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WALLACE COMPUTER SERVICES ANNOUNCES THIRD QUARTER RESULTS

 WALLACE COMPUTER SERVICES ANNOUNCES THIRD QUARTER RESULTS
 HILLSIDE, Ill., May 28 /PRNewswire/ -- Wallace Computer Services, Inc. (NYSE: WCS) today reported third quarter and nine month sales and earnings for its fiscal year ending July 31, 1992.
 For the three months ended April 30, Wallace had net income of $9,654,000 or 43 cents per share, compared with $8,690,000 or 40 cents per share in the same period last year, an increase of 11.1 percent. Sales for the quarter were $120,175,000, an increase of 9 percent over the $110,301,000 reported last year.
 For the nine months ended April 30, Wallace had net income of $29,758,000 or $1.33 per share, compared with $27,702,000 or $1.29 per share last year, an increase of 7.4 percent. Sales for the first nine months of fiscal 1992 were $377,740,000 compared to $344,574,000 last year, an increase of 9.6 percent. Sales and income figures for fiscal 1992 include the Colorforms Division, which was acquired effective Aug. 1, 1991.
 "Third quarter results reflect good performance from the Label Division, Direct Mail and TOPS. Results for Colorforms and Business Forms were disappointing, due to industry-wide competitive conditions and the effect of increasing postal rates on direct mail advertising," said Ted Dimitriou, chairman and CEO.
 "We are applying strict cost controls in all areas of the company. There has been consolidation of our TOPS Division, Direct Mail and Business Forms into our St. Charles operation. All real estate that was formerly headquartered for those divisions has either been leased or sold. We do expect significant savings form such moves," continued Dimitriou.
 Wallace Computer Services, Inc. is a leader in the computer services and supply industry. The company's products and services include business forms, commercial printing, direct mail advertising, computer hardware and software, computer labels and accessories, machine ribbons and other office products. Wallace has sales offices and manufacturing and distribution facilities throughout the United States.
 WALLACE COMPUTER SERVICES, INC.
 (Unaudited)
 Three months ended April 30 1992 1991
 Net Sales $120,175,000 $110,301,000
 Income Before Income Taxes 14,628,000 13,370,000
 Net Income 9,654,000 8,690,000
 Net Income Per Common Share .43 .40
 Average Common Shares Outstanding 22,479,000 21,564,000
 Nine months ended April 30 1992 1991
 Net Sales $377,740,000 $344,574,000
 Income Before Income Taxes 45,088,000 42,619,000
 Net Income 29,758,000 27,702,000
 Net Income Per Common Share 1.33 1.29
 Average Common Shares Outstanding 22,380,000 21,491,000
 -0- 5/28/92
 /CONTACT: Michael J. Halloran of Wallace Computer Services, 708-449-8600/
 (WCS) CO: Wallace Computer Services, Inc. ST: Illinois IN: CPR SU: ERN


SM -- NY062 -- 4782 05/28/92 13:24 EDT
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Date:May 28, 1992
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