In mixer bowl, beat butter, granulated sugar, cream cheese, egg yolk, 1/2 teaspoon almond extract, vanilla and salt until well blended. Add flour, mix well. Chill 2 hours.
On floured surface, knead dough to form smooth ball. Divide into thirds. On floured surface, roll out each portion to 1/8 inch thickness. Cut out heart shapes with cookie cutter.
Place 1 inch apart on ungreased baking sheets. Brush with slightly beaten egg white and sprinkle with colored sugar. Bake in preheated 375 degrees F (190 degrees C) oven for 7 to 10 minutes. Cool.
In saucepan, combine condensed milk, whipping cream and remaining 1/2 teaspoon almond extract. Over medium high heat, cook and stir until mixture comes to a boil. Reduce heat to medium; cook and stir until thickened, 8 to 10 minutes. Cool. Sandwich two hearts together with caramel mixture. Store tightly covered.