Yes, that is too low. They typically want 10% correlation between cylinders. You can squirt some oil in each cylinder and re-test. If numbers go up then it is rings, if they stay same it is usually valves. Not always a exact test but a poor mans leak down test.
As Mike says, 115 is low, but the engine should run okay. Sometimes if you put seafoam or other carbon removing products in the engine/gas, the compression will come back up.. It could just be carbon holding the valves slightly open.. Are you intending to open the engine? Unless you have a problem, I would suggest trying a product to remove the carbon and retest the compression. It could save you a lot of work.
Sounds like a complete rebuild is in order, pull the engine and I would strongly recomend you get an engine stand, it makes dismantling and rebuilding an engine so much easier!!
