Preheat oven to 325° F. Coat a 10-inch non-stick bundt pan with non-stick cooking spray, and dust with 1/4 cup flour, shaking off excess.
Drain 1 can of peaches, discarding syrup, arrange slices evenly on bottom of the pan. Set aside.
Using an electric mixer on medium speed, beat oil, egg whites, almond extract if desired, and remaining can of peaches with syrup, in a large bowl for about 30 seconds or until smooth. Add cake mix and beat according to package directions
Pour batter carefully over peach slices in prepared pan. Bake 60 to 65 minutes or until wooden pick inserted in center of the cake comes out clean. Place pan on a wire rack to cool completely. Loosen cake from sides of pan; invert onto the cake a plate. Dust cake with powdered sugar just before serving