Thank you for the bug report. We confirm that this is a problem with the profiler. The problem is that the profiler alters the position of the command line arguments by one for the application when it launches the application. This problem will be fixed in a future release of the profiler.
For now, as a workaround, you should be able to launch your application as follows:
sprofile.exe "C:\Program Files\ATI Stream\Tools\ATI Stream Profiler 1.4\x86\MB_6.10_win_SSE3_ATI_r132e.exe" "-PADPOSITION -period_iterations_num 2"
assuming that the -PADPOSITION is not used as a command line option by your application.
Please let us know whether this workaround works for you.