Shares in e-procurement services provider SciQuest (Nasdaq” SQI) fell 6 percent Friday after a quarterly earnings report noted flat profits.

The Cary-based firm reported a 22 percent increase in revenue from a year ago to $12.9 million, but profits remained flat at $600,000 at 3 cents per share.

Investors drop SciQuest shares up sharply at Friday’s open from Thursday’s close of $15.93 to $16.90. In early afternoon trading, however, shares were off more than 6 percent at $14.91.

Read the financial report here.

SciQuest did report a 10 percent increase in customers to more than 330 from the first quarter.

Among the new customers in the state of Colorado. State and local governments are an emerging growth market for SciQuest, said Chief Executive Officer Stephen Wiehe.

For the next quarter, SciQuest expects revenues to continue to grow to between $13.8-$14 million but profits will remain around 3 cents per share.

For all 2011, SciQuest forecast revenues of between $53.7-$54.5 million and a profit of as much as 12 cents per share.

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