Dough: Mix flour, baking powder and salt in medium bowl until well blended; set aside.
Beat granulated sugar and Fleischmann's in large bowl with electric mixer on medium speed until light and fluffy. Add Egg Beaters, vanilla and 1/2 teaspoon almond extract; beat until well blended. Add flour mixture; beat just until blended.
Divide dough in half; set one half aside. Stir food coloring into remaining dough until well blended. Shape each dough piece into ball; wrap individually with plastic wrap. Refrigerate at least 2 hours.
Preheat oven to 350°F. Divide each ball of dough into 32 pieces. Roll each piece into a 5-inch rope. Twist 1 red and 1 white rope together; bend one end to resemble candy cane. Place, 2 inches apart, on ungreased baking sheets.
Bake 8 to 10 minutes, or just until set and lightly browned. Remove from baking sheets; cool completely on wire racks.
Icing: Combine confectioners' sugar, milk, Fleischmann's and 1/2 teaspoon almond extract; beat with wire whisk until well blended. Add additional confectioners' sugar or milk, if needed, to reach desired drizzling consistency. Drizzle icing over each "candy cane." Let stand until icing is set. Store in airtight container at room temperature.