Preheat oven 325 degrees F. Line baking sheets with foil; grease and flour foil. Set aside.
In large bowl, combine sweetened condensed milk, egg white, extracts and coconut; mix well. Scoop out with a cookie scoop and drop onto prepared baking sheets; slightly flatten each mound with a spoon. This makes nice, round, evenly sized macaroons.
Bake 15 to 17 minutes or until lightly browned around edges. Immediately remove from baking sheets (macaroons will stick if allowed to cool); cool on wire racks. Store loosely covered at room temperature.