I ran into this same issue. I changed some of the code in wp-content/plugins/pinterest-pin-it-button-for-images/ppibfi_pinterest.php to fix the problem.
Starting on line 215 of that file I deleted the lines:
$replacement = '
<span class="pibfi_pinterest %5$s">
<img%1$ssrc="%2$s.%3$s"%4$s>
<span class="xc_pin" onclick="pin_this(event, \''.
$pinterest_base_url.
'?url='.esc_url( $post_url ).
'&media=%2$s.%3$s'.'&description='.$description.'\')">
</span>
</span>
';
and replaced them with the single line below:
$replacement = '<span class="pibfi_pinterest %5$s"><img%1$ssrc="%2$s.%3$s"%4$s><span class="xc_pin" onclick="pin_this(event, \''.$pinterest_base_url.'?url='.esc_url( $post_url ).'&media=%2$s.%3$s'.'&description='.$description.'\')"></span></span>';
The extra lines in the original version were being converted into <br/>
tags by WordPress and causing extra blank lines to surround my images. I hope this solves your problem!
George