TABLE>
<CAPTION>
                                                              For the Six Months Ended
(Dollars in thousands)                                               January 31
----------------------                                       --------------------------
                                                                2002            2001
                                                             ---------        ---------
<S>                                                          <C>              <C>
Cash Flows from Operating Activities:
     Net (loss) / income from operations                     $(139,598)       $  33,410
     Adjustments to reconcile net income to net
       cash provided by operating activities:
         Cumulative effect of a change in accounting
              principle (Note 5)                               144,078                0
         Depreciation and amortization                          34,751           39,000
         Restructuring charges                                  21,791               87
         Debt cost amortization                                    855              784
         Deferred taxes                                         (3,415)            (275)
         Loss / (Gain) on disposal of property                      47              (13)
     Changes in assets and liabilities
         Accounts receivable                                    25,891          (11,012)
         Inventories                                             2,873          (18,553)
         Advances and prepaid expenses                          (2,395)             859
         Prepaid taxes                                         (14,936)           2,106
         Other assets                                            1,563           15,790
         Accounts payable and other liabilities                (12,157)          21,715
         Deferred compensation and retirement benefits           1,952            1,461
                                                             ---------        ---------
     Net cash provided by operating activities                  61,300           85,359
                                                             ---------        ---------
Cash Flows from Investing Activities:
     Capital expenditures                                      (11,603)         (24,063)
     Proceeds from disposal of property                          3,069            1,170
                                                             ---------        ---------
     Net cash used in investing activities                      (8,534)         (22,893)
                                                             ---------        ---------
Cash Flows from Financing Activities:
     Treasury stock transactions                                (4,481)          (4,137)
     Cash dividends paid                                       (13,567)         (13,362)
     Proceeds from issuance of common stock                      7,647            4,557
     Net retirements of short-term debt                         (1,298)          (2,399)
     Retirement of long-term debt                              (61,067)        (111,785)
     Proceeds from issuance of long-term debt                   20,000           65,000
                                                             ---------        ---------
     Net cash used in financing activities                     (52,766)         (62,126)
                                                             ---------        ---------
Net changes in cash and cash equivalents                             0              340
Cash and cash equivalents at beginning of year                       0            4,505
                                                             ---------        ---------
Cash and cash equivalents at January 31                      $       0        $   4,845
                                                             =========        =========
Supplemental Disclosure:
     Interest paid (net of interest capitalized)             $   9,372        $  14,516
     Income taxes paid (net of refunds received)                18,115           21,150
</TABLE>


The accompanying notes are an integral part of this statement.


<PAGE>
               Wallace Computer Services, Inc. and Subsidiaries           Page 6
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (Unaudited)

Note 1 - Inventories

         Inventories at January 31, 2002, and July 31, 2001, were as follows:

              (Dollars in thousands)         January 31, 2002     July 31, 2001
              ----------------------         ----------------     -------------
              Raw materials                  $         13,898      $     15,623
              Work in process                          17,633            16,531
              Finished products                        66,120            68,768
                                             ----------------      ------------
                                             $         97,651      $    100,922
                                             ================      ============

         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, 2002, options to purchase 3,478,448 shares of common
         stock were outstanding and an additional 3,874,859 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 both January 31, 2002 and July 31, 2001. Of
         these shares, 4,537,842 and 4,785,511 were held in treasury as of
         January 31, 2002 and July 31, 2001, respectively.


Note 3 - Segment Reporting

         The Company operates in two business segments. Each segment offers
         distinctive products and services and is managed separately because of
         its 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 paper based 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>
                Wallace Computer Services, Inc. and Subsidiaries          Page 7
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (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 2001 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.

         Segment data excludes one-time charges related to the cumulative effect
         of a change in accounting principle per Statement of Financial
         Accounting Standard ("SFAS") No. 142, "Goodwill and Other Intangible
         Assets."

         Summarized segment data and a reconciliation to the consolidated totals
         for the quarters ended January 31, 2002 and 2001 are as follows:

<TABLE>
<CAPTION>
Quarter Ended January 31, 2002               External     Restructuring        Income before
(Amounts in Thousands)                          Sales           Charge          Income Taxes
---------------------------------------------------------------------------------------------
<S>                                          <C>                <C>                 <C>
Forms and Labels Segment                     $200,083           $ 4,558             $ 20,005
Integrated Graphics Segment                   197,022            24,121                4,144
---------------------------------------------------------------------------------------------
Segment Total                                 397,105            28,679               24,149
---------------------------------------------------------------------------------------------
Corporate / (Net Interest Expense)                  0                 0               (5,671)
Restructuring Charge - Corporate                    0             1,593              (30,272)
---------------------------------------------------------------------------------------------
Consolidated                                 $397,105           $30,272             $(11,794)
=============================================================================================

<CAPTION>
Quarter Ended January 31, 2001               External     Restructuring        Income before
(Amounts in Thousands)                          Sales           Charge          Income Taxes
---------------------------------------------------------------------------------------------
<S>                                          <C>                <C>                 <C>
Forms and Labels Segment                     $213,825           $     0             $ 24,078
Integrated Graphics Segment                   227,863               199               12,113
---------------------------------------------------------------------------------------------
Segment Total                                 441,688               199               36,191
---------------------------------------------------------------------------------------------
Corporate / (Net Interest Expense)                  0                 0               (7,350)
Restructuring Charge - Corporate                    0               103                 (302)
---------------------------------------------------------------------------------------------
Consolidated                                 $441,688           $   302             $ 28,539
=============================================================================================
</TABLE>



<PAGE>
                Wallace Computer Services, Inc. and Subsidiaries          Page 8
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (Unaudited)

Note 3 - Segment Reporting (continued)

         Summarized segment data and a reconciliation to the consolidated totals
         for the six months ended January 31, 2002 and 2001 are as follows:

<TABLE>
<CAPTION>
Six Months Ended January 31, 2002            External     Restructuring        Income before
(Amounts in Thousands)                          Sales           Charge          Income Taxes
---------------------------------------------------------------------------------------------
<S>                                          <C>                <C>                 <C>
Forms and Labels Segment                     $404,255           $ 4,558             $ 39,919
Integrated Graphics Segment                   402,009            24,804               11,786
---------------------------------------------------------------------------------------------
Segment Total                                 806,264            29,362               51,705
---------------------------------------------------------------------------------------------
Corporate / (Net Interest Expense)                  0                 0              (11,529)
Restructuring Charge - Corporate                    0             3,470              (32,832)
---------------------------------------------------------------------------------------------
Consolidated                                 $806,264           $32,832             $  7,344
=============================================================================================

<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                     $430,270           $     0             $ 47,816
Integrated Graphics Segment                   440,697               291               24,291
---------------------------------------------------------------------------------------------
Segment Total                                 870,967               291               72,107
---------------------------------------------------------------------------------------------
Corporate / (Net Interest Expense)                  0                 0              (15,073)
Restructuring Charge - Corporate                    0               403                 (694)
---------------------------------------------------------------------------------------------
Consolidated                                 $870,967           $   694             $ 56,340
=============================================================================================
</TABLE>


         Segment assets, particularly the Integrated Graphics segment, have been
         impacted by restructuring and SFAS No. 142. The adoption of SFAS No.
         142 and the related goodwill impairment charge reduced Integrated
         Graphics goodwill by $147.5 million. Segment assets as of January 31,
         2002 were $485,521 for Integrated Graphics, $341,742 for Forms and
         Labels, and $134,059 for Corporate versus $627,377 for Integrated
         Graphics, $424,814 for Forms and Labels, and $114,474 for Corporate at
         July 31, 2001.

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.

         In the second quarter of fiscal year 2001, the Company entered into two
         interest rate swap agreements ("Swaps") which effectively converted $75
         million of floating rate debt under the revolving Credit Facility
         ("Credit Facility") to fixed rate debt. The purpose for entering into
         the Swaps was to better match the Company's assets and liabilities and
         reduce its exposure to interest rate risk. As required by the Company's
         hedging and derivative use policy such Swaps were entered into with
         high quality, independent counterparties at market pricing. These
         parties are rated A1 and/or A+ or higher by Moody's and Standard &
         Poors. The Swaps had a term that was


<PAGE>
               Wallace Computer Services, Inc. and Subsidiaries           Page 9
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (Unaudited)

Note 4 - Accounting for Derivative Instruments and Hedging Activities,
         (continued)

         one year or less from the date of inception. These Swaps were
         considered cash flow hedges and, accordingly, the fair market value of
         the Swaps were 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. The accumulated
         other comprehensive loss related to the Swaps is included in
         comprehensive income. Any net gain or loss on the Swaps, which is not
         significant in fiscal year 2002, is reflected in interest expense in
         the income statement. As of January 31, 2002, the Company has settled
         the Swaps and has no other derivative financial instruments
         outstanding.

Note 5 - Change in Accounting Principle

         In June 2001, the Financial Accounting Standards Board issued Statement
         of Financial Accounting Standard No. 142, "Goodwill and Other
         Intangible Assets," which addresses financial accounting and reporting
         for acquired goodwill and other intangible assets. The Company is
         required to adopt the provisions of SFAS No. 142 on August 1, 2002, but
         has the option of adopting early, as of August 1, 2001. Under SFAS No.
         142, goodwill is no longer amortized, and the rules for measuring
         goodwill impairment use a fair-value-based test. Under the new rules, a
         fair value of each of the Company's reporting units with assigned
         goodwill must be calculated using either market comparables or a
         discounted cash flow approach, or a combination thereof. Once the fair
         value of the reporting unit has been determined, the fair value of net
         assets, including intangibles, of that reporting unit must be compared
         to the total market value derived in the first step to determine
         impairment.

         The Company has elected early adoption of SFAS No. 142. Accordingly,
         the Company has stopped amortization of goodwill effective August 1,
         2001. However, goodwill amortization continues to be recorded in
         historical periods.

         In completing the transitional impairment test required under SFAS No.
         142, the Company determined the carrying amount of its various
         reporting units and compared that amount to its fair value. Fair value
         was determined with the assistance of an outside professional services
         firm using a combination of market comparables and discounted cash flow
         approaches. The carrying amount of the Company's Commercial Print
         division was below its fair value and, as a result, impairment existed.
         The amount of impairment was determined using the "implied fair value"
         of the Commercial Print division reporting unit as required by SFAS No.
         142. As a result of the impairment test, the Company recognized an
         impairment charge to write-off goodwill in the amount of $147.5 million
         ($144.1 million net of tax) relating to the Commercial Print division
         in the Integrated Graphics segment. The impairment loss is recognized
         in the statement of operations under the caption "cumulative effect of
         a change in accounting principle." In accordance with SFAS No. 142,
         this charge was recorded as of the beginning of the fiscal year.

         Had the provisions of SFAS No. 142 been applied for the three months
         and six months ended January 31, 2001, the Company's net income, before
         the cumulative effect of a change in accounting principle, and net
         income / (loss) per share would have been as follows:

<TABLE>
<CAPTION>

         (In thousands, except                           For the Three Months Ended January 31
         per share amounts)                                      2002             2001
                                                               ---------       ----------
         <S>                                                   <C>             <C>
         Net (Loss) / Income , as reported                     $  (7,347)      $   16,924
              Add:
                Goodwill amortization                                  0            2,004
                Tax effect                                             0               39
                                                               ---------       ----------
              Adjusted Net (Loss) / Income                     $  (7,347)      $   18,967
                                                               =========       ==========

         Basic (Loss) / Earnings per Share, as reported        $   (0.18)      $     0.42
         Effect of SFAS No. 142                                $    0.00       $     0.05
                                                               ---------       ----------
         Adjusted Basic (Loss) / Earnings per Share            $   (0.18)      $     0.47
                                                               =========       ==========

         Diluted (Loss) / Earnings per Share, as reported      $   (0.18)      $     0.41
         Effect of SFAS No. 142                                $    0.00       $     0.05
                                                               ---------       ----------
         Adjusted Diluted (Loss) / Earnings per Share          $   (0.18)      $     0.46
                                                               =========       ==========
</Table>


<PAGE>
                Wallace Computer Services, Inc. and Subsidiaries         Page 10
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (Unaudited)

Note 5 - Change in Accounting Principle, (continued)

<TABLE>
<CAPTION>
         (In thousands, except                          For the Six Months Ended January 31
         per share amounts)                              2002                          2001
                                                        ------                        -------
         <S>                                            <C>                           <C>
         Net Income Before the Cumulative Effect
              of a Change in Accounting Principle       $4,480                        $33,410
            Add:
              Goodwill amortization                          0                          3,995
              Tax effect                                     0                             63
                                                        ------                        -------
            Adjusted Net Income Before the
              Cumulative Effect of a Change in
              Accounting Principle                      $4,480                        $37,468
                                                        ======                        =======

         Basic Earnings per Share, as reported          $ 0.11                        $  0.82
         Effect of SFAS No. 142                         $ 0.00                        $  0.10
                                                        ------                        -------
         Adjusted Basic Earnings per Share              $ 0.11                        $  0.92
                                                          ====                           ====

         Diluted Earnings per Share, as reported        $ 0.11                        $  0.82
         Effect of SFAS No. 142                         $ 0.00                        $  0.10
                                                        ------                        -------
         Adjusted Diluted Earnings per Share            $ 0.11                        $  0.92
                                                        ======                        =======
</TABLE>


         The Company has no separately identified intangible assets resulting
         from acquisitions recorded on the balance sheet. Changes in the
         carrying amount of goodwill (net), by segment, for the six months ended
         January 31, 2002, are as follows:

<TABLE>
<CAPTION>
                                                 Forms and Labels  Integrated Graphics
              (Dollars in thousands)                   Segment          Segment           Total
              ----------------------             ----------------  -------------------  ---------
              <S>                                <C>               <C>                  <C>
              Balance as of July 31, 2001              $23,360          $ 261,304       $ 284,664
              Pretax Impairment adjustment -
                   adoption of SFAS No. 142                  0           (147,500)       (147,500)
                                                       -------          ---------       ---------
              Balance as of January 31, 2002           $23,360          $ 113,804       $ 137,164
                                                       =======          =========       =========
</TABLE>



<PAGE>
               Wallace Computer Services, Inc. and Subsidiaries          Page 11
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (Unaudited)


Note 6 - Recently Issued Accounting Pronouncements

         In June 2001, the FASB issued SFAS No. 143, "Accounting for Asset
         Retirement Obligations," which is effective for financial statements
         issued for fiscal years beginning after June 15, 2002. Early
         application is encouraged. SFAS No. 143 addresses financial accounting
         and reporting for obligations associated with the retirement of
         tangible long-lived assets and the associated asset retirement costs.
         This Statement requires that the fair value of a liability for an asset
         retirement obligation be recognized in the period in which it is
         incurred. The associated asset retirement costs are capitalized as part
         of the carrying amount of the long-lived asset. It is anticipated that
         the adoption of SFAS No. 143 will have no impact on the financial
         position or results of operations of the Company.

         In August 2001, the FASB issued SFAS No. 144, "Accounting for the
         Impairment or Disposal of Long-Lived Assets," which is effective in
         fiscal year 2003. SFAS No. 144 supersedes SFAS No. 121,"Accounting for
         the Impairment of Long-Lived Assets and for Long-Lived Assets to be
         Disposed Of," and Accounting Principles Board Opinion No. 30 which
         addresses the accounting and reporting relating to the disposal of a
         segment of a business. It is anticipated that the adoption of SFAS No.
         144 will not have a significant impact on the financial position or
         results of operations of the Company.


Note 7 - Fiscal 2002 Restructuring

         In the first quarter of fiscal year 2002 the Company implemented a
         restructuring program of which $30.3 million was recognized in the
         current quarter and $32.8 million year to date. The restructuring
         charge is presented separately as a component of income from operations
         in the statement of operations. The restructuring initiatives are aimed
         at improving the overall level of organizational efficiency and
         effectiveness, consolidating and rationalizing existing facilities and
         processes, and reducing the overall cost base of the Company. The
         restructuring charges recognized include employee severance costs,
         asset write-downs, equipment moving costs, consulting charges directly
         related to the restructuring and other miscellaneous costs. The costs
         related to equipment moving and consulting were expensed as incurred.
         The Company anticipates that the restructuring program will be
         completed by the end of the fiscal year with the majority of the costs
         having been recognized in the current quarter. It is anticipated that
         the aggregate charges associated with the restructuring will be less
         than $40 million with a majority of those charges related to the
         Integrated Graphics segment.

         The following table summarizes the activity in the restructuring
         reserve during the first six months of fiscal year 2002:

<TABLE>
<CAPTION>
(Amounts in Thousands)
-------------------------------------------------------------------------------------------------------------
                              Employee         Asset Write-downs   Other Charges         Total Restructuring
                              Termination      (non-cash)
                              Benefits
-------------------------------------------------------------------------------------------------------------
<S>                           <C>               <C>                <C>                   <C>
Restructuring Provision       $6,598            $ 21,791           $ 4,443               $ 32,832

-------------------------------------------------------------------------------------------------------------
Adjustments to Reserves            0                   0                 0                      0
Cash Payments                 (3,731)                  0            (3,282)                (7,013)
Non-cash items                     0             (21,791)                0                (21,791)
-------------------------------------------------------------------------------------------------------------
Reserve balance January 31,   $2,867            $      0           $ 1,161               $  4,028
2002
-------------------------------------------------------------------------------------------------------------
</TABLE>



<PAGE>
                Wallace Computer Services, Inc. and Subsidiaries         Page 12
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (Unaudited)

Note 7 - Fiscal 2002 Restructuring, (continued)

         The restructuring plan, implemented in the first quarter of fiscal year
         2002, includes the closing of six manufacturing facilities, one
         distribution and fulfillment center, one multi-use facility and
         workforce reductions of 10% of the total workforce. It is anticipated
         that cash proceeds will be derived in the restructuring through the
         anticipated sale of three manufacturing facilities and sales of
         disposed equipment. Anticipated proceeds from the sale of assets are
         categorized separately as "assets held for sale" in the current asset
         portion of the balance sheet. Through the end of the second quarter,
         705 employees were terminated or notified of termination, 662 of which
         were from plant locations and 43 from the corporate headquarters.

Note 8 - Fiscal 2000 Restructuring

         In February 2000, the Company announced a plan to restructure its
         operations, which resulted in non-recurring pre-tax expense totalling
         $41.6 million for fiscal year 2000. In fiscal year 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
         in accordance with EITF 94-3. The restructuring costs are presented
         separately as a component of income from operations in the consolidated
         statements of income. The Company does not anticipate any future
         charges related to this restructuring initiative.


Note 9 - Income Taxes

         The annual effective tax rate for fiscal year 2002 has been adjusted to
         39.0% in the current quarter. The reduction in tax rate from the prior
         year is the result of no longer amortizing non-deductible goodwill
         after the adoption of SFAS No. 142. The tax rate increased from 38.2%
         in the first quarter primarily due to the impact of the restructuring
         charge on pretax income. The annual effective tax rate for fiscal year
         2001 was 40.7%.





<PAGE>
                Wallace Computer Services, Inc. and Subsidiaries         Page 13
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (Unaudited)


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


         For the three-month period ended January 31, 2002, net sales decreased
         10.1% to $397.1 million from the quarter ended January 31, 2001. For
         the six-month period ended January 31, 2002, net sales decreased 7.4%
         to $806.3 million from the same period in the prior year. Both segments
         were impacted by the current weak economic conditions. The Forms and
         Labels segment was also impacted by decreased sales of low margin stock
         paper as the Company discontinued all stock and computer paper
         production and will be sourcing this product going forward. The
         Integrated Graphics segment's sales also decreased in the current
         quarter due to restructuring activities taking place within the
         segment.

         Contractual sales continued to increase in both segments, with faster
         growth coming off of a smaller base in the Integrated Graphics segment.
         Continued growth in contractual sales is important in providing
         stability to the Company's profitability and utilization rates.
         Transactional sales (i.e. non-contract sales) volume was off in both
         segments. The decline in transactional sales, specifically in the
         Integrated Graphics segment, is indicative of the competitive
         marketplace. The double-digit decline in total transactional sales
         volume was a significant factor in the decline in profitability in the
         current quarter versus the second quarter of last year.

         In the first quarter of fiscal year 2002 the Company implemented a new
         restructuring program of which $30.3 million was recognized in the
         current quarter and $2.5 million was recognized in the first quarter of
         this fiscal year. The restructuring plan includes the closing of six
         manufacturing facilities, one distribution and fulfillment center, one
         multi-use facility and workforce reductions of approximately 10% of the
         total workforce. The restructuring initiatives were aimed at improving
         the overall level of organizational efficiency and effectiveness,
         consolidating and rationalizing existing facilities and processes, and
         reducing the overall cost base of the Company. It is currently
         estimated that an additional $4 million to $6 million of charges could
         still be incurred relating to this restructuring initiative. The
         majority of the remaining charges will occur in the third quarter of
         the current fiscal year. The majority of the restructuring charge
         relates to the Integrated Graphics segment.

         It is anticipated that cash proceeds derived in the restructuring
         through the sale of disposed equipment, working capital improvements
         and improved operations will more than offset cash charges from the
         restructuring in fiscal year 2002. The restructuring is also expected
         to have a positive impact on cash flow in fiscal year 2003 and beyond,
         and should result in annual earnings improvement of approximately $13.0
         million. For further information regarding the fiscal year 2002
         restructuring charge, see footnote 6.

         In the six months ended January 31, 2001 the Company recognized $0.7
         million of residual restructuring charges related to an earlier
         restructuring initiative ("2000 restructuring") announced in the third
         quarter of fiscal year 2000. The 2000 restructuring was undertaken as
         the Company was experiencing continued softness in the high-quality
         color marketing and promotional printing markets as well as issues
         related to the integration of the Graphic Industries acquisition. The
         Company's 2000 restructuring plan was approved, committed to, and for
         the most part, executed in the third quarter of fiscal year 2000 with
         only minor charges incurred in fiscal year 2001. The Company has not
         incurred any charges related to the 2000 restructuring in fiscal year
         2002 and does not anticipate any future charges related to the 2000
         restructuring.



<PAGE>
               Wallace Computer Services, Inc. and Subsidiaries          Page 14
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (Unaudited)


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

         Cost of sales for the quarter was 73.8% of sales as compared to 72.7%
         in the second quarter of last year. LIFO income was $0.2 million in the
         current quarter versus a charge of $0.3 million in the second quarter
         of last year. Cost of sales for the six-month period ended January 31,
         2002 was 74.0% of sales compared to 72.5% in the same period a year
         ago. Total LIFO charges in the first half of fiscal year 2002 were not
         significant, while in the first half of fiscal year 2001 total charges
         were $1.0 million.

         Year over year, the Forms and Labels segment's quarterly sales
         decreased 6.4% to $200.1 million, with operating income of $20.0
         million and operating margin of 10.0% versus operating income of $24.1
         million and an operating margin of 11.3% in the second quarter of last
         year. For the six-month period ended January 31, 2002, segment sales
         decreased 6.0% to $404.3 million, with operating income of $39.9
         million and an operating margin of 9.9%, versus operating income of
         $47.8 million and an operating margin of 11.1% in the prior year to
         date period. Competitive market and current economic conditions have
         continued to put pressure on operating margins in this segment. While
         operating income is down from the prior year's second quarter,
         operating margins have improved sequentially since the third quarter of
         fiscal year 2001, as the effects of cost cutting and other
         restructuring measures have taken effect.

         The Integrated Graphics segment's quarterly sales decreased 13.5% to
         $197.0 million, with operating income of $4.1 million and operating
         margin of 2.1% versus operating income of $12.1 million and an
         operating margin of 5.3% in the second quarter of last year. For the
         six-month period ended January 31, 2002, segment sales decreased 8.8%
         to $402.0 million, with operating income of $11.8 million and an
         operating margin of 2.9% versus operating income of $24.3 million and
         an operating margin of 5.5% in the prior year to date period.
         Competitive and economic pressures have been significant in this
         segment. The majority of the restructuring activity is occurring in
         this segment as the Company is in the process of standardizing its
         production processes and bringing costs in line with sales demand. The
         Company will also be strengthening capabilities in strategic local
         markets while continuing to focus on contract business. As part of the
         restructuring plan, the Company has closed two plants and disposed of
         one in this segment, with two more still in the process of being
         disposed of. The plant closures are responsible for approximately $5
         million of the segment's quarterly sales decline. Additionally, the
         plants that were closed, or will be closed, recorded an operating loss
         of $1.9 million in the current quarter. Although the Company will be
         losing approximately $55 million annually in transactional sales from
         the closed and sold facilities, margins for the entire Commercial Print
         division are expected to improve.

         Selling and administration expenses for the second quarter were 15.9%
         versus 14.7% last year. Included in the current quarter are additional
         reserves for bad debt in the amount of $3.3 million, the majority of
         which relate to a charge taken as a result of the bankruptcy of a major
         customer. The remainder of the incremental reserve continues to be
         necessary in light of current economic conditions, and their impact on
         the collectability of the Company's trade receivables.

         Depreciation and amortization for the quarter was $17.0 million or 4.3%
         of sales versus $19.6 million or 4.4% of sales in the second quarter a
         year ago. Software amortization expense is up over 37% over the prior
         year's second quarter due to enhancements made to the Company's order
         entry, customer service, and inventory management system in the past
         year. Goodwill amortization declined $2.0 million due to the adoption
         of SFAS No. 142. Depreciation expense declined almost 10% in the
         current quarter as a result of assets disposed of in the restructuring,
         and will decline further in the third quarter.

         Interest expense for the quarter was $5.9 million, down from $7.5
         million last year. The majority of the decrease in interest expense can
         be attributed to debt reduction. Declining interest rates, however,
         account for a portion of the reduction. Interest income for the quarter
         was consistent year-to-year.


<PAGE>
                Wallace Computer Services, Inc. and Subsidiaries         Page 15
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (Unaudited)


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


         The annual effective tax rate for fiscal year 2002 has been adjusted to
         39.0% in the current quarter. The reduction in tax rate from the prior
         year is the result of the adoption of Statement of Financial Accounting
         Standard ("SFAS") No. 142, "Goodwill and Other Intangible Assets." The
         majority of the goodwill that had previously been amortized was not tax
         deductible. The tax rate increased from 38.2% in the first quarter
         primarily due to the impact of the restructuring charge on pretax
         income. The annual effective tax rate for fiscal year 2001 was 40.7%.

         Income before the cumulative effect of a change in accounting principle
         for the second quarter was a loss of $7.3 million or 18 cents per
         share, down from a profit of $16.9 million or 41 cents per share in the
         same quarter a year ago. Income before the cumulative effect of a
         change in accounting principle for the six-month period ended January
         31, 2002 decreased 86.6% to $4.5 million or 11 cents per share, from
         $33.4 million or 82 cents per share in the prior year to date period.

         In June 2001, the Financial Accounting Standards Board issued SFAS No.
         142, which addresses financial accounting and reporting for acquired
         goodwill and other intangible assets. The Company is required to adopt
         the provisions of SFAS No. 142 on August 1, 2002, but has the option of
         adopting early, as of August 1, 2001. Under SFAS No. 142, goodwill is
         no longer amortized, and the rules for measuring goodwill impairment
         use a fair-value-based test. Under the new rules, a fair value of each
         of the Company's reporting units with assigned goodwill must be
         calculated using either market comparables or a discounted cash flow
         approach, or a combination thereof. Once the fair value of the
         reporting unit has been determined, the fair value of net assets,
         including intangibles, of that reporting unit must be compared to the
         total market value derived in the first step to determine impairment.

         The Company has elected early adoption of SFAS No. 142. Accordingly,
         the Company has stopped amortization of goodwill effective August 1,
         2001. As a result of adopting SFAS No. 142, the Company has,
         retroactive to the beginning of the fiscal year, recorded an impairment
         charge of $144.1 million, net of tax. This impairment is recorded as a
         cumulative effect of a change in accounting principle. The impairment
         was measured as of the date of adoption, and relates to the Company's
         Commercial Print division in the Integrated Graphics segment. Goodwill
         related to the other divisions is not impaired. The gross impairment of
         goodwill was $147.5 million, which reduces total goodwill in the
         Integrated Graphics segment to $113.8 million. A professional services
         firm was engaged to assist in the valuation process. The restructuring
         activities that took place in the second quarter did not cause any
         additional impairment.

         Liquidity and Capital Resources

         Working capital decreased by $22.1 million from July 31, 2001. Since
         the first quarter of the current fiscal year, borrowings under the
         revolving credit agreement have been classified as current as this
         agreement expires on October 31, 2002. In previous quarters borrowings
         under this agreement were classified as long-term debt. At January 31,
         2002, $35.0 million was classified as current under this agreement,
         compared to $75.0 million classified as long-term at July 31, 2001.
         Additionally, in the current quarter, the Company's profit sharing plan
         was funded, decreasing current liabilities by $13.3 million. The
         current ratio at January 31, 2002 was 2.0 to 1.

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


<PAGE>
                Wallace Computer Services, Inc. and Subsidiaries         Page 16
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (Unaudited)


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

         Liquidity and Capital Resources, (continued)

         Of the outstanding debt as of January 31, 2002, $35.0 million has been
         borrowed under a five-year revolving Credit Agreement ("Credit
         Facility"), which provides for a maximum aggregate principal amount
         available to be borrowed of $200.0 million. The Company has $200.0
         million of Senior Term Notes with institutional investors with a book
         value of $186.3 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 $50.0 million under which $2.0
         million was borrowed at January 31, 2002. The $2.0 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 1.35% to 1.45%. The balance of $7.5
         million relates to acquisitions.

         Total debt currently represents 36.4% of total capitalization. Had the
         impairment of goodwill under SFAS No. 142 not been recorded this
         quarter, total debt to capitalization would have been 30.0%. The
         maximum amount as authorized by the Board of Directors for total
         borrowings is limited to $600 million.

         The Credit Facility and the Senior Notes maintain cross default
         provisions in which a violation of debt covenants in either debt
         instrument automatically triggers a default in the other. Under the
         most restrictive covenants, the Company must maintain a minimum
         interest coverage of 2.5 to 1, a funded debt to EBITDA ratio not
         greater than 3 to 1, consolidated indebtedness to consolidated total
         capitalization of less than 65% and maintain a minimum consolidated net
         worth of $421 million at quarter-end. The company has received an
         amendment to the Credit Facility to exclude up to $58 million in
         non-cash restructuring charges in the second quarter of fiscal year
         2002 when computing the minimum interest coverage and funded debt to
         EBITDA tests. The Company is currently in compliance with all debt
         covenants and believes it would remain in compliance going forward. As
         a result of adopting SFAS No. 142 and subsequently recording the $144.1
         million charge, net of tax, for goodwill impairment, the Company has
         sought an amendment to the Senior Note agreement that would reduce the
         net worth requirement by $75 million. At the time of this filing, a
         majority of the noteholders have agreed in concept with the proposed
         amendment and it is expected that the amended agreement will be
         executed in the third quarter of fiscal year 2002.

         Capital expenditures for the quarter totaled $5.4 million. For the full
         fiscal year, capital expenditures are expected to be between $20 and
         $30 million, which are expected to be financed through internally
         generated funds and by borrowing against the Credit Facility.

         Stockholders' equity decreased 25.8% to $431.0 million at January 31,
         2002. Almost the entire decrease can be attributed to the impairment
         charge taken as a result of adopting SFAS No. 142.



<PAGE>
                Wallace Computer Services, Inc. and Subsidiaries         Page 17
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (Unaudited)


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

         Recently Issued Accounting Pronouncements

         In August 2001, the FASB issued SFAS No. 144, "Accounting for the
         Impairment or Disposal of Long-Lived Assets," which is effective in
         fiscal year 2003. SFAS No. 144 supersedes SFAS No. 121,"Accounting for
         the Impairment of Long-Lived Assets and for Long-Lived Assets to be
         Disposed Of," and Accounting Principles Board Opinion No. 30 which
         addresses the accounting and reporting relating to the disposal of a
         segment of a business. It is anticipated that the adoption of SFAS No.
         144 will not have a significant impact on the financial position or
         results of operations of the Company.

         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 year
         1999. Since that time, the Board of Directors maintained the quarterly
         dividend rate of $0.165 per share.

         During the first quarter of fiscal year 2002, the Company purchased
         300,200 shares of Wallace common stock. No shares were repurchased
         during the second quarter of fiscal year 2002. Total repurchases
         through January 31, 2002, against the $100 million authorized by the
         Board in June 1997, have been $98.5 million. On January 25, 2000 the
         Board of Directors approved an additional $100 million share repurchase
         authorization.


<PAGE>
               Wallace Computer Services, Inc. and Subsidiaries          Page 18
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (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 December 5, 2001. 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
                                             ----------         -----------
         Bettye Martin Musham                36,944,200           774,331
         Andrew J. McKenna, Jr.              37,015,253           703,278


2) Approval of the 2001 Stock Incentive Plan

                  For              Against         Abstain
              ----------          ---------       ---------
              29,606,037          7,613,843        498,651

3) Ratification of the appointment of Arthur Andersen LLP as the Company's
independent public accountants for the fiscal year 2002

                  For              Against         Abstain
              ----------          ---------       ---------
              37,253,083            432,562         32,886



<PAGE>
                Wallace Computer Services, Inc. and Subsidiaries         Page 19
                   Notes to Consolidated Financial Statements
                                January 31, 2002
                                   (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. 2001 Stock Incentive Plan dated
                 December 5, 2001, previously filed as Exhibit 10.1 to
                 Registrant's Quarterly Report on Form 10-Q for the quarter
                 ended October 31, 2001.

           10.2  Separation Agreement effective as of October 17, 2001 between
                 the Company and Michael A. Anderson, filed herewith.

      (b)  Reports on Form 8-K

           None




<PAGE>
                                                                         Page 20

                                   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, 2002                              /s/ M. David Jones
    ------------------------                 -----------------------------------
                 Date                                   M. David Jones
                                               Chairman of the Board and Chief
                                                      Executive Officer


        March 15, 2002                               /s/ Vicki L. Avril
    ------------------------                 -----------------------------------
                 Date                                   Vicki L. Avril
                                                Senior Vice President and Chief
                                                      Financial Officer
                                                (Principal Accounting Officer)