Preheat the oven to 350 degrees.
In a 2-quart saucepan, over low heat, stir together sweetened condensed milk, chocolate chips and butter until all chips have melted and mixture is smooth and uniform. Remove from heat and stir in vanilla and the teaspoon of almond extract.
Fit one crust into a 9-inch pie pan, pressing firmly against side and bottom. Pour and spread the chocolate layer into the crust. Allow it to cool while preparing cherry filling.
Thoroughly drain the cherries, reserving1/2cup of the juice. In a 2-quart saucepan, thoroughly stir together sugar, flour, cornstarch, salt and reserved juice, adding juice a little at a time, stirring well, until all juice is in and no lumps remain.
Cook over medium-high heat 3 to 5 minutes, stirring frequently, until the mixture comes to a boil and thickens. Remove from heat and stir in butter until it has melted. Add cherries, lemon juice, the1/4teaspoon almond extract and a few drops of red food color. Pour over cooled chocolate layer. If at all warm, allow to cool before adding lattice crust