Preheat oven to 350. Lightly grease an 11 x 7 x 2 inch baking dish.
In a large bowl, beat sugar and butter with an electric mixer on medium speed until combined. Beat in egg until combined, then beat in as much of the flour as you can with the mixer, stir in any remaining flour. Stir in pecans and coconut. Reserve 1 cup of the pecan mixture for the topping.
Press the remaining pecan mixture into the bottom and up sides of prepared baking dish. Spread preserves to within 1/2 inch of the edges, sprinkle with the reserved pecan mixture.
Bake for 45 minutes or until top is golden brown. Cool in pan on a wire rack.
Make Powdered Sugar Icing
In a small bowl, combine sifted powdered sugar, milk, almond extract and food coloring if using. Stir in additional milk, 1 teaspoon at a time if necessary, to achieve desired drizzle consistency.
Drizzle over bars and serve.