From rxlist:
Interference with Enterohepatic Circulation
Ethinyl estradiol conjugates are excreted in the bile and may be broken down by gut bacteria in the colon to liberate the active hormone which can then be reabsorbed. However, there are clinical reports that support the view that enterohepatic circulation of ethinyl estradiol decreases in women taking antibiotics such as ampicillin, tetracycline, etc.
Basically, it circulates through your liver as a prodrug, and is broken down into bits called conjugates, excreted into your digestive tract in the bile, and converted into hormones. Certain antibiotics can decrease the prodrug circulation through your liver, which would mean less is broken down, and therefore less is available to be absorbed. Especially considering most bcpills available now are low-dose bcpills, a small drop in blood serum level can cause a reduction in effects.