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WALLACE COMPUTER SERVICES ANNOUNCES THIRD QUARTER RESULTS

 HILLSIDE, Ill., May 26 /PRNewswire/ -- Wallace Computer Services, Inc. (NYSE: WCS) today reported third quarter and nine-month earnings and sales for its fiscal year ending July 31, 1993.
 For the three months ended April 30, Wallace had net income of $9,676,000 or 43 cents per share, which was comparable to the $9,654,000 or 43 cents per share reported in the same period last year. Sales for the quarter were $131,755,000, an increase of 9.6 percent over the $120,175,000 reported last year.
 For the nine months ended April 30, Wallace had net income of $31,250,000 or $1.39 per share, compared with $29,758,000 or $1.33 per share last year, an increase of 5.0 percent. Sales for the first nine months of fiscal 1993 were $403,711,000 compared to $377,740,000 last year, an increase of 6.9 percent.
 "All divisions reported sales increases for the third quarter," said Bob Cronin, president and CEO. "However, the income reported by the TOPS and Colorforms divisions was below expectations. During this period, TOPS markets were very price competitive and we were finalizing the transition of the Colorforms acquisition. Nevertheless, we did report a 5.1 percent increase in operating income.
 "The third quarter was also affected by lower investment income which was $631,000, or approximately 2 cents per share, below the same period last year.
 "Backlogs remain high in all divisions. Forms, labels and commercial printing continue to be strong. Looking ahead, we are maintaining strict cost controls to keep operating expenses in line with sales growth, and both Colorforms and TOPS divisions are implementing programs to improve results," Cronin concluded.
 Wallace Computer Services, Inc. is a recognized leader in the manufacture and distribution of consumable products for solving information processing problems. Products include business forms, labeling systems, commercial printing, direct mail advertising, computer hardware and software, computer accessories, machine ribbons and other office products. Customers range from the largest corporations to individuals and home businesses. The company is headquartered in Hillside, Ill., and has manufacturing, distribution and sales facilities throughout the United States.
 WALLACE COMPUTER SERVICES, INC.
 (unaudited)
 THREE MONTHS ENDED APRIL 30 1993 1992
 Net Sales $131,755,000 $120,175,000
 Income Before Income Taxes $14,660,000 $14,628,000
 Net Income $9,676,000 $9,654,000
 Net Income Per Common Share $0.43 $0.43
 Average Common Shares Outstanding 22,387,000 22,479,000
 NINE MONTHS ENDED APRIL 30 1993 1992
 Net Sales $403,711,000 $377,740,000
 Income Before Income Taxes $47,348,000 $45,088,000
 Net Income $31,250,000 $29,758,000
 Net Income Per Common Share $1.39 $1.33
 Average Common Shares Outstanding 22,452,000 22,380,000
 -0- 5/26/93
 /CONTACT: Brad Samson, 708-449-8600, for Wallace Computer Services/
 (WCS)


CO: Wallace Computer Services, Inc. ST: Illinois IN: CPR SU: ERN

LR -- NY044 -- 2476 05/26/93 12:56 EDT
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Publication:PR Newswire
Date:May 26, 1993
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