That's not far enough outside the range to worry much about. Are you over-clocking? I've noticed with some voltage tweaks I've made to get my system up to 3.8 Ghz, that the 12V rail on my ALLIED AL-B500E drops to around 11.73V, but when I tune it back to 3.6 Ghz at stock voltages, the 12V rail returns to hovering around 11.8V.
You could try and RMA it, ask for an exchange, whatever. Since they manufacturers probably try to shoot for 2% tolerance range, it may be that minor errors occur in the production process, especially if you get a PSU for $65. Otherwise, I've been very pleased with the Purepower 480s, and they've all been within 2% of the 12V spec, so I'm not in a position to complain. It was right for the price!!
Again, that's why I keep thinking that for my next PSU, I'm either gonna get a Turbo Cool 510 Dee-Lucks, or I'm going to spring for one of the newer models in that class that provides external access to the voltage adjustment pots. In that latter case, what you're not paying for might be easily correctible.