Preheat oven to 325 degrees F (165 degrees C). Grease and flour an 8 inch tube pan. Mix together the flour, baking powder, and salt; set aside.
In a large bowl, cream together the butter, cream cheese, and sugar until light and fluffy. Beat in the eggs one at a time, then stir in the vanilla and almond extract. Beat in the flour mixture, mixing just until incorporated. Dredge cherries in 1/4 cup flour, then fold into batter. Spread into prepared pan.
Bake in the preheated oven for 80 minutes, or until a toothpick inserted into the center of the cake comes out clean. Let cool in pan for 10 minutes, then turn out onto a wire rack and cool completely.