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. almond extract; mix with a fork until crumbles form. Reserve 1/2 c. crumbs for topping; set aside. 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 8 oz. of the cream cheese, 1/3 c. of the sugar, the egg and the 1 t. of the almond extract. Beat with a mixer at least 2 minutes, or until light and fluffy. Pour into prepared crust and dot cream cheese filling and apricot preserves. Top with reserved crumb mixture and then almonds.
Bake 40 minutes. Remove from oven and chill for 30 minutes. Cut into 8 equal bars; dust with powdered sugar.