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WALLACE COMPUTER SERVICES, INC. ANNOUNCES FISCAL YEAR 1992 RESULTS

WALLACE COMPUTER SERVICES, INC. ANNOUNCES FISCAL YEAR 1992 RESULTS
 HILLSIDE, Ill., Sept. 9 /PRNewswire/ -- Wallace Computer Services, Inc. (NYSE: WCS) today reported increased sales and earnings for the fiscal year and fourth quarter ended July 31, 1992.
 Net sales for fiscal 1992 were $511.6 million, an increase of 11.5 percent from $458.8 million in the previous year. Net income for the 1992 fiscal year increased 12.7 percent to $39.5 million from $35.0 million in fiscal 1991. Earnings per share in fiscal 1992 were $1.76 per share, compared to $1.63 in fiscal 1991, an 8.0 percent increase.
 Sales for the fiscal 1992 fourth quarter were $133.8 million, a 17.1 percent increase over fiscal 1991 fourth quarter sales of $114.3 million. For the 1992 fourth quarter, net income was $9.7 million compared to $7.3 million, an increase of 32.7 percent. Earnings per share in the 1992 fiscal fourth quarter were 43 cents, compared to 34 cents in the previous year's period.
 Sales and income figures for fiscal 1992 include the Colorforms Division, which was acquired effective Aug. 1, 1991.
 Ted Dimitriou, chairman and chief executive officer, said, "We are pleased with our results for the year. Despite the slow economic recovery and competitive pricing, our Label, Direct Mail and TOPS divisions reported strong performances. Improved manufacturing efficiencies and a more favorable product mix kept the consolidated direct cost increase for fiscal 1992 below the year's sales increase. Selling and administrative expenses increased faster than sales due to write-offs in connection with the closing of excess production and warehousing space.
 "The Colorforms division ended the year below our expectations due to the generally lower level of activity in the direct mail advertising industry."
 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.
 (in thousands except per share)
 Year Ended July 31 1992 1991 Pct. Change
 Net sales $511,572 $458,840 11.5
 Income before income
 taxes 59,780 53,860 11.0
 Net income 39,455 35,009 12.7
 Net income per common
 share 1.76 1.63 8.0
 Average common shares
 outstanding 22,418 21,526 4.1
 Three Months Ended July 31 1992 1991 Pct. Change
 Net sales $133,832 $114,266 17.1
 Income before income
 taxes 14,692 11,241 30.7
 Net income 9,697 7,307 32.7
 Net income per common
 share .43 .34 26.5
 Average common shares
 outstanding 22,530 21,630 4.2
 -0- 9/9/92
 /CONTACT: Michael Halloran of Wallace Computer. 708-449-8600/
 (WCS) CO: Wallace Computer Services, Inc. ST: Illinois IN: CPR SU: ERN


AH -- NY058 -- 7562 09/09/92 13:55 EDT
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Publication:PR Newswire
Date:Sep 9, 1992
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