An example controller for use in a power supply regulator includes a switch signal generator, a modulation circuit, and a multi-cycle modulator circuit. The modulation circuit modulates the duty cycle of a pulse width modulated switching signal to provide a fixed peak switching current in the switch during light load conditions and a variable peak switching current during load conditions other than the light load condition. The multi-cycle modulator circuit enables the switch signal generator to provide a switch signal uninterrupted if the load condition is other than the light load condition and disables the switch signal generator for a first time period and then enables the switch signal generator for a second time period when the load condition is the light load condition. The multi-cycle modulator circuit adjusts the first time period in response to the feedback signal to regulate the output.