Yup, and unlike Lovecraft, Robert E. Howard's estate has been pretty diligent about maintaining control. Sort of. It's a little complicated, as always seems to be the case with copyright law... but we actually have a pretty good relationship with the estate thanks to Planet Stories (we've published a Howard story in that line, after all)...
In fact, the actual status of Lovecraft's work regarding the public domain is REALLY complicated... but as far as I (and most others) can tell, it's all in there as of several years ago—which is why over the past ten years so many different reprints of Lovecraft's stories have been popping up in stores, I believe.