Pretty much yes. They say you should only eat as much food as your stomach can hold (about the size of your fist) at a time, anything more is stored as fat or excreted in your poo. Depending on your goals (lose fat, gain muscle), you'll need to keep your daily caloric intake up.

Basically 3500 calories = 1 lb of muscle or fat. So cut 3500 cal and you lose a pound, or eat 3500 cal more while working out and you can gain a pound of muscle. Probably you'll go half and half so you gain 1/2 lb of muscle and lose half lb of fat and maintain your caloric intake (proper intake amount according to your basal metabolic rate).