Apple suggest, if the blinking sequence is :
short, short, short
The display is detecting wrong video format or an unsupported resolution.
Verify that your equipment is compatible and restart the computer. If the issue continues, reset the PRAM.
short, long, short
Make sure you are using the correct power adapter with the display. This alert will only appear on displays built in 2004 or later which require an external power adapter.
short, short, long
The display is detecting a backlight error.
Check your display's power connections and restart the computer. If the problem continues, contact Apple or an Apple Authorized Service Provider. this of course could be caused by failed components on the LCD circuit board.