My DD's PSI of 94 is also listed at the 34th percentile so that looks right to me. Dottie will explain this more coherently, but there's a big bulge of scores between 90 and 110, with 100 as the mid-point/50th percentile. A standard deviation is 15 points above or below that--most people fall somewhere in this range of 85-115. (Dottie, please correct as necessary!)
Gifted kids can be funny, with scores in one or both of VCI/PRI at two or more standard deviations above 100 (130+) and with scores in WMI and PSI closer to the norm. The NAGC website has some good information on this, and recommendations for using the GAI rather than FSIQ for these types of kids.
FWIW, we spent some time worrying about this spread and threw in a bit of occupational therapy, but it's pretty clear at this point that the relatively slow processing speed and average WMI that my daughter has only slow her down in a small number of tasks and can be compensated for fairly easily. We've also wondered how much of this is "trainable"--apparently PSI improves with video game and other activities that train kids to have more rapid finger responses.