hunter,
That is actually about right - if you add 4-5 oz of sugar to your beer to prime it when it ferments out it will add a slight amount to your OG and FG (usually a point or two), resulting in a slight increase.
I ran a quick calculation and it was a bit closer to 0.2% ABV, but it depends on your starting OG, priming sugar, plus a lot of other variables.
Cheers!
Brad