Lisle, IL, Wallace Computer Services, Inc. (NYSE:WCS), the leading national provider of comprehensive total print management products and services, today announced its first quarter earnings, demonstrating continuing improvement in operating results. First quarter revenue was $407.8 million, up $3.2 million or 0.8%, over the immediately preceding fourth quarter of fiscal 2000. Diluted Earnings Per Share was $0.41 in the current quarter versus $0.26 for the fourth quarter. Fourth quarter diluted Earnings Per Share, before restructuring charges andusing a historical tax rate, was $0.40. Adjusting for restructuring charges, op erating income was $35.9 million, up $1.1 million or 3.3%, over comparable numbers for the fourth quarter of fiscal 2000. ``As previously projected, our results show improvement on a sequential quarter to quarter basis,'' said David Jones, Wallace's Chairman of the Board and Chief Executive Officer. ``The restructuring and cost saving initiatives that were undertaken last year have favorably impacted our performance and results.'' Residual restructuring costs were $0.4 million in the quarter. The number of new Total Print Management (TPM) presentations and proposals, with revenue opportunities in both operating segments, remained strong throughout the quarter. Six new TPM contracts, each with potential annual sales volumes in excess of $1 million, were signed in the first quarter. Wallace also continued to demonstrate success in reducing the overall debt level of the company. Total debt was down $41.1 million from last quarter, lowering the total debt to total capitalization ratio to 39.6%. Additionally, overall working capital was down $16.5 million in the quarter. The tax rate for the quarter returned to a more normalized level of 40.7%, and it is anticipated that the rate will remain constant at that level for the rest of the fiscal year.