Add peaches, and sprinkle with 1/4 cup sugar and vanilla; stir gently.
Lightly spoon flour into a dry measuring cup; level with a knife.
Combine flour and next 5 ingredients in a bowl; cut in margarine with a pastry blender until mixture is crumbly. Stir in egg white, almond extract, and sliced almonds. Dollop flour mixture over peach mixture. Coat lightly with cooking spray.
Bake at 350 for 45 minutes or until lightly golden.