Preheat oven to 350 degrees. Lightly spray an 8x8 inch baking dish with nonstick cooking spray; Set aside.
To make the crust, add flour and 1/2 c. sugar to a medium size bowl; mix with a fork until blended.
Add butter, 4 oz. of the cream cheese and 1 t. of the almond extract; Mix with a fork to form small crumbles. Reserve 1/2 c. crumbs for topping.
Press remainder of crumbs onto bottom and halfway up sides of prepared pan, forming a crust; Set aside while making filling.
In a large mixing bowl add the remaining 8 oz. of the cream cheese, the remaining 1/3 c. of the sugar, the egg and the remaining 1 t. of the almond extract. Beat with a mixer at least 2 minutes, or until light and fluffy. Pour into prepared crust.
Dot cream cheese filling with apricot preserves and top with reserved crumb mixture and almonds. Bake 40 minutes in preheated oven.
Remove and cool. Cut into 12 bars; Dust with powdered sugar right before serving. Can be refrigerated before serving and then dusted with powdered sugar.