Feeling like Daniel.....
Well I did it and I survived! Thanks to all of you for your ideas.
I pulled every rabbit out of the hat and got the chance to discuss the use and purpose of the manual, the use of objectives and targets, business planning, certification, etc. It was great! He nodded and looked like he actually understood my rambling. He was still leaning to including profitability into the manual even after I told him about having to open his books and provide objective evidence of it to internal audit staff and registrar! But I leaned over and said "you don't really want me looking into your financial statements do you? I might ask for a raise!" And he agreed to leave it out.
We reached a compromise. We added the word "profitable" into the preface in the manual - which I am assuming is not auditable. We now say that we "recognize that to succeed and be profitable..." ....!
Thanks again everyone. What a team!