Embedded SQL no record retrieved error handling

I am new to using embedded SQL, and am trying to learn it in baby steps.
I did get my first program with embedded RPG to work fine. It retrieves a
single value from a database record in a physical file.
Compiled, works fine as long as the record is found.

If the record is not found I get error: SQLSTT = 58004 SQLCOD = -901

Is it normal to get these when no record is retrieved by the SQL
And I just need to monitor for them and program accordingly?
It will be normal that the record may not exist and I do have specific code
for no record found conditions.
I just want to make sure I am handling this type of error correctly.

My test Code snipet:

C eval W$SQLCmd = 'Values ( Select '+ P$FLDNM
C + ' from ' + P$FILNM
C + ' Where ' + W$KEYFLD + '=?'
C + ') into ?'
*
C/exec SQL
C+ Prepare W$MYSTMT from :W$SQLCmd
C/End-Exec
*
C/exec SQL
C+ execute W$MYSTMT Using :P$KEYVALUE, :P$RTNVALUE
C/End-Exec

*
C eval W$WrkDsp = 'SQLSTT = ' + SQLSTT
C + ' SQLCOD = '
C + %char(SQLCOD)
C W$Wrkdsp dsply


Thanks
John