Steps:
- Cut loaf into 14 equal slices and set aside. Prepare sauce by combining sugar and water in a heavy pan. Cook over medium-low heat until sugar dissolves, about 3 minutes. Cover and cook over medium heat 1 minute. Uncover and continue to cook 5 more minutes (do not stir). Remove from heat and let stand 1 minute. Add butter and stir until melted. Add evaporated milk, stirring constantly. Return to medium heat and cook, stirring constantly, 3 minutes or until mixture melts and is smooth. Remove from heat, stir in almond extract and salt. Pour sauce into a sprayed 9x13-inch baking pan. Arrange 7 bread slices in pan. Spread preserves evenly over bread and top with remaining 7 slices. In a bowl, combine milk, eggs, vanilla, cinnamon, nutmeg, and salt. Pour over bread and sprinkle with almonds. Bake at 350 degrees F. 35-40 minutes or until golden brown. Cool 5 minutes and sprinkle with powdered sugar.
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