HEAT oven to 425 degrees F. Melt butter in 9-inch pie plate in the oven. Remove from oven. Brush butter over entire inside of plate.
COMBINE milk, flour, eggs, sugar and almond extract in blender container. Process using several pulses to make a smooth batter. Pour batter into hot pie plate. Sprinkle with almonds. Bake 15 minutes.
REDUCE heat to 350 degrees F. Bake 5 to 8 minutes longer or until golden brown. Remove from oven. Spread with cherry preserves. Sprinkle with powdered sugar if desired. Cut into wedges and serve immediately.