Hi bcrew13,
To start, Business Schools don't really care how many times you take the GMAT, so as long as you improve on your next 'reported' Score, then your applications should be fine. Each section of the GMAT is a 'stand-alone' section - your performance on one section has NO impact on any section that follows.
When these types of score drops occur, the two likely "causes" involve either something that was unrealistic during practice or something that was surprising (or not accounted for) on Test Day.
If you can answer a few questions, then we should be able to figure this out:
When you took your CATs:
1) Did you take the ENTIRE CAT (including the Essay and IR sections)?
2) Did you take them at home?
3) Did you take them at the same time of day as your Official GMAT?
4) Did you ever do ANYTHING during your CATs that you couldn't do on Test Day (pause the CAT, skip sections, take longer breaks, etc.)?
5) Did you ever take a CAT more than once?
It's possible that you just had a "bad day"; but if we can figure all of this out quickly, then you won't necessarily have to wait too long to retest.
GMAT assassins aren't born, they're made,
Rich