Colectomy

Having trouble with your colon? This module allows you to remove colons from field labels by giving you two extra label choices in the 'Manage display' tab of your entity. You can now choose 'Above no colon' and 'Inline no colon' and your field will output the label without a colon.

Audience

This module is intended for people who wish to simply remove a colon from a field label without having to create a specific field template in their theme.

How does it work?

Simply create your fields as usual. When determining how the field should output on the manage display tab (see images) you can choose one of the 'no colon' options for the label output.

More technically: The module form alters the manage display form to add in the extra two options. On output, a preprocess function sets up the needed variables.
A hook_field_attach_view_alter function is used to add post_render functions to each field. The post render then does a simple string replace if needed on the colon.