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 sacue into a sprayed 9x13-inch baking pan. Arrange 7 bread slices in a 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.