If the throttle is closed, the engine will pull a vacuum in the intake manifold. When you compress air that's at a low pressure to start with, you'll get a lower compression reading than if you start with air at atmospheric pressure. To get a meaningful test, always do it with the throttle open or the carbs removed.
Compression is generally higher on a hot engine than a cold one. Engines are designed so that the clearances are optimal when it's hot, so you gt less leakage past the piston. Also, the heat in the engine will heat up the fresh charge of air while it's being compressed, increasing its pressure.
For the sake comparison, compression tests are normally done on a cold engine. I suppose the reason is that an engine being worked on may not be in a condition to be started, so cold compression is the only option available to all engines.