Yes, that is true. However, there were other costs, such as the photos we had taken at our local USPO and mailing. All totaled to around $300 for two renewals.
EDIT; Actually remembered where the passport costs were kept and looked the cost up. Receipt for the money orders, ($260), fees, ($4), and priority shipping, ($9.65), was $273.65. The photos were $30.00. That's a total of $303.65. They were much less ten years ago.