Place the dried cherries into a cup of hot water and let them soak for about 15 minutes. Once cherries are plumped up, chop them and set aside.
In a bowl cream the butter, condensed milk and cherry flavoring.
Add in powdered sugar and mix well.
Stir in rehydrated cherries.
Roll into 1 inch balls and place on a wax paper lined cookie sheet.
Freeze for about 30 minutes or until firm.
Melt the chocolate candy coating until smooth in a pan on the stovetop.
Dip each ball into the chocolate and let excess chocolate drip off.
Place onto waxed paper and let sit until chocolate coating is set.
Store in the refrigerator.