 Company delivered stable revenue and Adjusted EBITDA growth; Substantially increased free cash flow; demonstrating continued progress on deleveragingSecond Quarter Highlights Revenue totaled 325.2 million, generating increased Adjusted EBITDA of 133.1 million, up 1.3 percent Consumer Broadband revenue grew 2.3 percent, representing the fifth consecutive growth quarter Commercial and Carrier Data-Transport revenue grew 1.2 percent; fiber projects driving growth opportunities Operating expenses, excluding depreciation and amortization, were reduced by 17.6 million or 7.9 percent Free Cash Flow increased 39.4 million in the recent quarter and is up 89.3 million year-to-date Net debt leverage improved to 4.14x, down from 4.33x at year-end 2019 reflecting significant progress on deleveraging strategyNote: Consolidateds second-quarter earnings conference call will be webcast today at 10 a.m. ET. The live webcast and materials will be available on the Investor Relations section of the Companys website at MATTOON, Ill., July 30, 2020 GLOBE NEWSWIRE -- Consolidated Communications Holdings, Inc. Nasdaq: CNSL the Company or Consolidated reported results for the second quarter 2020.Im pleased to report we had another strong quarter, delivering revenue growth in both broadband and data-transport services, while decreasing operating expenses and increasing Adjusted EBITDA, said Bob Udell, president and chief executive officer of Consolidated Communications. Our business remains strong and we continue to operate seamlessly through this unprecedented time. As a critical infrastructure provider, we are laser focused on supporting our residential, business and carrier customers with flexible solutions that meet their unique needs right now whether at home, at work, at a tower or at a data center. The safety and wellness of our employees and customers remain our number one priority.For the fifth consecutive quarter, we grew broadband revenue by leveraging our speed improvements, added Udell. Additionally, we reduced our debt leverage from 4.33x at the end of 2019 to 4.14x as we further execute on our delever first strategy. Through high-return fiber investments and innovative public-private partnerships, we are delivering results where we invest and executing on a strategy that positions us well for continued growth. Financial Results for the Second Quarter Revenue totaled 325.2 million, a decline of 2.5 percent compared to second quarter 2019. Data and transport service revenue increased 1.2 percent or 1.0 million; Commercial and carrier other revenue was down 3.0 million primarily due to equipment sales; Broadband revenue increased 2.3 percent or 1.5 million; Voice services revenue across all customer channels declined 3.8 percent or 3.5 million, which is less than half the decline compared to the prior-year period; and Network access revenues declined 3.7 million primarily due to declines in special access. Income from operations increased 25.5 million and totaled 39.8 million in the second quarter of 2020. The change was primarily due to operating expense reductions of 17.6 million that were largely attributed to ongoing cost savings initiatives and lower direct product costs. Depreciation and amortization expense declined 16.2 million primarily due to certain acquired assets, which became fully depreciated. Net interest expense was 31.5 million, down 3.3 million from the same period last year. As of June 30, our weighted average cost of debt was approximately 5.3 percent. Cash distributions from the Companys wireless partnerships totaled 9.6 million, down 1.0 million from a year ago. Other income was 9.9 million compared to income of 9.1 million one year ago. A reduction in non-operating pensionOPEB expense of 2.3 million offset a decline of 1.6 million in investment income from the Companys minority interest in wireless partnerships. On a GAAP basis, net income was 13.9 million, compared to a net loss of 7.3 million for the same period last year. GAAP net income per share was 0.19. Adjusted diluted net income loss per share excludes certain items as outlined in the table provided in this release. Adjusted diluted net income per share was 0.21 in the second quarter of 2020, compared to a net loss per share of 0.03 in the second quarter of 2019. Adjusted EBITDA was 133.1 million, up compared to 131.4 million in the second quarter last year. The total net debt to last 12-month Adjusted EBITDA ratio improved to 4.14x, as the Company continued to execute on its delever strategy and build cash on the balance sheet. Capital expenditures totaled 53.8 million in the second quarter driven by success-based, fiber and wireless tower projects and broadband network investments. About Consolidated Communications Consolidated Communications Holdings, Inc. NASDAQ: CNSL is a leading broadband and business communications provider serving consumers, businesses, and wireless and wireline carriers across rural and metro communities and a 23-state service area. Leveraging an advanced fiber network spanning 45,850 fiber route miles, Consolidated Communications offers a wide range of communications solutions, including: high-speed Internet, data, phone, security, managed services, cloud services and wholesale, carrier solutions. From our first connection 125 years ago, Consolidated is dedicated to turning technology into solutions, connecting people and enriching how they work and live. Visit for more information.Use of Non-GAAP Financial Measures This press release, as well as the conference call, includes disclosures regarding EBITDA, adjusted EBITDA, total net debt to last twelve month adjusted EBITDA ratio, free cash flow and adjusted diluted net income loss per share, all of which are non-GAAP financial measures and described in this section as not being in compliance with Regulation S-X. 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 or net income 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 our credit agreement 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 with the reconciliation to net income. EBITDA is defined as net earnings before interest expense, income taxes, depreciation and amortization on a historical basis. We present adjusted EBITDA for several reasons. Management believes adjusted EBITDA is useful as a means to evaluate our ability to fund our estimated uses of cash including interest on our debt. In addition, we have presented adjusted EBITDA to investors in the past because it is frequently used by investors, securities analysts and other interested parties in the evaluation of companies in our industry, and management believes presenting it here provides a measure of consistency in our financial reporting. Adjusted EBITDA, referred to as Available Cash in our credit agreement, is also a component of the restrictive covenants and financial ratios contained in our credit agreement that requires us to maintain compliance with these covenants and limit certain activities, such as our ability to incur debt. The definitions in these covenants and ratios are based on adjusted EBITDA after giving effect to specified charges. In addition, adjusted EBITDA provides our board of directors with meaningful information, with other data, assumptions and considerations, to measure our ability to service and repay debt. We present the related total net debt to last twelve month adjusted EBITDA ratio principally to put other non-GAAP 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. These measures differ in certain respects from the ratios used in our senior notes indenture. 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. Because adjusted EBITDA is a component of 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 this ratio is useful as a means to evaluate our ability to incur additional indebtedness in the future. Free cash flow represents net cash provided by operating activities adjusted for capital expenditures, cash dividends and proceeds received from the sale of assets. 