Line an 8 inch square pan with foil.  butter foil and set aside.

In a microwave safe bowl, heat chocolate chips and 1 cup of the sweetened condensed milk on high for 30 seconds; stir.  Repeat (I did 15 sec intervals) until chips are melted and mixture is smooth.  Pour into prepared pan and chill for 10 minutes.

After 10 minutes, in a microwave safe bowl, melt candy coating with remaining sweetened condensed milk.  Stir in extract and food coloring.  Spread over chocolate layer.

Chill for 1 hour or until firm.  Using foil, remove fudge from pan.  Cut into 1 inch squares.