My stock 99 (before engine went) with Kerker, 2.5" comp baffle, and stage seven made 127.1 rwhp with stock jets (it was 124 rwhp setup like they recommeded). With our jet kit it made 125.8rwhp but more torque. Since then it has made up that power difference with a simple addition to the kit we made.
Most make over 120 with that setup but not all. Production variences are the reason. Possibly clutch slip though the graph did not show that at all. Weather conditions don't make much difference since the dyno corrects for that.
Nothing wrong with that exhaust. I've tested about every kind out there and there is NO correlation between HP and the pipe (a full header that is). I've run Kerkers for years (with carious cans) and am consistently the fastest stock engined bike at the track (which a lot of that is the rider).
Tuning is near perfect. Main and needle setting are very good. I would take another look at the A/F screws and maybe turn them in a bit. Most of the time you can set them with an A/F ratio closer to 17-18 which is what we see on bikes from the factory (helps pass emmissions).
Don't read too much in the numbers. Torque curve is great and will make the bike feel very nice all around. The second fastest bike that races with me has NEVER made over 120rwhp though he consistently is running 11.30's-11.40's and right on my heals (it helps he is 40lbs lighter then me too).
If you wanted to get a slightly higher number (maybe 3-4 hp) you could lean it out just a little bit with one size smaller mains. you'd loose a bit of torque and gain a bit of HP.
Sean Morley