Heat oven to 325 degrees. Butter and flour an 8-inch round cake pan. In a large bowl, beat butter and 1 1/2 cups sugar until fluffy. Add flour, alternating with cream, in two additions. Add salt. Beat in eggs one at a time. Stir in almond extract and orange zest. Bake for 1 hour, or until golden brown and a toothpick inserted in the center comes out clean.
Meanwhile, peel 3 oranges with a sharp knife, removing all of the white pith, and cut crosswise into 1/2-inch-thick rounds. Cut largest rounds in half. Squeeze juice from fourth orange into a heavy-bottomed skillet; add remaining 1/2 cup sugar. Cook over medium heat until golden-brown caramel forms, about 5 minutes. Add orange rounds and cook until glazed, 1 to 2 minutes. Serve at once with cake.