Thats a good reading for a 500 or 600 mah pack set. Its a marginal reading for a 700 mah set of batteries. Its way out unaceptabele for 1200 mah or higher capacity.

Run the test a second time (full charge-discharge) then charge the batteries again. Compare the second cycle results with the battery capacity on the label. This time it should be within 10% of the rated capacity. (which you already have essentially obtained if they are 500 or 600 mah rated packs)

Its somewhat uncommon to get more than 10% above rated capacity.... but it happens and you shouldn't worry about it.

More than 10% below rated and its time to start shopping for batteries. More than 20% below rating and you clip the wires off the batteries and take them to Radio Shack for recycling.