3500 calories = 1lb... you have to work off 3500 calories to lose 1lb of weight... BUT... you also need to have enough working through you to be able to function at the same time..
this means finding a delicate balance so you are slowly losing body fat, but not suffering for it with fatigue and starvation... when you exercise a lot, and don't eat the right foods to compliment it, your body THINKS it's starving and STORES BODY FAT... Nutrition is extremely important for those trying to lose weight while cycling...
so yes... stop eating junk food... all of it... now... Actually, if you substitute junk food with fruit, within 30 days your taste buds will forget about what the crap food tastes like and you'll start craving fruit... it works well... the tough part is just stopping the bad habits..
good luck! check out the nutrition forum too, there's some good info in there...