The doctor will probably call you in for a second test. A fasting blood sugar between 110 and 126 suggests that you have what is called Impaired Fasting Glucose, but it needs to be confirmed by a second test. It would mean that, while you are not a Diabetic yet, your body is clearly having difficulty metabolising glucose. All those things you mentioned would help - changing diet, getting more exercise, and losing weight.
Try to cut back on those foods that contain "empty calories". Sodas, which are loaded with sugar, are the worst culprit. But need to go easy on anything made with sugar and/or flour. Also limit your consumption of all the white foods - rice, potatoes, pasta, bread etc. Getting exercise and losing weight will also make a big difference. Good luck.