Heat oven to 325°F Spray fixed-bottom 9 1/2- or 10-inch tube pan with cooking spray. Line bottom with parchment paper; spray paper.
Whisk flour, baking powder and salt in medium bowl. Beat butter and cream cheese in large bowl at medium speed until combined. Beat in sugar 3 minutes or until light and fluffy. Beat in eggs in 3 parts, beating well after each addition. At low speed, beat in almond extract and vanilla until blended. Slowly beat in flour mixture just until incorporated. Spoon batter into pan; sprinkle with almonds, pressing gently into batter.
Bake 1 hour 15 minutes to 1 hour 20 minutes or until wooden skewer inserted in center comes out clean. Cool on wire rack 20 minutes. Run small knife around edges and tube; invert cake onto wire rack. Remove parchment paper; turn almond-side up. Cool completely. (Cake can be made 3 days ahead.) Store at room temperature.