Hi,
I believe you may have found a bug, a I was able to replicate this issue on a local installation. To resolve it termporarily you will have to make a small modification to the main search file. Before doing so, please make sure you have a full site back-up of everything.
1. Open up the wp-content\plugins\ajax-search-pro\includes\classes\search\class-asp-search-cpt.php file
2. Scroll to line 1749 (or around that), which should be:
[php]$_content = wd_strip_tags_ws( $r->content, $sd[‘striptagsexclude’] );[/php]
3. Change that to simply:
4. Save the file.
This should solve the issue.
I will make sure to include a permanent solution in the upcoming version.