<p>The growth strategy of <strong>Layne Christensen Company</strong>&nbsp;(Nasdaq:<a target="_blank" href="/quotes?symbol=layn">LAYN</a>) is all wet, and that may be a good thing for investors in this century-old Kansas-based drilling and mining company.</p> <p>Wet as in water, which has seen its demand rising in tandem with that for fossil fuels. Management reminded investors in the fiscal 2008 annual report that &ldquo;Layne Christensen continues to be anchored by its water infrastructure division.&rdquo; </p> <p>Layne Christensen operates in four segments: mineral exploration, energy, water resources and a smaller geo construction operation &mdash; the latter helps give projects a solid base. Should Layne post revenue growth at the 20% rate of fiscal 2008, it could be a billion-dollar company next year. Last September, Layne ranked 78th among <em>Fortune</em> magazine&rsquo;s fastest-growing companies.</p> <p>For the three months ended April 30, Layne Christensen&rsquo;s revenue grew 21.3% to $244.5 million, with earnings per share increasing $0.03 to $0.55, in line with expectations. While its three primary business segments had double-digit revenue growth, mineral exploration was the biggest contributor to net income in fiscal 2009&rsquo;s first quarter. </p> <p>But water is where it&rsquo;s at for Layne Christensen, and the prospect of where that will take the stock has whet the appetite of analysts &mdash; at least a little. Four of six analysts surveyed by Thomson Reuters rate Layne a &ldquo;hold,&rdquo; with the others calling it a &ldquo;buy&rdquo; or &ldquo;strong buy.&rdquo; They&rsquo;re apparently thirsting for more from water, which Layne Christensen finds, pipes and treats &mdash; both water and wastewater. </p> <p>Shares of Layne Christensen hit a 52-week high of $59.19 on Oct. 26, but slid as low as $32.08 on March 17, following a December reality check. From Dec. 4, when shares hit an intraday high of $55.28, to its low point, Layne dropped 42%. The stock has since rebounded, closing Friday at $47.01.</p> <p>While Layne Christensen has been churning out strong results for more than four years, in discussing the fiscal third quarter, management was cautious in . . . </p>

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