Consolidated Communications Holdings
May 6, 2010

Consolidated Communications Holdings Reports First Quarter 2010 Results

Consolidated Communications Holdings, Inc. (Nasdaq:CNSL) reported results for the first quarter ended March 31, 2010.

First quarter financial summary:

  --  Revenue was $98.3 million.
  --  Net cash provided by operations was $23.8 million.
  --  Adjusted EBITDA was $47.1 million.
  --  Dividend payout ratio was 64.0%.

"I am excited to kick off another year with a solid quarter," said Bob Currey, president and CEO. "We continued to grow our customer connections and delivered financial results that provided our shareholders with a comfortable dividend payout ratio."

"Our broadband products grew at a strong pace in the quarter with IPTV and DSL subscribers increasing by 1,800 and 2,000, respectively. Our customers continued to be pleased with the packaging and expanded IPTV offerings with our new service delivery. We also extended IPTV service availability by passing another 6,100 homes during the period."

"Access line losses improved to 1.0% for the quarter and 5.8% over the last twelve months resulting from the right balance of product bundles, promotions and quality service. We are providing the best overall value in our markets and giving customers a reason to make us their first choice for communications services," Currey concluded.

Operating Statistics at March 31, 2010, Compared to March 31, 2009.

                            Period Ended
                             March 31,

                           2010     2009    Increase/(decrease)     %
                          -------  -------  -------------------  ------

  Local access lines      244,696  259,787             (15,091)  (5.8)%
  DSL subscribers         102,132   94,554                7,578    8.0%
  IPTV subscribers         24,898   18,207                6,691   36.7%
  ILEC VOIP lines           8,529    7,141                1,388   19.0%
  CLEC access line
   equivalents             73,413   73,737                (324)
                          -------  -------  -------------------  (0.4)%
  Total connections       453,668  453,426                  242    0.1%

Cash Available to Pay Dividends

For the quarter, cash available to pay dividends, or CAPD, was $18.0 million. The dividend payout ratio was 64.0%. At March 31, 2010, cash and cash equivalents were $44.3 million. The Company made capital expenditures of $10.9 million during the quarter.

Financial Highlights for the First Quarter Ended March 31, 2010

  --  Revenues were $98.3 million, compared to $101.7 million in the first
      quarter of 2009. Local Calling, Long Distance and Network Access
      Services combined to decline by $2.5 million due to the loss of access
      lines and were partially offset by an increase of $1.6 million in Data
      and Internet revenue. Subsidies were lower by $1.9 million primarily due
      to the reset of the Federal high cost fund national average. Finally,
      the sale of our telemarketing business during the quarter resulted in a
      $1.0 million decline in revenue from the comparable period last year.
  --  Depreciation and amortization was $21.5 million, compared to $21.7
      million in the same period last year.
  --  Income from operations was $18.0 million, compared to $16.1 million in
      the first quarter of 2009.  The increase is attributable to the cost
      structure improvements implemented throughout 2009 as well as a decline
      in pension expense of $0.8 million.
  --  Interest expense, net was $12.9 million, compared to $14.5 million in
      the same quarter last year.  The decline is attributable to an overall
      weighted average cost of debt that was lower by 70 basis points.
  --  Other income, net was $6.4 million, compared to $4.5 million for same
      period in 2009.  The increase is mostly due to higher income from the
      Company's pro rata share of its wireless partnerships.
  --  Net income attributable to common stockholders was $6.9 million versus
      net income of $3.3 million in the first quarter of 2009. "Adjusted net
      income" excludes certain items in the manner described in the table
      provided in this release. On that basis, "adjusted net income" was $7.4
      million for the first quarter of 2010, compared to $5.5 million in the
      same quarter of 2009.
  --  Diluted net income per common share was $0.23, compared to a diluted net
      income per common share of $0.11 in the same quarter of 2009. "Adjusted
      diluted net income per share" excludes certain items in the manner
      described in the table provided in this release. On that basis,
      "adjusted diluted net income per share" for the first quarter ended
      March 31, 2010 was $0.25 versus $0.19 in the first quarter of 2009.
  --  Adjusted EBITDA was $47.1 million, compared to $45.3 million for the
      same period in 2009. The increase was primarily driven by an improved
      cost structure, increases in wireless distributions and lower
      incremental pension costs. Net cash provided from operating activities
      was $23.8 million, compared to $19.4 million for the first quarter in
      2009.
  --  The total net debt to last twelve month Adjusted EBITDA coverage ratio
      is 4.38 times to 1.0.

Financial Guidance

For 2010, the Company is reaffirming its full year guidance with respect to capital expenditures, cash interest, and cash taxes. Capital expenditures are expected to be in the range of $40.0 million to $42.0 million, cash interest expense is expected to be in the range of $51.0 million to $54.0 million and cash income taxes are expected to be in the range of $21.0 million to $23.0 million.

Dividend Payments

On May 4, 2010, the Company's board of directors declared its next quarterly dividend of $0.38738 per common share, which is payable on August 1, 2010 to stockholders of record at the close of business on July 15, 2010.

Conference Call Information

The Company will host a conference call today at 11:00 a.m. Eastern Time / 10:00 a.m. Central Time to discuss first quarter earnings and developments with respect to the Company. The call is being webcast and can be accessed from the "Investor Relations" section of the Company's website at http://www.consolidated.com. The webcast will also be archived on the Company's website. If you do not have internet access, the conference call dial-in number is 1-866-395-2185 with pass code 68715253. International parties can access the call by dialing 1-706-758-1344. A telephonic replay of the conference call will also be available starting two hours after completion of the call until May 13, 2010 at midnight Eastern Time. To hear the replay, parties in the United States and Canada should call 1-800-642-1687 and international parties should call 1-706-645-9291.

Use of Non-GAAP Financial Measures

This press release, as well as the conference call, includes disclosures regarding "EBITDA", "adjusted EBITDA", "cash available to pay dividends and the related dividend payout ratio", "total net debt to last twelve month adjusted EBITDA coverage ratio", "adjusted diluted net income" and "adjusted diluted net income per share", all of which are non-GAAP financial measures. Accordingly, they should not be construed as alternatives to net cash from operating or investing activities, cash and cash equivalents, cash flows from operations, net income (loss) or net income (loss) per share as defined by GAAP and are not, on their own, necessarily indicative of cash available to fund cash needs as determined in accordance with GAAP. In addition, not all companies use identical calculations, and the non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. A reconciliation of the differences between these non-GAAP financial measures and the most directly comparable financial measures presented in accordance with GAAP is included in the tables that follow.

Adjusted EBITDA is comprised of EBITDA, adjusted for certain items as permitted or required by the lenders under the credit facility in place at the end of each quarter in the periods presented. The tables that follow include an explanation of how adjusted EBITDA is calculated for each of the periods presented.

EBITDA is defined as net earnings (loss) before interest expense, income taxes, depreciation, amortization and extraordinary items on a historical basis. We believe net cash provided by operating activities is the most directly comparable financial measure to EBITDA under GAAP. EBITDA is a non-GAAP financial measure.

Cash available to pay dividends represents adjusted EBITDA plus cash interest income less (1) cash interest expense, (2) capital expenditures, and (3) cash taxes.

We present adjusted EBITDA and cash available to pay dividends for several reasons. Management believes adjusted EBITDA and cash available to pay dividends are useful as a means to evaluate our ability to fund our estimated uses of cash (including interest on our debt) and pay dividends. In addition, we have presented adjusted EBITDA and cash available to pay dividends to investors in the past because they are frequently used by investors, securities analysts and other interested parties in the evaluation of companies in our industry, and management believes presenting them here provides a measure of consistency in our financial reporting. Adjusted EBITDA and cash available to pay dividends, referred to as Available Cash in our credit agreement, are also components of the restrictive covenants and financial ratios contained in the agreements governing our debt that require us to maintain compliance with these covenants and limit certain activities, such as our ability to incur debt and to pay dividends. The definitions in these covenants and ratios are based on adjusted EBITDA and cash available to pay dividends after giving effect to specified charges. We present other information related to the non-GAAP financial measures, specifically "total net debt to last twelve month adjusted EBITDA coverage ratio," principally to put these other measures in context and facilitate comparisons by investors, security analysts and others; this ratio differs in certain respects from the similar ratio used in our credit agreement. As a result, management believes the presentation of adjusted EBITDA and cash available to pay dividends, as supplemented by "total net debt to last twelve months adjusted EBITDA coverage ratio," provides important additional information to investors. In addition, adjusted EBITDA and cash available to pay dividends provide our board of directors with meaningful information to determine, with other data, assumptions and considerations, our dividend policy and our ability to pay dividends under the restrictive covenants in the agreements governing our debt and to measure our ability to service and repay debt.

These non-GAAP financial measures have certain shortcomings. In particular, adjusted EBITDA does not represent the residual cash flows available for discretionary expenditures, since items such as debt repayment and interest payments are not deducted from such measure. Similarly, while we may generate cash available to pay dividends, we are not required to use any such cash to pay dividends, and the payment of any dividends is subject to declaration by our board of directors, compliance with applicable law and the terms of our credit agreement. Because adjusted EBITDA is a component of the dividend payout ratio and the ratio of total net debt to last twelve month adjusted EBITDA, these measures are also subject to the material limitations discussed above. In addition, the ratio of total net debt to last twelve month adjusted EBITDA is subject to the risk that we may not be able to use the cash on the balance sheet to reduce our debt on a dollar-for-dollar basis. Management believes these ratios are useful as a means to evaluate our ability to incur additional indebtedness in the future.

We present the non-GAAP measures adjusted net income and adjusted diluted net income per share because our net income and net income per share are regularly affected by items that occur at irregular intervals or are non-cash items. We believe that disclosing these measures assists investors, securities analysts and other interested parties in evaluating both our company over time and the relative performance of the companies in our industry.

About Consolidated

Consolidated Communications Holdings, Inc. is an established rural local exchange company providing voice, data and video services to residential and business customers in Illinois, Texas and Pennsylvania. Each of the operating companies has been operating in its local market for over 100 years. As of March 31, 2010, the Company had 244,696 ILEC access lines, 73,413 Competitive Local Exchange Carrier (CLEC) access line equivalents, 102,132 DSL subscribers and 24,898 IPTV subscribers. Consolidated Communications offers a wide range of telecommunications services, including local and long distance service, custom calling features, private line services, high-speed Internet access, digital TV, carrier access services and directory publishing.

Safe Harbor

Any statements contained in this press release other than statements of historical fact, including statements about management's beliefs and expectations, are forward-looking statements and should be evaluated as such. These statements are made on the basis of management's views and assumptions regarding future events and business performance. Words such as "estimate," "believe," "anticipate," "expect," "intend," "plan," "target," "project," "should," "may," "will" and similar expressions are intended to identify forward-looking statements. Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. These risks and uncertainties include economic and financial market conditions generally and economic conditions in Consolidated's service areas; changes in the valuation of pension plan assets, as well as a number of other factors related to our business, including various risks to shareholders of not receiving dividends and risks to Consolidated's ability to pursue growth opportunities if Consolidated continues to pay dividends according to the current dividend policy; various risks to the price and volatility of Consolidated's common stock; the substantial amount of debt and Consolidated's ability to incur additional debt in the future; Consolidated's need for a significant amount of cash to service and repay the debt and to pay dividends on the common stock; restrictions contained in the debt agreements that limit the discretion of management in operating the business; the ability to refinance the existing debt as necessary; regulatory changes, including changes to subsidies, rapid development and introduction of new technologies and intense competition in the telecommunications industry; risks associated with Consolidated's possible pursuit of acquisitions; system failures; losses of large customers or government contracts; risks associated with the rights-of-way for the network; disruptions in the relationship with third party vendors; losses of key management personnel and the inability to attract and retain highly qualified management and personnel in the future; changes in the extensive governmental legislation and regulations governing telecommunications providers and the provision of telecommunications services; telecommunications carriers disputing and/or avoiding their obligations to pay network access charges for use of Consolidated's network; high costs of regulatory compliance; the competitive impact of legislation and regulatory changes in the telecommunications industry; and liability and compliance costs regarding environmental regulations. These and other risks and uncertainties are discussed in more detail in Consolidated's filings with the Securities and Exchange Commission, including our reports on Form 10-K and Form 10-Q. Many of these risks are beyond management's ability to control or predict. All forward-looking statements attributable to Consolidated or persons acting on behalf of us are expressly qualified in their entirety by the cautionary statements and risk factors contained in this press release and Consolidated's filings with the Securities and Exchange Commission. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, Consolidated does not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

           Consolidated Communications Holdings, Inc.
             Condensed Consolidated Balance Sheets
                     (Dollars in thousands)
                          (Unaudited)

                                    March 31,    December 31,

                                       2010          2009
                                   ------------  ------------
  ASSETS
  Current assets:
   Cash and cash equivalents           $ 44,339      $ 42,758
   Accounts receivable, net              42,635        42,125
   Prepaid expenses and other
    current assets                       22,322        19,483
                                   ------------  ------------
  Total current assets                  109,296       104,366

  Property, plant and equipment,
   net                                  371,622       377,200
  Intangibles, net and other
   assets                               734,716       741,477
                                   ------------  ------------

  Total assets                      $ 1,215,634   $ 1,223,043
                                   ============  ============

  LIABILITIES AND STOCKHOLDERS'
   EQUITY
  Current liabilities:
   Current portion of capital
    lease obligation                      $ 103         $ 344
   Accounts payable                      12,530        13,482
   Accrued expenses and other
    current liabilities                  62,528        66,751
                                   ------------  ------------
  Total current liabilities              75,161        80,577

  Long-term debt                        880,000       880,000

  Other long-term liabilities           183,611       181,749
                                   ------------  ------------

  Total liabilities                   1,138,772     1,142,326
                                   ------------  ------------

  Stockholders' equity:
   Common stock, $0.01 par value            298           296
   Paid in capital                      105,621       109,746
   Accumulated other
    comprehensive loss                 (35,403)      (35,540)
                                   ------------  ------------
  Total Consolidated
   Communications Holdings, Inc.
   stockholders' equity                  70,516        74,502

  Noncontrolling interest                 6,346         6,215
                                   ------------  ------------

  Total equity                           76,862        80,717
                                   ------------  ------------
  Total liabilities and
   stockholders' equity             $ 1,215,634   $ 1,223,043
                                   ============  ============


         Consolidated Communications Holdings, Inc.
       Condensed Consolidated Statements of Operations
       (Dollars in thousands, except per share amounts)
                         (Unaudited)

                                        Three Months Ended

                                            March 31,
                                       --------------------

                                          2010       2009
                                       ---------  ---------
  Revenues                              $ 98,302  $ 101,710
  Operating expenses:
   Cost of services and products          35,940     36,100
   Selling, general and
    administrative expenses               22,803     27,877

   Depreciation and amortization          21,542     21,677
                                       ---------  ---------
  Income from operations                  18,017     16,056
  Other income (expense):
   Interest expense, net                (12,905)   (14,470)

   Other income, net                       6,366      4,497
                                       ---------  ---------
  Income before income taxes              11,478      6,083

  Income tax expense                       4,427      2,386
                                       ---------  ---------
  Net income                               7,051      3,697
    Less: Net income attributable to
     noncontrolling interest                 131        407
                                       ---------  ---------
  Net income attributable to
   Consolidated Communications
   Holdings, Inc.                        $ 6,920    $ 3,290
                                       =========  =========

  Diluted net income attributable to
   Consolidated Communications
   Holdings, Inc. per common share        $ 0.23     $ 0.11
                                       =========  =========

   Consolidated Communications Holdings, Inc.
   Condensed Consolidated Statements of Cash
                      Flows
             (Dollars in thousands)
                  (Unaudited)

                                                Three Months Ended

                                                    March 31,
                                               --------------------

                                                  2010       2009
                                               ---------  ---------
  OPERATING ACTIVITIES
   Net income                                    $ 7,051    $ 3,697
   Adjustments to reconcile net income to
    cash provided by operating activities:
    Depreciation and amortization                 21,542     21,677
    Non-cash stock compensation                      503        433
    Loss on disposal of assets                         4         --
    Other adjustments, net                         1,109    (1,443)
   Changes in operating assets and
    liabilities, net                             (6,420)    (5,010)
                                               ---------  ---------
     Net cash provided by operating
      activities                                  23,789     19,354
                                               ---------  ---------
  INVESTING ACTIVITIES
   Proceeds from sale of assets                      514        300

   Capital expenditures                         (10,935)   (10,157)
                                               ---------  ---------

    Net cash used for investing activities      (10,421)    (9,857)
                                               ---------  ---------
  FINANCING ACTIVITIES
   Payments made on long-term obligations          (241)      (224)
   Purchase and retirement of common stock            --        (9)
   Dividends on common stock & participating
    securities                                  (11,546)   (11,388)
                                               ---------  ---------

    Net cash used in financing activities       (11,787)   (11,621)
                                               ---------  ---------
  Net change in cash and cash equivalents          1,581    (2,124)
  Cash and cash equivalents at beginning of
   period                                         42,758     15,471
                                               ---------  ---------

  Cash and cash equivalents at end of period    $ 44,339   $ 13,347
                                               =========  =========

      Consolidated Communications Holdings, Inc.
           Consolidated Revenue by Category
                (Dollars in thousands)
                     (Unaudited)
                                Three Months Ended

                                     March 31,
                               ---------------------

                                  2010       2009
                               ---------  ----------
  Telephone Operations
   Local calling services       $ 23,810    $ 24,727
   Network access services        21,202      21,981
   Subsidies                      12,203      14,118
   Long distance services          4,634       5,488
   Data and Internet services     18,001      16,401

   Other services                  8,933       8,980
                               ---------  ----------
  Total Telephone Operations      88,783      91,695

  Other Operations                 9,519      10,015
                               ---------  ----------

  Total operating revenues      $ 98,302   $ 101,710
                               =========  ==========

         Consolidated Communications Holdings, Inc.
           Schedule of Adjusted EBITDA Calculation
                   (Dollars in thousands)
                         (Unaudited)

                                        Three Months Ended

                                            March 31,
                                       --------------------

                                          2010       2009
                                       ---------  ---------
  EBITDA:
  Net cash provided by operating
   activities                           $ 23,789   $ 19,354
  Adjustments:
   Compensation from restricted share
    plan                                   (503)      (433)
   Other adjustments, net                (1,113)      1,443
   Changes in operating assets and
    liabilities                            6,420      5,010
  Interest expense, net                   12,905     14,470

  Income taxes                             4,427      2,386
                                       ---------  ---------
  EBITDA (1)                              45,925     42,230

  Adjustments to EBITDA (2):
   Integration and restructuring (3)          --      2,380
   Other, net (4)                        (6,274)    (4,904)
   Investment distributions (5)            6,951      5,159

   Non-cash compensation (6)                 503        433
                                       ---------  ---------


  Adjusted EBITDA                       $ 47,105   $ 45,298
                                       =========  =========

  Footnotes for Adjusted EBITDA:
  (1) EBITDA is defined as net earnings before interest
   expense, income taxes, depreciation, amortization and
   extraordinary items on a historical basis.
  (2) These adjustments reflect those required or permitted
   by the lenders under the credit facility in place at the
   end of each of the quarters included in the periods
   presented.
  (3) Represents certain expenses associated with
   integrating and restructuring the Texas, Illinois and
   Pennsylvania businesses. For the first quarter of 2009,
   this is comprised of $0.8 million of integration costs
   and $1.6 million of severance costs.
  (4) Other, net includes the equity earnings from our
   investments, dividend income, income attributable to
   noncontrolling interests in subsidiaries and certain
   miscellaneous non-operating items.
  (5) For purposes of calculating adjusted EBITDA, we
   include all cash dividends and other cash distributions
   received from our investments.
  (6) Represents compensation expenses in connection with
   our Restricted Share Plan, which because of the non-cash
   nature of the expenses are being excluded from adjusted
   EBITDA.


   Consolidated Communications Holdings,
                    Inc.
      Cash Available to Pay Dividends
           (Dollars in thousands)
                (Unaudited)


                                  Three
                                 Months
                                  Ended
                                March 31,
                                   2010
                                ---------
  Adjusted EBITDA                $ 47,105

  - Cash interest expense        (12,328)
  - Capital expenditures         (10,935)
  - Cash income taxes             (5,589)
  - Principal payments on debt      (241)

  + Cash interest income               16
                                ---------

  Cash available to pay
   dividends                     $ 18,028
                                =========

  Dividends Paid                 $ 11,546
  Payout Ratio                      64.0%

       Consolidated Communications Holdings, Inc.
       Total Net Debt to LTM Adjusted EBITDA Ratio
                 (Dollars in thousands)
                       (Unaudited)


  Summary of Outstanding Debt
  Term loan                              $ 880,000

  Capital leases                               103
                                        ----------
  Total debt as of March 31, 2010        $ 880,103

  Less cash on hand                       (44,339)
                                        ----------

  Total net debt as of March 31, 2010    $ 835,764
                                        ==========

  Adjusted EBITDA for the last twelve
   months ended March 31, 2010           $ 190,654

  Total Net Debt to last twelve months
   Adjusted EBITDA                            4.38  x

                     Consolidated Communications Holdings, Inc.
                Adjusted Net Income and Diluted Net Income Per Share
                  (Dollars in thousands, except per share amounts)
                                     (Unaudited)

                                                             Three Months Ended
                                                           March 31,    March 31,

                                                             2010         2009
                                                          -----------  -----------
  Reported net income attributable to common
   stockholders                                               $ 6,920      $ 3,290
  Severance, net of tax                                            --        1,330
  Integration and restructuring charges, net of tax                --          482

  Non-cash compensation                                           503          433
                                                          -----------  -----------
  Adjusted net income attributable to common
   stockholders                                               $ 7,423      $ 5,535
                                                          ===========  ===========


  Weighted average number of shares outstanding            29,723,604   29,565,311
                                                          ===========  ===========

  Adjusted diluted net income per share                        $ 0.25       $ 0.19
                                                          ===========  ===========

  Calculations above assume 38.6 and 39.2 percent effective tax rates for the
   three
  months ended March 31, 2010 and 2009, respectively.

           Consolidated Communications Holdings, Inc.
                   Key Operating Statistics

                                  March    December   March
                                    31,       31,       31,

                                   2010      2009      2009
                                 --------  --------  --------
  Local access lines in service
   Residential                    144,855   146,766   156,935

   Business                        99,841   100,469   102,852
                                 --------  --------  --------
   Total local access lines       244,696   247,235   259,787

  Total IPTV subscribers           24,898    23,127    18,207


  ILEC DSL subscribers (1)        102,132   100,122    94,554
                                 --------  --------  --------
  ILEC Broadband Connections      127,030   123,249   112,761

  ILEC VOIP subscribers             8,529     8,665     7,141

  CLEC Access Line Equivalents
   (2)                             73,413    72,681    73,737
                                 --------  --------  --------


  Total connections               453,668   451,830   453,426
                                 ========  ========  ========

  Long distance lines (3)         170,765   165,714   165,892
  Dial-up subscribers               2,205     2,371     3,612

  IPTV Homes passed               193,748   187,630   147,338

  (1) Includes only ILEC DSL. CLEC DSL is included in CLEC
   access line equivalents.
  (2) CLEC access line equivalents represent a combination of
   voice services and data circuits. The calculations
   represent a conversion of data circuits to an access line
   basis. Equivalents are calculated by converting data
   circuits (basic rate interface (BRI), primary rate
   interface (PRI), DSL, DS-1, DS-3, and Ethernet) and
   SONET-based (optical) services (OC-3 and OC-48) to the
   equivalent of an access line.
  (3) Excludes CLEC LD subscribers.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Consolidated Communications Holdings, Inc.

CONTACT:  Consolidated Communications Holdings, Inc.
Matt Smith, Treasurer & Director of Finance
217-258-2959
matthew.smith@consolidated.com