Yes it's the battery...there's a large round silver battery inside..to replace slide it out and re-install a new one.
It's a CR 2032 Radio shack and other stores should have it.
here's a good tutorial I found with some pictures:http://www.hardwaresecrets.com/article/81
make sure to replace the new battery the same way, look to see how the old one was installed was the + side up or down? Insert the new one the same way.
bobaloub, November 2010