That is likely the problem based on the description.
The best way to fully answer that would be to have a service technician take a look at the unit.
My LCD is only 2 months old and while watching a bluray, it flickered/clicked on for a few seconds and then completely shut off. I tried turning it on at this point and would only get the red power light blinking on/off. I left the tv unplugged overnight and it continued to do the same. It will attempt to turn on, and I can hear the tv "click" as it attempts to, but there is no picture or sound. Is this a power supply issue?