Line an 8x8x2-inch pan or 9x5x3-inch loaf pan with foil. Butter foil and set aside.
Butter sides of a heavy 2-quart saucepan. Add sugar, milk, and corn syrup to the saucepan. Cook and stir over medium-high heat until the syrup mixture in the saucepan comes to a boil.
Carefully clip a candy thermometer to the side of the pan. Cook and stir the mixture over medium-low heat for about 12 minutes or until mixture reaches 234 degrees F (soft-ball stage).
Remove the saucepan from heat. Add the butter and almond extract. Beat until fudge begins to thicken. Quickly stir in the walnuts and cherries. Continue beating for about 8 minutes more or until fudge no longer is glossy.
Turn the fudge mixture into the prepared pan. Score the fudge into squares while warm. Cool and cut. Top with additional cherries, if you like. Makes about 1/3 pound.