[ind map] = imread('http://i.gyazo.com/0ca8d4416a52b8bc3401da0b71a527fd.gif'); %//read indexed image
BW = max( ind2rgb(ind,map), [], 3 ) > .15; %//convert RGB image to binary mask
seg = regionprops( BW.', 'Image' ); %'// transpose input mask
seg = arrayfun( @(x) x.Image.', seg, 'Uni', 0 ); %'// flip back

im = imread('http://i.stack.imgur.com/q7cnA.png');

se = strel('square', 7);
im_close = imclose(im, se);

s = regionprops(im_close, 'BoundingBox');

[x y w h]

bb = round(reshape([s.BoundingBox], 4, []).');

imshow(im);
for idx = 1 : numel(s)
    rectangle('Position', bb(idx,:), 'edgecolor', 'red');
end

chars = cell(1, numel(s));
for idx = 1 : numel(s)
    chars{idx} = im(bb(idx,2):bb(idx,2)+bb(idx,4)-1, bb(idx,1):bb(idx,1)+bb(idx,3)-1);
end