It only has HDMI video out. The old ATV had component (G-B-R cabling for video) out and there were work-arounds to get a viewable image on a standard composite (one yellow cable for video) TV.
There is probably an adapter box you can buy for a similar cost to a brand-new ATV2 box that will turn an HDMI video to a standard one-cable video if that is your only option.