Sprinkle almonds in ungreased heavy skillet. Cook over medium heat 5-7 minutes, stirring frequently until nuts begin to brown, then stirring constantly until nuts are light brown. Cool 10 minutes. In food processor, process almonds until finely chopped; set aside. In large bowl, beat butter, granulated sugar and brown sugar with electric mixer on medium speed until smooth and creamy. Add egg and almond extract; beat on medium speed until smooth. On low speed, beat in flour, baking powder and salt until dough forms. Stir in cherries and chopped almonds. Form dough into 2 8" logs. Wrap in plastic wrap or waxed paper. Refrigerate at least 2 hours. Heat oven to 375°F. Cut dough into 1/8 to 1/4 inch slices. On ungreased cookie sheets, place slices 2 inches apart. Bake 7-9 minutes or until edges start to turn golden brown. Cool 1 minute; remove from cookie sheets to cooling racks.