Well, they're out. Around 7:42 EST the release says. The release is as confusing as ever, and I still think the per-unit DCF disclosure is misleading, but I need to run some numbers. While I don't see any disasters, I can see the price of APL going in either direction tomorrow.
the dcf also covered the cumulative unpaid preferred for the quarter
During the first quarter of 2014, the Partnership issued 5,060,000 of Class E Preferred Units at an offering price of $25.00 per Class E Preferred Unit. The Partnership received $122.4 million in net proceeds, which were used to pay down the revolving credit facility and to fund capital expenditures. The initial distribution on the Class E Preferred Units will be payable on July 15, 2014 to holders of record as of July 1, 2014, in an amount equal to $0.67604 per unit, or approximately $3.4 million. Thereafter, the Partnership will pay cumulative distributions in cash on the Class E Preferred Units on a quarterly basis at a rate of $0.515625 per unit, or 8.25% per year. The cumulative dividends through March 31, 2014 are included as a reduction to Distributable Cash Flow for the current quarter.
Last Q, it was long after the market closed - I stopped looking at 9PM Eastern Std Time, and finally saw the numbers when I looked the next morning. My guess is that the worse the numbers are, the later they will release.