Heat oven to 350°F. Line 8-inch square pan with heavy-duty foil. Spray foil with cooking spray.
In food processor or blender, place cereal. Cover; process until cereal is finely crushed. In medium bowl, mix crushed cereal and melted butter. Press in bottom of pan.
Pour condensed milk over crumb mixture. Top evenly with almonds.
Bake 25 to 30 minutes or until top is light golden brown. Cool completely, about 1 1/2 hours. For squares, cut into 4 rows by 4 rows.