Are you sure they didn't test my child instead of yours? Their profiles would be quite similar LOL. He took the updated WJ-III version but anyway his reading scores were very similar 131/142/145 but the Broad Reading at that age comes up with score 132. Seriously could they fix it for 5 year olds? I sometimes wonder if they have a software/database bug there.
Talking about similar profiles, my son's 2nd highest score after applied math was spelling. His lowest score (and highest grade equivalent) was story recall.
As for scores and AE, the score shows rarity of the test results. For example it's very rare to have a kid in K solving applied levels as an AVERAGE 4th grader but it's not that unusual to have K recalling a story as an average 5th grader. KWIM?
What's your son's school situation?