Add custom View Mode for entity

foo.module

<?php

/**
 * Implements hook_entity_info_alter().
 */
function foo_entity_info_alter(&$entity_info) {
  $entity_info['node']['view modes']['another_teaser'] = array(
    'label' => t('Another teaser'),
    'custom settings' => TRUE,
  );
  $entity_info['profile2']['view modes']['another_teaser'] = array(
    'label' => t('Another teaser'),
    'custom settings' => TRUE,
  );
}

/**
 * Implements hook_preprocess_node().
 */
function foo_preprocess_node(&$vars) {
  if ($vars['view_mode'] == 'another_teaser') {
    $vars['theme_hook_suggestions'][] = 'node__' . $vars['type'] . '__another_teaser';
  }
}


/**
 * Implements hook_preprocess_entity().
 */
function foo_preprocess_entity(&$vars) {
  switch ($vars['entity_type']) {
    case 'profile2':
      // Use different template
      $vars['theme_hook_suggestions'][] = "profile2__{$vars['profile2']->type}__{$vars['view_mode']}";

      $function_name = "foo_preprocess_profile2_{$vars['profile2']->type}_{$vars['view_mode']}";
      if (function_exists($function_name)) {
        $function_name($vars);
      }
    break;
  }
}

node--article--another-teaser.tpl.php

html content goes here.

profile2--TYPENAME--another-teaser.tpl.php

html goes here.
<?php print $vars['defined_vars']; ?>