My kids have never taken the SCAT so I may not be tons of help, but have you seen
the 2010 SCAT data from JHU? It is, of course, last year's data, but for 2nd grade boys who took the SCAT through JHU last year, his math score is better than 92% of them and his verbal score is better than 58%. Perhaps the percentiles you were given are for 2nd graders from this year.
Either way, he did very well. Given that the kids taking this test are all very high achievers, even in his lower scoring area, he's well within the middle of the pack of bright kids.
He should also be eligible for their
awards ceremony with his math score. It looks like he could take summer math or science courses through CTY and just barely missed the cut-off for the humanities courses:
http://cty.jhu.edu/summer/yselig.html